Platinum and Gold Credit Cards Comparison - The Ultimate New Zealand Guide

Our comparison looks at exclusive credit cards that offer rewards, cashback, higher credit limits and lower interest rates.

Platinum and Gold Credit Cards Comparison NZ

Updated 15 June 2022

Summary

Our review of gold and platinum guides outlines the best options for your spending needs.
All the cards listed below can be applied for in minutes and offer the best offerings through rewards and benefits.
Most credit applications will be accepted if you earn over $60,000 per year and have a good credit history (i.e. you've not defaulted on debts).
Our dedicated review covers the options available if you're looking specifically for Platinum Airpoints-earning cards.

Our guide covers:

MoneyHub Founder Christopher Walsh shares his views about Platinum and Gold Credit Cards:

"Platinum and Gold cards are, first and forecast, designed for people who spend a good portion of their income on credit cards and pay them off every month". There is no point having a top tier card if you're paying interest on the balance - you will waste hundreds if not thousands of dollars".

"Platinum and Gold cards should offer value-for-money, but many don't. I frequently receive complaints about poor value bank-issued "cashback" and "reward" programs that are offered by gold and platinum credit cards. That being said, American Express' Platinum and Gold cards stand out by way of their Airpoints, rewards and cashback-earning, exceeding any other bank-issued card. However, as with any credit card, all the benefits are lost if you don't pay the balance in full every month".

"Whatever card you decide on, make sure it's the best for your immediate needs. Platinum and Gold cards are best when you spend consistently every month and always pay it off in full every time. 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

What are Gold Cards and Platinum Cards?

Gold and platinum credit cards are 'prestigious' credit cards that are considered more beneficial to the cardholder than standard credit cards. The most common features are more generous rewards and higher credit limits. However, the benefits vary between cards - some are very generous while others fail to offer the value they should.

The most popular gold and platinum cards tend to be those offered by American Express, Kiwibank, ANZ, BNZ and Westpac. However, with 15+ cards to choose from, what's right for you will most likely be driven by what kind of rewards you want.

Are platinum credit cards worth having?

Platinum credit cards are considered the most beneficial, but the annual fees range from $90 to around $1,250. What's right for you depends on your spending levels and the benefits you're looking for.

Platinum cards have similar features that separate them from standard credit cards:

Higher credit limits (usually $10,000+)
Cashback, Airpoints Dollars, points specific to a program or another rewards scheme.
Insurance benefits (such as travel, purchase protection and/or rental car excess cover)
Lower interest rates (but not always - remember, if you can't pay off a credit card, the best option is a low-interest card or no credit card at all)
0% balance transfer deals (which are, from time to time, offered by some credit cards)
Complimentary extras such as airport lounge access vouchers

Are gold and platinum cards the best cards available?

We would argue that gold and platinum cards offer some of the best value around for anyone using (or wanting to use) a credit card to cover a good proportion of their income.

Know This: No one should rush into a credit card application. For this reason, we've explained the gold and platinum cards below in detail to help your decision-making process. If you are in any doubt about what you can afford, the best credit card is likely "no credit card".

Beyond platinum and gold credit cards, what are my options?

There are dozens of credit cards available. We have dedicated guides for each type, including:

Balance transfer credit cards allow you to pay off an existing credit card with a 0% or very low-interest rate for a set period.
Cashback and Rewards cards give you money back or a non-financial reward.
Airpoints Dollars Cards earn Air New Zealand Airpoints Dollars. Our guide to Platinum Airpoints Dollars cards compares all the options available.
Low foreign transaction fees keep down the cost of spending abroad.

Choosing a Platinum or Gold Credit Card - Must-Know Facts and Considerations

Before you apply for any card, it's important to understand what card will be best for you. We outline what to consider below:

1. How do I know which card gives me the best deal?

What matters most is what rewards you want to earn (cashback, Airpoints Dollars, or points for rewards) and what the card costs. Our card comparison helps you determine what's right for you. Remember - credit cards are not status symbols; if used incorrectly, they are debt generators that can be very difficult to pay off. If you're looking for a credit card but don't want to pay an annual fee, our free credit cards guide lists all the options available.

2. Am I eligible for a gold credit card or platinum card?

Unlike standard credit cards, gold credit cards and platinum cards require higher earnings and often have a minimum age (above 18 years etc.) and a healthy credit history. Generally, the minimum income for a gold or platinum card will be at least $50,000. However, each card has different rules on who can apply.

