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BNZ Advantage Cards Are Changing (Not Good News) – Best Replacement Options

​BNZ has announced significant changes to its range of Advantage credit cards, effective February 2026, that substantially reduce the value proposition for cardholders. With rewards devaluing by approximately 26%, interest-free days dropping from 55 to 44, and travel insurance benefits being scaled back, many BNZ credit card customers are reconsidering their options beyond what the BNZ is offering.

Our guide outlines alternative rewards credit cards, essential transition tips and answers to common questions to help you make a decision about your BNZ credit card.
Updated 19 November 2025

​In November 2025, BNZ announced sweeping changes to its Advantage credit card programme, effective 3 February 2026. These changes make the BNZ's range of credit cards less rewarding, although the changes depend on the card you have. From 3 February 2026, the following applies:
  • Rewards devaluation: You'll need roughly 26% more BNZ Points to redeem the same rewards
  • Reduced interest-free period: Down from 55 to 44 days
  • Travel insurance downgrades: Higher excess fees, no automatic snow sports or cruise coverage
  • Eliminated rental car coverage: Domestic rental vehicle excess cover removed entirely (although it's still offered for overseas travel)

With BNZ significantly reducing their rewards programme value while maintaining annual fees, affected BNZ customers face a choice - accept less rewards and benefits or switch to cards offering better value.

Whatever your needs and expectations, our guide helps you navigate the situation and find alternatives that deliver genuine value from everyday spending.
Our guide explains what the changes mean and what existing BNZ Advantage cardholders need to know. We cover:
Know This:
  • The changes affect all BNZ Advantage credit cardholders differently, depending on how you use your card. Points collectors face immediate devaluation from 3 February 2026, while those relying on travel insurance benefits lose valuable coverage.
  • Because a lot happens after 3 February 2026 (and it's almost all negative for cardholders), we suggest reviewing your current BNZ Points balance and considering redemption before the end of January 2026 if you have substantial points accumulated, as their purchasing power will drop significantly after the changes come into force on 3 February 2026.

​What's Changing for BNZ Advantage Cardholders (from 3 February 2026)

Rewards Programme
  • ❌ 26% devaluation - need more BNZ Points for same rewards
  • ❌ Cash back value drops from $1.28 to $0.94 per 200 points
  • ❌ Gift cards cost 14% more points
  • ❌ Airline transfer rates increase 10-20%

Card Benefits
  • ❌ Interest-free days reduced from 55 to 44 days
  • ❌ Payment due dates move 11 days earlier
  • ❌ Business card earn rates reduced

Travel Insurance (Platinum & Business cards)
  • ❌ Excess increases from $200 to $300
  • ❌ Snow sports cover no longer included (paid add-on)
  • ❌ Cruise cover no longer included (paid add-on)
  • ❌ Domestic rental car excess cover completely removed

What Stays the Same
  • ✓ Annual fees unchanged
  • ✓ Overseas rental car excess cover continues
  • ✓ Existing BNZ Points remain (but worth less)
  • ✓ Basic travel insurance continues (with higher excess)

Bottom Line: You're paying the same fees for approximately 26% less value across all redemptions, fewer days to pay, and reduced insurance coverage.

What a MoneyHub reader discovered when calling BNZ about the changes:
We received some excellent insights from a BNZ Advantage Platinum Visa cardholder. While we can't verify them, we want to share them so MoneyHub readers can make an informed decision:
  • Fee waiver success – The reader called BNZ and had his six-monthly fees waived for 12 months (on both cards) and suggests it's worth asking for, given the rewards devaluation.
  • The maths on redemptions has shifted - Cashback is getting hammered and now offers a lower return than some other options, e.g. selecting Woolworths gift cards provides cardholders with an equivalent return of 92c per $100 spent, vs 78c for cashback, making them potentially the smarter redemption choice if that's relevant to your everyday needs.
Know This First: Why Is BNZ Making These Changes?
Like Kiwibank's recent exit from Airpoints cards, BNZ's changes reflect challenging economics in New Zealand's credit card market. Interchange fee regulations have reduced the revenue banks earn from each transaction - the small percentage they receive when you swipe or tap. With less revenue per purchase but unchanged costs for providing rewards and benefits, banks face tough choices.

BNZ has opted to maintain its programme but significantly reduce its value, effectively asking customers to pay similar fees for substantially less valuable benefits to avoid losing money on every customer who could cost the bank more (by way of rewards payouts) than what the bank earns (by way of annual card fees and interchange fees when you make a purchase).

