The Best Credit Cards 2021
Looking for a new credit card? We outline the best credit cards for Balance Transfer, Rewards, Cashback, Air New Zealand Airpoints Dollars, Low Interest and Students.
Updated 15 October 2021
From lowest interest rates to free flights, our research team analysed the market and selected the best offerings, making it easy to find the best credit card for your needs. Our categories include:
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- Balance Transfer
- Travel and Airpoints
- Rewards and Cashback
- Travel and FX Rate
- Low-Interest
- Student
- Free
Advertising Disclaimer: MoneyHub may earn a referral bonus for anyone that’s approved through some of the below links. Our research and findings are independent of any bank, credit card issuer, or product manufacturer/service provider, and have not been endorsed by any of these entities. Please see our Advertising Policy for more details about how we make money.
Find a card based on what you spend each month:
Our shortlist has you covered for rewards, cashback and free flights. If you're spending at least $500 a month on credit card-friendly merchants (e.g. supermarkets, petrol stations and everyday expenses), we list the most rewarding cards:
Firstly, do you struggle to pay off a credit card? If so, we suggest considering a balance transfer credit card such as the ASB Visa Light and then avoiding credit cards altogether until your finances improve. Credit cards interest is expensive, and debts can become impossible to clear. We're campaigning in the media to make people aware of the appalling costs - if you'd like to share your thoughts, please get in touch with our research team.
Do you spend around $500 a month? We suggest considering The American Express Airpoints Card - it costs $0/year and gives you 1 Airpoints Dollar for every $1,000 you spend. You'll also get 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
Do you spend between $500 and $1,500 a month? We suggest considering The American Express Airpoints Platinum Card - it costs $195/year fee and gives you a wide range of benefits, including 1 Airpoints Dollar for every $59 you spend. You'll also get 500 bonus Airpoints Dollars when you apply by 29 November 2021, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
Do you spend $1,500+ a month? We suggest considering an Airpoints card (both The American Express Airpoints Platinum Card and Kiwibank Airpoints Platinum Visa lead by way of fees, rewards and benefits). If you're looking for cashback (i.e. earning points to redeem for a statement balance reduction), we suggest considering the American Express Platinum Edge Credit Card.
Firstly, do you struggle to pay off a credit card? If so, we suggest considering a balance transfer credit card such as the ASB Visa Light and then avoiding credit cards altogether until your finances improve. Credit cards interest is expensive, and debts can become impossible to clear. We're campaigning in the media to make people aware of the appalling costs - if you'd like to share your thoughts, please get in touch with our research team.
Do you spend around $500 a month? We suggest considering The American Express Airpoints Card - it costs $0/year and gives you 1 Airpoints Dollar for every $1,000 you spend. You'll also get 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
Do you spend between $500 and $1,500 a month? We suggest considering The American Express Airpoints Platinum Card - it costs $195/year fee and gives you a wide range of benefits, including 1 Airpoints Dollar for every $59 you spend. You'll also get 500 bonus Airpoints Dollars when you apply by 29 November 2021, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
Do you spend $1,500+ a month? We suggest considering an Airpoints card (both The American Express Airpoints Platinum Card and Kiwibank Airpoints Platinum Visa lead by way of fees, rewards and benefits). If you're looking for cashback (i.e. earning points to redeem for a statement balance reduction), we suggest considering the American Express Platinum Edge Credit Card.
MoneyHub Founder Christopher Walsh shares his views on Credit Cards:Banks (arguably) offer credit cards aggressively to their customers, but my view is that these cards don't deliver the value they should do in many situations. I frequently receive complaints about poor value bank "cashback" and "reward" cards, just as I do about bank savings account interest rates (as outlined in this Stuff.co.nz column).
What's worse - interest rates average around 18% p.a. as per data published by the Reserve Bank. With over $3 billion outstanding every month, New Zealanders spend approximately $500 million a year on just servicing the interest. That's close to $1.5m a day paid out to credit card companies. Repaying credit card balances can drag on for years and I receive emails every week from everyday New Zealanders who are in a credit card debt trap - please don't let this happen to you. My view is simple: No one should rush into a credit card application. For this reason, we've explained the cards below in detail to help your decision-making process. If you are in any doubt about what you can afford, it's likely that the best credit card is "no credit card". |
Christopher Walsh
MoneyHub Founder |
Our Favourite Top Five Credit Cards by Category (Balance Transfer, Airpoints, Rewards, Cashback and Low-Interest)
We're frustrated with the low level of rewards and cashback offered by banks. We don't think being charged $40+ a year to have a rewards credit card that only gives you a $10 voucher for spending $1,500 to $2,000 is a good deal. Sadly, it is the norm. What is somewhat helpful is the range of balance transfer offers and long-term low-interest rate cards.