Important:

Our view is that bank-issued cash back and rewards credit cards offer a much lower level of rewards and cashback when compared to American Express.
Our list of cards below makes this clear - all bank-issued rewards and cashback credit cards have annual fees, meaning you'll need to spend $4,000 - $10,000 per year just to earn enough cash back to cover the annual fee. Rewards are even less enticing - spending $1,500 to have a $10 voucher is, sadly, the norm.

3. Do annual fees matter?

Yes - some gold and platinum credit cards have annual fees that could outweigh their benefits if you don't spend 'enough'. For example, if the annual fee is $150, but you only get $100 worth of rewards or cashback, the card isn't cost-effective. To make a gold or platinum card worthwhile, you need to spend (and promptly repay) as much on it as you're comfortable with.

4. Can I get a high limit credit card?

It depends - CCCFA legislation has made it difficult for credit card issuers to 'go big' on limits. We argue the legislation has positive intentions but has led to problematic day-to-day consequences. This Stuff.co.nz article featuring MoneyHub's founder has more details.

Our view is simple - the minimum credit limit is what the platinum or gold credit card offers. You'll need to apply and complete the forms if you want a higher limit. Only the American Express Platinum Charge Card has an unlimited limit, but this is a top-tier card and won't be suitable or cost-effective for most New Zealanders.

Specific Benefits Offered by Selected Gold and Platinum Credit Cards

There are a range of benefits on offer from gold and platinum cards. Each card offers something different. Overall, the options include:

Sign-up bonus: This is a one-off benefit. It's usually paid out when you spend a certain amount in a set time, usually the first three months. This will either be a statement credit (for example, $200), a fixed amount of Airpoints Dollars (e.g. 200 or up to 500 sometimes), or a fixed amount of points for a rewards program (e.g. 200,000 AMEX Membership Reward Points).
Extended warranty, price protection and purchase protection: There are many benefits outlined in this guide by Mastercard and what you can get varies by card. American Express and Visa also offer similar benefits in some cases.
Travel insurance: If you pay for an overseas trip using your credit card, some platinum cards will provide travel insurance for a set number of days. The cover and trip duration limit varies per credit card and won't usually cover pre-existing conditions or valuables over a certain dollar amount.
Mobile screen protection: This is a unique benefit where you can claim for any cracked glass or other screen damage if you either paid for your mobile or the monthly plan with a specific credit card. Some American Express cards offer this benefit.
Airport lounge access and/or other airport benefits: This is a popular feature of platinum cards. Each card has a unique offering - it may be 2-4 vouchers annually to use specific lounges, the ability to spend $30,000 and earn a pair of Air New Zealand Koru Lounge vouchers, or unlimited lounge access to 1,000+ lounges in New Zealand and around the world. Generally, the higher the card's annual fee, the more generous the lounge access benefits.

Know This: Some Platinum-specific benefits have recently been 'enhanced away' or greatly reduced in recent years, so no benefit offered today is 'guaranteed for life'.

For example, many bank-issued Airpoints Dollars credit cards have increased the spending you need to do to earn one Airpoints Dollar or a reward.
With other cards, benefits have vanished altogether. For example, the BNZ Advantage Visa Platinum credit card previously offered comprehensive benefits, including Purchase Protection, Extended Warranty, and PriceGuard. However, in late 2021 these benefits were terminated. BNZ specifically stated it "regularly conducts reviews of its products and services to ensure they continually meet customers' expectations, are simple and easy to understand.
The BNZ is not alone in doing this. If any credit card issuer believes the benefits are not used, they risk being removed.