What Happens to Your BNZ Advantage Credit Card?
Your existing BNZ points balance remains the same valid but loses purchasing power after 3 February 2026. Previously earned BNZ points remain in your account and are accessible via BNZ's app or internet banking. From 3 February 2026: All changes take effect simultaneously:
  • Points redemption requires 26% more points for the same value
  • Interest-free period shortens by 11 days
  • Travel insurance excess increases to $300
  • Snow sports and cruise coverage become paid add-ons
  • Domestic rental car excess coverage ends

Our Top 3 Picks to Consider as Alternatives to BNZ Advantage Credit Cards
  1. Best Overall: AMEX Airpoints Platinum - This card is unrivalled for Airpoints Dollars earning power and benefits, with a wide of reward options at higher rates than the BNZ offering - our review explains more.
  2. Best No-Fee Option: AMEX Airpoints Card - no other card offers strong Airpoints Dollars earning power with no annual card fee. 
  3. Best Visa or Mastercard Option: ANZ Airpoints Visa Platinum - While AMEX has the best earn rate, it’s not accepted everywhere, so a Visa/Mastercard may still suit some users better if they purchase from smaller retailers on a frequent basis.

Advertising Disclaimer: MoneyHub may earn a referral bonus for anyone who's approved through some of the links published in this comparison. 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.

Alternative Rewards and Airpoints-Earning Credit Cards

BNZ now offers just two personal credit cards - a significant reduction from their previous range:

1. BNZ Advantage Visa Platinum ($90/year)
  • Earns BNZ Points for rewards (travel, gift cards, cashback)
  • Already modest earning rates, becoming 26% less valuable from February 2026
  • Travel insurance included (but being reduced)

2. BNZ Lite Visa ($10/year)
  • Low interest rate focus (12.90% p.a.)
  • No rewards programme
  • Basic card with minimal benefits

Our View: The lack of choice is striking. BNZ Points were never particularly generous compared to other rewards programmes, and after February 2026, they become even less competitive. With just two cards - one with devaluing rewards and another with no rewards at all - BNZ customers seeking value from their credit card spending have limited options within the bank.

This narrow offering, combined with the upcoming devaluation, explains why many BNZ cardholders are exploring alternatives. The comparison below shows what's available elsewhere in the market.

Non-BNZ options
  • ​To continue earning valuable rewards, consider these alternatives. We compare the main options below - we have selected Airpoints as this is arguably the most stable reward program and, for many credit cardholders, the most useful and flexible.
  • We compare the options below, and our Air New Zealand Airpoints credit cards guide covers these cards as popular options.
Card
Earn Rate
Annual Fee
Bonus Offer
Lounge Access
AMEX Airpoints Platinum
1 Airpoints Dollar/$70 spend
and
$250 = 1 Status Point
$195
300 Airpoints Dollars
​Yes (4 passes)
Westpac Airpoints Platinum Mastercard
1 Airpoints Dollar/$110 spend (then $220 after $7,000 monthly spend)
and
​$225 = 1 Status Point
$125
None
No
Westpac Airpoints World
1 Airpoints Dollar/$95 spend(then $190 after $15,000 monthly spend)
​and
​$225 = 1 Status Point
$310
​None
Yes (Priority Pass)
ANZ Airpoints Visa Platinum
1 Airpoints Dollar/$110 spend
and
Cardholders earn 50% bonus Status Points on top of the Status Points earned on qualifying flights with Air New Zealand. ​There is no Status Points per spend (unlike the other cards).
$150
200 Airpoints ​Dollars
No
AMEX Airpoints Card
1 Airpoints Dollar/$100 spend

​No Status Points
$0
50 Airpoints ​Dollars
No
Notes:
  • Earn rates and bonuses are based on information from bank websites and recent reviews.
  • Interest rates apply to unpaid balances; paying your balance in full monthly avoids interest costs.

Which Card Is Right for You?
  • Frequent Flyers and High Spenders: The AMEX Airpoints Platinum Card offers the fastest earning rate (1 Airpoints Dollar per $70) and premium perks, such as lounge access and comprehensive travel insurance, making it ideal for those who spend heavily and travel frequently. The $195 annual fee is offset by the 300 bonus Airpoints Dollars welcome offer.
  • Balanced Value: The AMEX Airpoints Platinum Card offers an impressive earning rate of 1 Airpoints Dollar per $70 spent, the fastest among Airpoints-earning cards in New Zealand, paired with a reasonable annual fee of $195. It includes complimentary domestic and international travel insurance, two Priority Pass lounge passes annually, and a $400 Koru membership discount ($255 joining fee waiver plus $145 annual fee reduction), making it ideal for moderate spenders who want premium Airpoints rewards and travel perks without excessive costs. The 300 bonus Airpoints Dollars welcome offer (spend $1,500 in the first 3 months) further sweetens the deal, offsetting the annual fee for new cardholders.
  • Budget-Conscious Travellers: The AMEX Airpoints Card has no annual fee and a decent earn rate (1 Airpoints Dollar per $100), perfect for those who want Airpoints without upfront costs.
  • Best Visa or Mastercard Option: ANZ Airpoints Visa Platinum - While AMEX has the best earn rate, it’s not accepted everywhere, so a Visa/Mastercard may still suit some users better if they purchase from smaller retailers on a frequent basis.