Everyone's credit card needs are different, so we've shortlisted five must-consider options to make life cheaper, easier and more rewarding. Our top five credit cards are as follows:
1. Our pick for the best Balance Transfer credit card: The ASB Visa Light Balance Transfer - this card offers 0% interest for six months, zero card fees and attractive interest-free purchase offers. If you're serious about paying off credit card debt in six months, this card is the cheapest way to do it.
2. Our pick for the best Airpoints credit card (most popular): The American Express Airpoints Platinum card - $195/year fee, earn 1 Airpoints Dollar for every $59 spend (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Bonus offer: 500 bonus Airpoints Dollars when you apply by 29 November 2021, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
3. Our pick for the best free rewards and benefits credit card (no annual fee card): The American Express Airpoints Card - $0/year fee. Earn $1 of rewards (Airpoints Dollars) for every $100 spent, redeemable at the Airpoints Store (with 6,000+ reward options) or on flights. Bonus Offer: 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
4. Our pick for the best cashback and general rewards: The American Express Platinum Edge Credit Card - $149/year fee (up to 1.50% cashback if using Membership Reward Points for statement credit, one free return flight within New Zealand per year, free premium domestic and international travel insurance). As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn up to 3 points per $1 spent.
5. Our pick for the lowest interest rate credit card: The Kiwibank Low Rate Visa - $30/year fee. This card offers a market-leading 9.95% p.a. interest rate, low card fees and a 1.99% p.a. balance transfer offer. If you don't always pay off your credit card, but have a regular income and don't drag balances, Kiwibank's offer is likely to be the most cost-effective.
Know This:
Everyone's credit card needs are different, so we've shortlisted five must-consider options to make life cheaper, easier and more rewarding. Our top five credit cards are as follows:
1. Our pick for the best Balance Transfer credit card: The ASB Visa Light Balance Transfer - this card offers 0% interest for six months, zero card fees and attractive interest-free purchase offers. If you're serious about paying off credit card debt in six months, this card is the cheapest way to do it.
2. Our pick for the best Airpoints credit card (most popular): The American Express Airpoints Platinum card - $195/year fee, earn 1 Airpoints Dollar for every $59 spend (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Bonus offer: 500 bonus Airpoints Dollars when you apply by 29 November 2021, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
3. Our pick for the best free rewards and benefits credit card (no annual fee card): The American Express Airpoints Card - $0/year fee. Earn $1 of rewards (Airpoints Dollars) for every $100 spent, redeemable at the Airpoints Store (with 6,000+ reward options) or on flights. Bonus Offer: 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
4. Our pick for the best cashback and general rewards: The American Express Platinum Edge Credit Card - $149/year fee (up to 1.50% cashback if using Membership Reward Points for statement credit, one free return flight within New Zealand per year, free premium domestic and international travel insurance). As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn up to 3 points per $1 spent.
5. Our pick for the lowest interest rate credit card: The Kiwibank Low Rate Visa - $30/year fee. This card offers a market-leading 9.95% p.a. interest rate, low card fees and a 1.99% p.a. balance transfer offer. If you don't always pay off your credit card, but have a regular income and don't drag balances, Kiwibank's offer is likely to be the most cost-effective.
Know This:
- You can apply in only a few minutes, and there is no obligation to have a credit card issued.
- MoneyHub suggests that anyone unable to pay off a monthly credit card balance should look for an alternative source of credit. The majority of credit cards charge interest rates that can make repayments challenging to manage.
- Are you looking for something else? Take a look at our must-have Credit Cards list which has a number of our favourite options that offer unbeatable value for money.
Top Performing Airpoints, Rewards and Cashback Cards:
Top Performing Low-Interest and Balance Transfer Credit Cards:
1. Best Balance Transfer Credit Card
ASB Visa Light
Our view: ASB offers the only 0% balance transfer deal, with six months available to clear the balance and improve your financial habits. After six months, the annual interest charge increases to 13.50%. You must request a balance transfer in the first 30 days to get the 0% interest period, and you can't transfer a balance from another ASB card.