Platinum and Gold Credit Cards

Based on the ~10 platinum and gold cards available in New Zealand, we have grouped the cards into the following categories:

1. Air New Zealand Airpoints Platinum Credit Cards Comparison

Value	American Express Airpoints Platinum	ANZ Airpoints Visa Platinum	Kiwibank Airpoints Platinum Visa	Westpac Airpoints Platinum Mastercard
Earn rates (everyday spending)	$59= 1 Airpoints Dollar	$85= 1 Airpoints Dollar	$85= 1 Airpoints Dollar	$85= 1 Airpoints Dollar
Earn rates (on Air New Zealand)	$59= 1 Airpoints Dollar	$85= 1 Airpoints Dollar	$65= 1 Airpoints Dollar	$85= 1 Airpoints Dollar
Status Point earn rates	$250 = 1 Status Point	$250 = 1 Status Point	$200 = 1 Status Point	$225 = 1 Status Point
Annual Card Fee	$195	$150	$150	$125
Annual Additional Card Fee (for partner etc.)	Free	$10	$30	$25
Airpoints Dollars Earned Per Year from $2,500 Monthly Spend	508	352	352	352
Airpoints Dollars Earned Per Year from $5,000 Monthly Spend	1,016	705	705	705
Lounge Benefits	Four visits a year loaded onto the card (no spend required)	$30,000 spend earns two Koru entries (up to 4 per year)	$30,000 spend earns two Koru entries (up to 4 per year)	None offered
Sign-up Airpoints Dollars Bonus	Yes - 500. Must spend $1,500 in three months and apply by 8 August 2022	None	None	None
Foreign Exchange Fee	2.99%	1.30%	1.85%	1.95%
More Details	Visit American Express	Visit ANZ	Visit Kiwibank	Visit Westpac


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Westpac Airpoints Platinum Mastercard

Our view: A Mastercard that has charges the lowest annual fee of all Airpoints Platinum cards while offering extended warranty and purchase protection. However, the card doesn't offer any airport lounge benefits.

Annual Fee: $125
Earning rate: 1 Airpoints Dollar per $85 spent
Benefits: 35 days overseas travel insurance, extended warranty and purchase protection insurance.
Purchases interest rate: 20.95% p.a.
Interest-free days: Up to 44 days
Tap and Go service: Apple Pay
Foreign currency fee: 1.95%
Minimum credit limit: $10,000
Benefits: Extended Warranty Insurance of up to 12 months for goods purchased and 90 days Purchase Protection that could cover loss, theft or accidental damage.
Minimum age: 18
Minimum income: $15,000
More details: Visit Westpac

Please note, Westpac also has a Hotpoints version of its Platinum Mastercard. The benefits and fees are similar but differ slightly. You can read more about the card here.

Westpac Airpoints Platinum Mastercard

Annual Fee: $125
Earning rate: 1 Airpoints Dollar per $85 spent
Benefits: 35 days overseas travel insurance, extended warranty and purchase protection insurance.
Purchases interest rate: 20.95% p.a.
Interest-free days: Up to 44 days
Tap and Go service: Apple Pay
Foreign currency fee: 1.95%
Minimum credit limit: $10,000
Benefits: Extended Warranty Insurance of up to 12 months for goods purchased and 90 days Purchase Protection that could cover loss, theft or accidental damage.
Minimum age: 18
Minimum income: $15,000
More details: Visit Westpac

Please note, Westpac also has a Hotpoints version of its Platinum Mastercard. The benefits and fees are similar but differ slightly. You can read more about the card here.

Westpac Airpoints Platinum Mastercard

Annual Fee: $125
Earning rate: 1 Airpoints Dollar per $85 spent
Benefits: 35 days overseas travel insurance, extended warranty and purchase protection insurance.
Purchases interest rate: 20.95% p.a.
Interest-free days: Up to 44 days
Tap and Go service: Apple Pay
Foreign currency fee: 1.95%
Minimum credit limit: $10,000
Benefits: Extended Warranty Insurance of up to 12 months for goods purchased and 90 days Purchase Protection that could cover loss, theft or accidental damage.
Minimum age: 18
Minimum income: $15,000
More details: Visit Westpac

Please note, Westpac also has a Hotpoints version of its Platinum Mastercard. The benefits and fees are similar but differ slightly. You can read more about the card here.

Westpac Airpoints Platinum Mastercard

Annual Fee: $125
Earning rate: 1 Airpoints Dollar per $85 spent
Benefits: 35 days overseas travel insurance, extended warranty and purchase protection insurance.
Purchases interest rate: 20.95% p.a.
Interest-free days: Up to 44 days
Tap and Go service: Apple Pay
Foreign currency fee: 1.95%
Minimum credit limit: $10,000
Benefits: Extended Warranty Insurance of up to 12 months for goods purchased and 90 days Purchase Protection that could cover loss, theft or accidental damage.
Minimum age: 18
Minimum income: $15,000
More details: Visit Westpac

Please note, Westpac also has a Hotpoints version of its Platinum Mastercard. The benefits and fees are similar but differ slightly. You can read more about the card here.