Our View: AMEX Airpoints Platinum - The Best Airpoints Dollars Credit Card Available

BNZ's scale down of rewards and reduction in interest-free days don't reward the carholder. Furthermore, ANZ and Westpac’s underwhelming Airpoints offerings have shifted the spotlight to the American Express Airpoints Platinum Card. Unaffected by Visa/Mastercard interchange fee caps and regulations, AMEX delivers unmatched rewards, making it the top choice for Airpoints earners.

If you're an existing BNZ Advantage cardholder, here’s why switching to AMEX's Airpoints Platinum makes sense:
  • Best Earn Rate: Earn 1 Airpoints Dollar per $70 spent – significantly better than Westpac’s $110–$150 or ANZ’s $110.
  • Exclusive Bonus: Get 300 bonus Airpoints Dollars when you apply, are approved, and spend $1,500 within 3 months.
  • Premium Perks:
    • 4 lounge passes/year (Auckland, Sydney, or Melbourne).
    • Comprehensive travel insurance (domestic/international) and rental car excess cover ($3,000).
    • Mobile phone screen insurance (up to $500 if paid with AMEX).
    • Status Points to maintain or achieve Air NZ Gold/Elite status.
  • Wide Acceptance: Accepted at major retailers (Countdown, BP, Mitre 10) and integrated with Apple Pay/Google Pay for seamless payments.​​

​Where Can You Use AMEX? Options include (but are not limited to):
  1. Supermarkets: Countdown, New World, PAK’nSAVE, SuperValue, FreshChoice
  2. Fuel Stations: BP, Caltex, GAS, Gull, Mobil, Shell, Z Fuel
  3. Retail & Hardware: Mitre 10, Bunnings Warehouse, Harvey Norman, Kmart, Glassons, Hallensteins, Farmers, The Warehouse
  4. Dining: McDonald’s, Burger Burger, Coffee Club, Hell Pizza
  5. Utilities: Contact Energy, Genesis Energy, Powershop
  6. Travel: Air New Zealand, Qantas, Jetstar, Expedia, Airbnb and most international airlines, as well as Auckland Transport for buses and trains etc.

​Note: For smaller, independent shops or cafes, carry a bank-issued Visa/Mastercard as a backup, as AMEX acceptance can vary.
Christopher Walsh
MoneyHub Founder (and Frequent User of AMEX)
Christopher Walsh, MoneyHub Founder, shares his AMEX experience:
"Migrating from a bank-issued credit card to AMEX was effortless, and acceptance of my new card has been smooth, thanks to Apple Pay and Google Pay integrating with AMEX.

The card's travel insurance, Status Points earning, and Airpoints Dollars earning rate make maintaining my Air NZ Gold status easy, especially since I book cheaper airfares well in advance, so I won't get there on flights alone. AMEX has been far more reliable and rewarding than my previous bank credit card; I also like the AMEX app, which features live chat, a significant difference from a bank's message service, which can sometimes have you waiting for a few days.

Compared to ANZ's and Westpac's Airpoints cards, AMEX's perks and earn rate are in a different league. Why settle for earning less every time you use your card? I am thrilled to have made the move".
Consider Switching Today
With BNZ scaling down rewards and benefits, Kiwibank’s Airpoints cards gone and ANZ's and Westpac’s cards falling short, AMEX Airpoints Platinum is the clear winner. Apply Now and receive 300 bonus Airpoints and read our review of the card.

Key Considerations When Choosing a New Airpoints Dollars Credit Card

Before you make a decision, we suggest considering the following:
  • Earn Rate vs Fees: Higher earn rates (e.g., AMEX Airpoints Platinum) come with higher fees (you can see the BNZ Advantage fees here), although far more benefits are offered by AMEX
  • Additional Perks: Look for travel insurance, Koru membership benefits, or lounge access if you travel frequently. AMEX cards stand out for travel insurance, and our dedicated guide to the policy explains what you get and why many cardholders rely on the cover and avoid the cost of taking out standalone cover.
  • Foreign Transaction Fees: BNZ credit card charges 2.25% on international purchases, while AMEX charges 2.49%. For overseas spending, you can consider a travel money card like Wise with lower fees for better value.​​
Two Important Considerations Before Considering a Switch to AMEX:

1) AMEX Acceptance in New Zealand
  • While American Express is widely accepted throughout New Zealand at major retailers, supermarkets, and online merchants, it's not universal, as our dedicated guide outlines.
  • Smaller cafes, local shops, and some service providers may not accept AMEX - to ensure a hassle-free experience, we suggest keeping a Visa or Mastercard debit card as a backup for situations like these.
  • The good news? With Apple Pay and Google Pay integration, AMEX acceptance continues to grow, and you'll find it works at most places where you do your regular spending – from Countdown and PAK'nSAVE to Bunnings, BP, and Air New Zealand.