The deal:
Want to apply? Review the credit card in detail here (this link takes you to ASB's website)
Want more options? Read our Review of Balance Transfer Credit Cards for the best deals now available.
MoneyHub in the news: Read our Balance Transfer feature in Stuff.co.nz
Our view: ASB offers the only 0% balance transfer deal, with six months available to clear the balance and improve your financial habits. After six months, the annual interest charge increases to 13.50%. You must request a balance transfer in the first 30 days to get the 0% interest period, and you can't transfer a balance from another ASB card.
The deal:
- Interest rate: 0% p.a. for six months, thereafter 13.50% p.a.
- Annual fee: $0
- Interest-Free Offers on Purchases: Yes, 6 months interest-free on purchases over $1,000
- Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)
Want to apply? Review the credit card in detail here (this link takes you to ASB's website)
Want more options? Read our Review of Balance Transfer Credit Cards for the best deals now available.
MoneyHub in the news: Read our Balance Transfer feature in Stuff.co.nz
Balance Transfer Runner up: ANZ Low Rate Visa
Our view: The ANZ offers an attractive balance transfer for short-term debt with no annual fee in the first year. You'll need to pay the balance off within 24 months to avoid the 9.95%* interest rate being charged on the remaining balance.
The deal:
Want to apply? Review the credit card in detail here (this link takes you to ANZ's website)
Our view: The ANZ offers an attractive balance transfer for short-term debt with no annual fee in the first year. You'll need to pay the balance off within 24 months to avoid the 9.95%* interest rate being charged on the remaining balance.
The deal:
- Interest rate: 1.99% for 24 months, then 12.90%* afterwards
- Annual fee: $0 for the first year, then $35 every year afterwards (charged at $17.50 every six months)
- Balance transfer fee: none
- Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)
- You need to transfer a balance in the first 30 days to get the 0% interest period.
- You can't transfer a balance from another ANZ card.
- After the 0% ends, it's 9.95% interest on any remaining transferred debt until it’s paid off.
- Don't spend/withdraw cash on this card, the interest rate for new purchases is 9.95%
Want to apply? Review the credit card in detail here (this link takes you to ANZ's website)
2. Best Travel Benefits Credit Card
American Express Airpoints Platinum
Our view:
The deal:
Want to apply? Review the credit card in detail here (this link takes you to the American Express website)
Our view:
- Despite an annual fee of $195, the card is packed with features.
- Bonus: 500 bonus Airpoints Dollars when you apply by 29 November 2021, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only. This sign-up bonus effectively pays for membership fee for the first two years.
- With the highest earning rate of Airpoints Dollars (approx 1.70 per NZ$100 spent), and a range of useful insurance and lounge perks, which can save hundreds of dollars if you use rental cars, holiday overseas and/or want the benefit from growing your Airpoints balance each month.
- American Express is widely accepted around New Zealand with all supermarkets and major retailers covered.
- Additional benefits also include mobile phone screen insurance (if you paid for your phone with an American Express) and significantly discounted Koru Club membership.
- In summary, we believe that the American Express Airpoints Platinum is one of the best credit cards on offer with wide appeal among many New Zealand households.
The deal:
- Annual Fee: $195
- Airpoints or Membership Rewards? Airpoints
- Annual percentage interest rate: 19.95% p.a.
- Interest Free Period: up to 55 days
- Be aware: To spend enough to cover the annual fee, you'll need to charge around $11.500 (to earn 195 Airpoints Dollars), or, on average, around $1,000 a month.
- Earning: Every $59 you spend = 1 Airpoints Dollar, and $250 spend = 1 Status Point
- Additional benefits: Complimentary Domestic and International Travel Insurance, four lounge passes per year (two in Auckland Airport, two for either Sydney or Melbourne) and complimentary Mobile phone screen insurance (if you used your AMEX to pay for the phone, up to repair costs of $500) and rental car excess insurance (up to $3,000)
- More details: American Express Airpoints Platinum Review and American Express Free Airpoints Card vs Airpoints Platinum
Want to apply? Review the credit card in detail here (this link takes you to the American Express website)
Runner Up: Kiwibank Air New Zealand Airpoints Platinum Visa
Our View: We consider this the best card for a number of purposes. Being a Visa, it’s widely accepted and even though it earns fewer Airpoints than the AMEX Airpoints Platinum ($1 per $75 spend vs $1 per $59 spend).
The Deal:
Want to apply? Review the credit card in detail here (this link takes you to Kiwibank's website). Want more options? Read our Review of Air New Zealand Credit Cards for the best deals now available.