2. Cashback and Rewards Platinum Credit Cards Comparison

ASB Visa Platinum Rewards Credit Card
ANZ CashBack Platinum Card
BNZ Advantage Visa Platinum Credit Card
AMEX Gold
Westpac Hotpoints Cards

3. High-Earner and Spender Platinum Credit Cards Comparison

Westpac Airpoints™ World Mastercard®
AMEX Platinum Charge

Frequently Asked Questions

Choosing a credit card isn't easy - we've prepared a list of common queries to help you with some of the specifics of gold and platinum cards.

How much income do you need for a platinum credit card?

It depends on the card, but usually, it will be at least $50,000. You'll also need to show at least one year of earnings if you're employed and sometimes more if you're self-employed. This is because a credit card is an unsecured debt, so the bank or issuer needs to minimise the risk it's not repaid.

Who qualifies for a Platinum credit card? Are they for wealthy p-people only?

No - minimum income levels start at around $50,000 p.a., just below New Zealand's 'average' salary. Beyond income, credit card companies look at your credit history. If you've struggled to repay debt in the past, you will probably find it difficult to have your application accepted. Also, affordability is a big consideration - if your income barely covers your general living costs, then this will be flagged as a risk in your application. After all, credit companies need to be repaid.

Is a Platinum credit card hard to get?

It comes down to how much you earn and your credit history. Credit card issuers reject many applications because of unpaid debts, late payments and/or lack of savings. Depending on the card you're applying for, you'll need to be at least 18 years old and maybe at least 21.

Which is higher - a platinum or gold credit card?

Platinum cards have higher minimum credit limits than gold cards. In many cases, this will be $8,000 or $10,000. The American Express Platinum Charge Card has no limit - this is rare among platinum cards and, for this reason, only suitable for high-earners who always repay their balance.

How many gold and platinum credit cards are there?

The number is small - around ten, including some high-end cards (such as Westpac Airpoints World Mastercard), which we've classified as a Platinum card. There is only one gold card currently - the American Express Gold Rewards Card. Many banks have previously offered gold cards but have stopped doing so.

What is the difference between Visa, Mastercard and American Express (Amex)?

The important differences are merchant acceptance and fees. Visa and Mastercard are accepted anywhere 'credit cards are accepted', whereas Amex isn't accepted at some independent retailers. Our guides to Mastercard vs Visa and Where is Amex Accepted? have more details. Regarding fees, the significant charges are the annual fee, the foreign exchange translation charge, and, if you cannot pay off the balance, the interest rate.

How many credit cards should I have?

Our view is as few as possible, preferably one or none (if you struggle to pay off balances). More than two credit cards can become a hassle and increase the risks of missing a repayment.

How much do credit cards cost?

It depends on three charges:

The annual fee is what the credit card company or bank charges you for being a cardholder. This, generally, ranges from $0 to $1,250 per year.
The interest rate - if you repay late, you'll be charged interest. This usually ranges from around 13% p.a. to 25.99% p.a.
The foreign exchange translation fee - if you buy something that isn't priced in NZD, you'll be charged a percentage fee to 'translate' it back to NZD. This ranges from 0% (offered by the Flight Centre Mastercard) to around 3.50% (Prezzy Cards). The average fee is around 1.50% - 2.50%. Our guide to foreign exchange fees for credit cards has more details.

What rewards can I get from a credit card?

Depending on the card, you'll earn cashback, Airpoints Dollars, other bank or card-specific awards, or nothing. Our guide to rewards and cashback credit cards details what's on offer.

Do I need a large credit limit?

It depends on how much you spend. Some people may be comfortable with perhaps a $5,000 limit and using online banking to transfer money if they reach their credit limit to give them more money to spend. Many gold and platinum cards have $5,000 or $10,000 credit limits which can be increased on application.

Remember - As obvious as it sounds, higher credit limits can mean higher repayments if you spend the balance available. Our view is simple - smaller limits are far easier to manage.

Do gold and platinum cards support a 'tap & go' style service for Android, Garmin Pay and/or IOS?

Some do, some don't. We've highlighted what each card offers to avoid needing to carry your physical card if that's important to you.

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