2) Credit Card Applications for Asset-Rich New Zealanders
  • From time to time, we hear from older New Zealanders who are self-described as "asset-rich" – perhaps owning their home mortgage-free or having substantial investments – but lack regular employment income, being declined for credit cards by banks and AMEX.
  • While this can be frustrating when you have significant wealth but no salary, we understand banks' and AMEX's positions from a risk-management perspective.
  • Credit decisions are typically based on regular income streams rather than asset holdings, which makes sense from a lending risk standpoint, even if it feels unfair to those affected.
  • However, the good news is that we are hearing more reports of retired New Zealanders (with income beyond NZ Super, such as dividends and rental income) having their AMEX applications approved. ​

Replacing Your BNZ Credit Card: Frequently Asked Questions

How do I apply for an Airpoints credit card?

Visit the websites of AMEX, Westpac or ANZ to apply online. The process typically takes 2–3 weeks; you’ll need to be a New Zealand resident, provide proof of income, and meet credit eligibility criteria.

Will my Airpoints Dollars expire after the program ends?

​If you don’t switch to another Airpoints-earning card, Airpoints Dollars expire four years from the date earned. Check your balance and redeem Airpoints Dollars if needed.

Can I still use my BNZ credit card after February 2026?

Your BNZ points remain valid but require roughly 26% more for equivalent redemptions. For this reason alone, you may want to consider redeeming before the changes if you have substantial balances.

Is keeping a BNZ Advantage credit card worthwhile after the changes in early 2026?

It depends on your usage patterns - travel insurance remains (with higher excess), and the card functions normally. However, rewards value drops significantly. You'll need to calculate whether your earning and redemption patterns justify continued fees.

Do I need an Airpoints Dollars Credit Card as an alternative to my BNZ credit card?

An Airpoints Dollars credit card isn't essential. Still, it's highly beneficial if you want to earn Airpoints Dollars and Status Points on everyday spending or maintain an Air New Zealand Airpoints account with non-expiring points.

Without an Airpoints-earning card, your Airpoints Dollars expire four years from the date earned, and you'll rely on other methods (e.g., flying with Air New Zealand, shopping at partners like New World or Z Energy) to earn points, which may be slower and less consistent.

Cards like the American Express Airpoints Platinum (1 Airpoints Dollar per $70 spent, $195 annual fee) or the no-fee Amex Airpoints Card (1 Airpoints Dollar per $100) make earning rewards faster, especially for frequent spenders or travellers. We argue this out-performs any credit card offered by the BNZ. 

If you rarely fly or prefer low-cost banking, BNZ's Lite Visa or non-rewards cards may suffice, but you'll miss out on Airpoints benefits.

Is it worth the annual fee if I don't fly much?

The value of an Airpoints card's annual fee for infrequent flyers depends on your spending habits, redemption goals, and desired perks. For example, the American Express Airpoints Platinum ($195 annual fee) offers 1 Airpoints Dollar per $70 spent, a 300 Airpoints Dollars welcome bonus (spend $1,500 in 3 months), travel insurance, and four lounge passes annually.

If you spend $14,000 annually (roughly $1,200 monthly), you'd earn 200 Airpoints Dollars, plus the bonus, potentially covering a domestic flight (e.g., Auckland to Wellington, ~100 Airpoints Dollars return). The insurance and lounge access add value even for occasional trips.

For minimal travel, the no-fee Amex Airpoints Card (1 Airpoints Dollar per $100) is a better fit, earning 140 Airpoints Dollars on $14,000 spend without upfront costs. If Airpoints aren't a priority, the BNZ offers its Lite Visa with a low annual fee ($10) without any rewards, which may be a more cost-effective option.

Our Conclusion

BNZ's February 2026 changes mark a significant shift in New Zealand's credit card landscape. While disappointing for loyal customers, these changes create opportunity to reassess and potentially upgrade to better value propositions.

Our view is simple - American Express emerges as the strongest alternative, unencumbered by interchange regulations affecting traditional banks. Their maintained benefits and superior earn rates offer genuine value versus BNZ's diminished programme.

However, any transition to a new credit card requires some adjustment - AMEX acceptance, while broad, isn't universal. However, for most cardholders, the substantially better rewards easily compensate for occasionally needing a backup payment method.

Key Dates for BNZ Cardholders:
  • Now - February 2026: Maximise current benefits, redeem points at current rates
  • Before 3 February 2026: Apply for replacement card if switching
  • 3 February 2026: All BNZ changes take effect

Next Steps: The choice is yours - you can accept reduced value with arguably high fees (for the BNZ Advantage Visa Platinum) or switch to cards that reward your loyalty appropriately.
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