Our View: We consider this the best card for a number of purposes. Being a Visa, it’s widely accepted and even though it earns fewer Airpoints than the AMEX Airpoints Platinum ($1 per $75 spend vs $1 per $59 spend).
The Deal:
- Interest rate: 20.95% p.a.
- Annual fee: $150, but promotions throughout the year have seen it waived during the first year.
- Monthly payments: Must be above the monthly minimum (either 5% or $10 of the balance owing - whichever is greater)
- Earn Rate: $75 you spend earns 1 Airpoints Dollar
- Two Koru Club vouchers for every $30,000 spent (valid for 1 year for the cardholder and a guest), with a maximum of two pairs (i.e. four vouchers) earned per year.
- Complimentary overseas travel insurance (as long as you use the credit card when paying for your travel costs).
- Status Points: The card earns 1 status point for every $200 spent, which assists reaching Silver, Gold and Gold Elite tier levels. If you spend $45,000 in one year, you’ll earn 225 Status points which is half the points you’ll need to reach Silver. Please note, to reach a tier, 50% of status points must be earned on Air New Zealand, Star Alliance and/or other Qualifying flights - for more details click here.
Want to apply? Review the credit card in detail here (this link takes you to Kiwibank's website). Want more options? Read our Review of Air New Zealand Credit Cards for the best deals now available.
3. Best Rewards and Cashback Credit Cards
The American Express Platinum Edge Credit Card
The Basics
The Need-to-knows
Want to apply? Review the credit card in detail here (this link takes you to the American Express website)
The Basics
- This card offers both cashback (cardholders earn points which is redeemed for statement credit) and rewards (by way on an annual free flight within New Zealand and other redemption offers). Specifically:
- Cashback: Cardholders spend and earn Membership Rewards points. 1,000 points equals 5 dollars credit. $1 spent earns the following Membership Reward points: 3 (at major supermarkets), 2 (at major petrol stations) and 1 (on everything else). This means cashback earning is between 0.50% and 1.50%.
- Rewards: Each cardholder receives one complimentary return domestic Air New Zealand flight each year (seat+bag fare).
- Benefits: Free travel insurance and luggage cover in New Zealand and overseas
- Annual fee: $149
- Annual spend needed to cover the annual card fee: Around $9,950 (and cardholders get the free return flight and insurance benefits)
- Our View: The best cashback card (up to 1.50%) with a free return flight for the cardholder and ongoing insurance benefits.
- More Details: American Express Platinum Edge Credit Card and American Express Platinum Edge Review
The Need-to-knows
- The interest rate is 19.95% p.a.
- $149 annual fee
- You must earn over $50,000 to apply
- Pay the balance every month to maximise the reward benefits – any late payments and interest charges will destroy your cashback and reward gains.
- The card is an American Express which is widely accepted throughout New Zealand, although some smaller independent retailers may not accept it. Major retailers who accept it include Countdown, New World, PAK'nSAVE, SuperValue, BP, Caltex, GAS, Gull, Mobil, Shell and Z etc.
Want to apply? Review the credit card in detail here (this link takes you to the American Express website)
Runner Up (Rewards): ASB VISA Rewards
Our View: Forget the high-end rewards such as Samsung phones - no one is going to spend $300,000 to earn one - and focus on the small rewards. Kiwis spending a standard amount on their credit card every month can redeem cashback earnings through a wide selection of "partner stores".
The Deal:
Want to apply? Review the credit card in detail here (this link takes you to ASB's website).
Want more options? Read our Review of Reward and Cashback Credit Cards for the best deals available now.
Our View: Forget the high-end rewards such as Samsung phones - no one is going to spend $300,000 to earn one - and focus on the small rewards. Kiwis spending a standard amount on their credit card every month can redeem cashback earnings through a wide selection of "partner stores".
The Deal:
- Earning rate: 1 "True Rewards Dollar" per $150 spent, or 1 for every $75 spent at Mobil
- Rewards: $1 of rewards value per $150 spent (calculated at 67 cents per $100 spent). Rewards can only be redeemed at partner stores and not taken off a credit card bill directly.
- Interest rate: 20.95% p.a.
- Annual fee: $40 ($20 charged every six months)
- Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)
- True Rewards points never expire
- Redemptions: Merchandise and voucher rewards start from 20 True Reward Dollars, with retailer partners including Mobil, Farmers, House of Travel, Vodafone top-up - all options are found at the True Reward partner store.
