Purple Visa vs Warehouse Money Visa Review
Updated 7 February 2024
Summary
Summary
- We believe, when comparing Purple Visa to the zero-fee Warehouse Visa, the Warehouse Visa is an excellent choice for any regular Warehouse shopper.
- Given its $0 annual fee, 55-interest-free days and 5% discount at The Warehouse, there is little downside with the card.
- If you are looking for a no-hassle credit card and are comfortable paying balances in full each month, it's one of the better zero-fee credit cards available in New Zealand right now.
- Purple Visa does have one advantage - cardholders can take advantage of up to 60 months interest-free on eligible purchases over $499 at Noel Leeming per their ongoing special offer.
Warehouse Money Visa Credit Card
Pros:
Cons:
Our View:
- 5% off your shopping at The Warehouse (some exclusions apply)
- Up to 55 days interest-free
- $0 annual fee
- Overseas currency conversion fee of 2.00% (lower than all New Zealand banks, except for Kiwibank)
- Periodic special offers, listed on the Warehouse Money website, such as $10 discount with a $30 spend, competitions and other promotions.
Cons:
- Very few - for a credit card with no annual fee, there are very few downsides.
- The 5% discount does not apply to other Warehouse group companies (i.e. Noel Leeming or Torperdo7).
Our View:
- The Warehouse Money Visa is a rarity - a free credit card with a 5% store discount matched with a competitive 19.95% p.a. interest rate means this case has means it sits somewhere between low-interest and rewards credit card options. We compare it to the Purple Visa below.
- Want to know more? Visit the Warehouse Money Visa website.
Purple Visa
- While Purple Visa isn't sold as a Warehouse Money product, it's effectively the same company running it, but the benefits are different, and ultimately not as attractive.
Pros:
- Up to 55 days interest-free terms
- Interest-free offers from 'select retailers' (current only Noel Leeming)
- Every time you spend $150 on your Purple Visa Card you'll earn 1 'Purple Dollar', and 1 Purple Dollar = $1 NZ Dollar. You can spend Purple Dollars at Warehouse Group retailers (i.e. The Warehouse, Torpedo7, Noel Leeming)
- Overseas currency conversion fee of 2.00% (lower than all New Zealand banks, except for Kiwibank)
- Cardholders can take advantage of up to 60 months interest-free on eligible purchases over $499 at Noel Leeming per their ongoing special offer.
Cons:
- Annual $55 card fee - you would need to spend over $12,000 to earn enough 'Purple Dollars' to break even.
- 22.90% p.a. interest rate (The Warehouse Money Visa, by comparison, offers 19.95% p.a)
Our View:
- We believe the Purple Visa offers nothing of value, and that the Warehouse Money Visa is a far superior option. Its benefits include no annual fee, 5% discounts at the Warehouse on eligible purchases, a lower annual interest rate and the same 55-day interest-free terms.
- Want to know more? Visit the Purple Visa website.
Top Tip: Before making any purchase, compare the alternatives first
- We understand that it may be convenient to sign up for credit card from the comfort of The Warehouse, but comparing the options first is the best thing you can do.
- The offers may be tempting, but you are under no obligation to decide or buy on the spot.
- Take any brochures home with you and compare options online - our comparison guides to the best credit cards point out what you need to know to save money and get the right option.