Want to apply? Review the credit card in detail here (this link takes you to ASB's website).
Want more options? Read our Review of Reward and Cashback Credit Cards for the best deals available now.
Runner Up (Cashback): The BNZ Advantage Classic - Best Cashback for Annual Spend under $10,000
Our View: The BNZ Advantage Classic visa card offers the best cashback rate of 0.67% and a low card fee of $40 per year. You can put the cash you earn towards your credit card bill. You will have to spend $6,000 per year to earn back the card's annual fee.
The Deal:
Want to apply? Review the credit card in detail here (this link takes you to BNZ's website).
Want more options? Read our review of Reward and Cashback Credit Cards for the best deals now available.
Our View: The BNZ Advantage Classic visa card offers the best cashback rate of 0.67% and a low card fee of $40 per year. You can put the cash you earn towards your credit card bill. You will have to spend $6,000 per year to earn back the card's annual fee.
The Deal:
- Interest rate: 20.95%
- Annual fee: $40 ($20 charged every six months)
- Monthly payments: Must be above the monthly minimum (either 2% or $25 of the balance owing - whichever is greater)
- Earn: $1 Cash Reward from Every $150 spent
- Cashback: $1 per $150 spent (calculates at 66.6 cents per $100 spent).
- Flybuys Conversion: BNZ $40 = 1 Flybuy.
- Cash Reward dollars can be used on BNZ financial products, such as bank accounts, credit card bills and KiwiSaver funds. Non-cash rewards must be purchased via Flybuys
Want to apply? Review the credit card in detail here (this link takes you to BNZ's website).
Want more options? Read our review of Reward and Cashback Credit Cards for the best deals now available.
Our Favourite Top Five Credit Cards (Balance Transfer, Airpoints, Rewards, Cashback and Low-Interest)
We're frustrated with the low level of rewards and cashback offered by banks. We don't think being charged $40+ a year to have a rewards credit card that only gives you a $10 voucher for spending $1,500 to $2,000 is a good deal. Sadly, it is the norm. What is somewhat helpful is the range of balance transfer offers and long-term low-interest rate cards.
Everyone's credit card needs are different, so we've shortlisted five must-consider options to make life cheaper, easier and more rewarding. Our top five credit cards are as follows:
1. Our pick for the best Balance Transfer credit card: The ASB Visa Light Balance Transfer - this card offers 0% interest for six months, zero card fees and attractive interest-free purchase offers. If you're serious about paying off credit card debt in six months, this card is the cheapest way to do it.
2. Our pick for the best Airpoints credit card (most popular): The American Express Airpoints Platinum card - $195/year fee, earn 1 Airpoints Dollar for every $59 spend (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Bonus offer: 500 bonus Airpoints Dollars when you apply by 29 November 2021, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
3. Our pick for the best free rewards and benefits credit card (no annual fee card): The American Express Airpoints Card - $0/year fee. Earn $1 of rewards (Airpoints Dollars) for every $100 spent, redeemable at the Airpoints Store (with 6,000+ reward options) or on flights. Bonus Offer: 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
4. Our pick for the best cashback and general rewards: The American Express Platinum Edge Credit Card - $149/year fee (up to 1.50% cashback if using Membership Reward Points for statement credit, one free return flight within New Zealand per year, free premium domestic and international travel insurance). As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn up to 3 points per $1 spent.
5. Our pick for the lowest interest rate credit card: The Kiwibank Low Rate Visa - $30/year fee. This card offers a market-leading 9.95% p.a. interest rate, low card fees and a 1.99% p.a. balance transfer offer. If you don't always pay off your credit card, but have a regular income and don't drag balances, Kiwibank's offer is likely to be the most cost-effective.
Know This:
Everyone's credit card needs are different, so we've shortlisted five must-consider options to make life cheaper, easier and more rewarding. Our top five credit cards are as follows:
1. Our pick for the best Balance Transfer credit card: The ASB Visa Light Balance Transfer - this card offers 0% interest for six months, zero card fees and attractive interest-free purchase offers. If you're serious about paying off credit card debt in six months, this card is the cheapest way to do it.
2. Our pick for the best Airpoints credit card (most popular): The American Express Airpoints Platinum card - $195/year fee, earn 1 Airpoints Dollar for every $59 spend (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Bonus offer: 500 bonus Airpoints Dollars when you apply by 29 November 2021, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
3. Our pick for the best free rewards and benefits credit card (no annual fee card): The American Express Airpoints Card - $0/year fee. Earn $1 of rewards (Airpoints Dollars) for every $100 spent, redeemable at the Airpoints Store (with 6,000+ reward options) or on flights. Bonus Offer: 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
4. Our pick for the best cashback and general rewards: The American Express Platinum Edge Credit Card - $149/year fee (up to 1.50% cashback if using Membership Reward Points for statement credit, one free return flight within New Zealand per year, free premium domestic and international travel insurance). As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn up to 3 points per $1 spent.
5. Our pick for the lowest interest rate credit card: The Kiwibank Low Rate Visa - $30/year fee. This card offers a market-leading 9.95% p.a. interest rate, low card fees and a 1.99% p.a. balance transfer offer. If you don't always pay off your credit card, but have a regular income and don't drag balances, Kiwibank's offer is likely to be the most cost-effective.
Know This:
- You can apply in only a few minutes, and there is no obligation to have a credit card issued.
- MoneyHub suggests that anyone unable to pay off a monthly credit card balance should look for an alternative source of credit. The majority of credit cards charge interest rates that can make repayments challenging to manage.
- Are you looking for something else? Take a look at our must-have Credit Cards list which has a number of our favourite options that offer unbeatable value for money.
Top Performing Airpoints, Rewards and Cashback Cards:
Top Performing Low-Interest and Balance Transfer Credit Cards:
4. Best Travel and FX Rate Credit Card
Flight Centre Mastercard
Our View: With no international transaction fees and Flight Centre Rewards, the Flight Centre Mastercard is New Zealand's leader for overseas travel. Competing cards charge between 1.80% and 2.5% on top of the value of the purchase. The Flight Centre Mastercard charges 0% and benefits from outstanding Mastercard FX rates.
The Deal:
Want to apply? Read our Flight Centre Mastercard review
Our View: With no international transaction fees and Flight Centre Rewards, the Flight Centre Mastercard is New Zealand's leader for overseas travel. Competing cards charge between 1.80% and 2.5% on top of the value of the purchase. The Flight Centre Mastercard charges 0% and benefits from outstanding Mastercard FX rates.
The Deal:
- Interest rate: 22.95% pa. Most other reward credit cards charge 20% to 25% p.a., so this is in the range.
- Annual fee: $50 (charged as $25 every 6 months).
- No international transactions and currency conversion - you won't pay any FX fees (saving you around 2% to 2.5% compared to most other credit cards).
- Up to 44 days interest free terms by paying your closing balance in full by the due date. Interest will apply to any part of the closing balance on your statement that is not paid by the payment due date. This interest will be calculated from the date the relevant purchases were debited to your account.
- Long term finance deals including interest free terms and extended payment holidays deals available with Flight Centre and many other retailers.
- Straightforward reward system for earning and redeeming - cardholders earn $1 of Flight Centre credit for every NZ$100 spent at any retailer, and $2 of Flight Centre credit for every NZ$100 spent at FlightCentre. And, unlike Air New Zealand credit cards, you can spend rewards on ANY airline, hotel or travel package.
- Redeeming is easy - Flight Centre credit is automatically deducted from any Flight Centre purchase made with the card. Flight Centre reward credit is valid for three years.
- FREE global Wi-Fi access using the popular Boingo network - your card gives you access to over one million Wi-Fi hotspots around the world, including 30+ New Zealand locations.
- Cardholders can add an additional card holder for no extra cost - this allows them to earn rewards on more than one person’s spend.
- Flight Centre Mastercard integrates with Apple Pay.
Want to apply? Read our Flight Centre Mastercard review
5. Best Low-Interest Credit Card
Kiwibank Low Rate Visa
Our View: This is by far the best low interest credit card on offer - 9.95% is likely to be a record-low interest rate in New Zealand. While the annual fee is $30, the balance transfer offer is attractive and there is up to 55 days of interest free.
The deal:
Want to apply? Review the credit card in detail here (this link takes you to Kiwibank's website).
Want more options? Read our Review of Low-Interest Credit Cards for the best deals now available.
Our View: This is by far the best low interest credit card on offer - 9.95% is likely to be a record-low interest rate in New Zealand. While the annual fee is $30, the balance transfer offer is attractive and there is up to 55 days of interest free.
The deal:
- Interest rate: 9.95% p.a.
- Annual fee: $30
- Interest Free Offers on Purchases: No
- Balance transfer: 1.99% p.a. for 6 months
- Monthly payments: Must be above the monthly minimum (either 5% or $20 of the balance owing - whichever is greater)
- Balance Transfers: You must request a balance transfer in the first 30 days to get the 0% interest period and you can't transfer a balance from another Kiwibank card.
Want to apply? Review the credit card in detail here (this link takes you to Kiwibank's website).
Want more options? Read our Review of Low-Interest Credit Cards for the best deals now available.
6. Best Student Credit Card
ASB Visa Light
Our View: The ASB offers fantastic benefits with its student account, which comes with a fee-free Visa Light credit card. With 6 months interest-free on individual purchases over $1,000 and a low-interest rate of 13.50%, the ASB delivers a package that powers student living.
The Deal:
Want to apply? Review the credit card in detail here (this link takes you to ASB's website)
Want more options? Read our Review of Student Bank Accounts and Credit Cards for the best deals available now.
MoneyHub in the news: Read our Student Bank Account feature in Stuff.co.nz
Our View: The ASB offers fantastic benefits with its student account, which comes with a fee-free Visa Light credit card. With 6 months interest-free on individual purchases over $1,000 and a low-interest rate of 13.50%, the ASB delivers a package that powers student living.
The Deal:
- Interest rate: 13.50% p.a
- Annual fee: $0
- Interest-free period: 6 months on individual purchases over $1,000
- Monthly payments: Must be above the monthly minimum (either 3% or $10 of the balance owing - whichever is greater)
- Qualify: You will need to be a student to qualify for the student bank account, but the ASB Visa Light is available for anyone to apply and is a fee-free card.
- Balance transfers are permitted
Want to apply? Review the credit card in detail here (this link takes you to ASB's website)
Want more options? Read our Review of Student Bank Accounts and Credit Cards for the best deals available now.
MoneyHub in the news: Read our Student Bank Account feature in Stuff.co.nz
7. Best Free Credit Card
American Express Airpoints Credit Card
The Basics
The Need-to-knows
Want to apply? Review the credit card in detail here (this link takes you to the American Express website)
The Basics
- Cashback/Rewards: 1 Airpoint Dollar for every $100 spent. Airpoints Dollars can be spent at the Airpoints Store (6,000+ options covering fashion, experiences, beauty, health, wine, food, home, tech, outdoors, vouchers and hampers, as well as flights.
- No annual spend needed to cover the annual card fee (because the card is free)
- Bonus Offer: 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
- Our View: The best rewards card available, with no annual fee and a generous redemption rate.
- More Details: American Express Airpoints Credit Card
The Need-to-knows
- The interest rate is 19.95% p.a.
- $0 annual fee
- Pay the balance every month to maximise the reward benefits – any late payments and interest charges will destroy your gains.
- The card is an American Express which is widely accepted throughout New Zealand, although some smaller independent retailers may not accept it. Major retailers who accept it include Countdown, New World, PAK'nSAVE, SuperValue, BP, Caltex, GAS, Gull, Mobil, Shell and Z etc.
- More details: American Express Free Airpoints Card vs Airpoints Platinum
Want to apply? Review the credit card in detail here (this link takes you to the American Express website)
Runner Up: ANZ Low Rate Visa
Our View: With the lowest interest rate among all free credit cards, we've ranked this card first. You won't get any rewards or bonuses however, so for anyone planning to pay off a credit card every month in full, there are better options.
The deal:
Want to apply? Review the credit card in detail here (this link takes you to the ANZ's website)
Want more options? Read our Review of Free Credit Cards for the best deals available now.
Our View: With the lowest interest rate among all free credit cards, we've ranked this card first. You won't get any rewards or bonuses however, so for anyone planning to pay off a credit card every month in full, there are better options.
The deal:
- Interest rate: 12.90% p.a.
- Interest-free days: 55
- Bonus/Rewards: None
- Monthly payments: Must be above the monthly minimum (either 3% or $10 of the closing balance owing - whichever is greater)
Want to apply? Review the credit card in detail here (this link takes you to the ANZ's website)
Want more options? Read our Review of Free Credit Cards for the best deals available now.
Our Favourite Top Five Credit Cards (Balance Transfer, Airpoints, Rewards, Cashback and Low-Interest)
We're frustrated with the low level of rewards and cashback offered by banks. We don't think being charged $40+ a year to have a rewards credit card that only gives you a $10 voucher for spending $1,500 to $2,000 is a good deal. Sadly, it is the norm. What is somewhat helpful is the range of balance transfer offers and long-term low-interest rate cards.
Everyone's credit card needs are different, so we've shortlisted five must-consider options to make life cheaper, easier and more rewarding. Our top five credit cards are as follows:
1. Our pick for the best Balance Transfer credit card: The ASB Visa Light Balance Transfer - this card offers 0% interest for six months, zero card fees and attractive interest-free purchase offers. If you're serious about paying off credit card debt in six months, this card is the cheapest way to do it.
2. Our pick for the best Airpoints credit card (most popular): The American Express Airpoints Platinum card - $195/year fee, earn 1 Airpoints Dollar for every $59 spend (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Bonus offer: 500 bonus Airpoints Dollars when you apply by 29 November 2021, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
3. Our pick for the best free rewards and benefits credit card (no annual fee card): The American Express Airpoints Card - $0/year fee. Earn $1 of rewards (Airpoints Dollars) for every $100 spent, redeemable at the Airpoints Store (with 6,000+ reward options) or on flights. Bonus Offer: 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
4. Our pick for the best cashback and general rewards: The American Express Platinum Edge Credit Card - $149/year fee (up to 1.50% cashback if using Membership Reward Points for statement credit, one free return flight within New Zealand per year, free premium domestic and international travel insurance). As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn up to 3 points per $1 spent.
5. Our pick for the lowest interest rate credit card: The Kiwibank Low Rate Visa - $30/year fee. This card offers a market-leading 9.95% p.a. interest rate, low card fees and a 1.99% p.a. balance transfer offer. If you don't always pay off your credit card, but have a regular income and don't drag balances, Kiwibank's offer is likely to be the most cost-effective.
Know This:
Everyone's credit card needs are different, so we've shortlisted five must-consider options to make life cheaper, easier and more rewarding. Our top five credit cards are as follows:
1. Our pick for the best Balance Transfer credit card: The ASB Visa Light Balance Transfer - this card offers 0% interest for six months, zero card fees and attractive interest-free purchase offers. If you're serious about paying off credit card debt in six months, this card is the cheapest way to do it.
2. Our pick for the best Airpoints credit card (most popular): The American Express Airpoints Platinum card - $195/year fee, earn 1 Airpoints Dollar for every $59 spend (the best rate in New Zealand), status points, lounge access and other travel and insurance perks. Bonus offer: 500 bonus Airpoints Dollars when you apply by 29 November 2021, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
3. Our pick for the best free rewards and benefits credit card (no annual fee card): The American Express Airpoints Card - $0/year fee. Earn $1 of rewards (Airpoints Dollars) for every $100 spent, redeemable at the Airpoints Store (with 6,000+ reward options) or on flights. Bonus Offer: 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
4. Our pick for the best cashback and general rewards: The American Express Platinum Edge Credit Card - $149/year fee (up to 1.50% cashback if using Membership Reward Points for statement credit, one free return flight within New Zealand per year, free premium domestic and international travel insurance). As a background, 200 points = $1 of statement credit (i.e. cashback on your spend), and cardholders earn up to 3 points per $1 spent.
5. Our pick for the lowest interest rate credit card: The Kiwibank Low Rate Visa - $30/year fee. This card offers a market-leading 9.95% p.a. interest rate, low card fees and a 1.99% p.a. balance transfer offer. If you don't always pay off your credit card, but have a regular income and don't drag balances, Kiwibank's offer is likely to be the most cost-effective.
Know This:
- You can apply in only a few minutes, and there is no obligation to have a credit card issued.
- MoneyHub suggests that anyone unable to pay off a monthly credit card balance should look for an alternative source of credit. The majority of credit cards charge interest rates that can make repayments challenging to manage.
- Are you looking for something else? Take a look at our must-have Credit Cards list which has a number of our favourite options that offer unbeatable value for money.
Top Performing Airpoints, Rewards and Cashback Cards:
Top Performing Low-Interest and Balance Transfer Credit Cards:
Related Guides
- Best Balance Transfer Credit Cards
- Best Low-Interest Credit Cards
- American Express Credit Cards
- Where is American Express Accepted?
- American Express Airpoints Platinum Review
- American Express Free Airpoints Card vs Airpoints Platinum
- American Express Platinum Edge Card Review
- Best Free Credit Cards
- Credit Card Minimum Payments
- Credit Score & Credit Reports
- How Credit Cards Work
- Overseas Credit Card Fees
- Credit Card Interest Calculator
- Debt Help
