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Westpac Airpoints Platinum Mastercard vs American Express Airpoints Platinum

We compare the popular Westpac Airpoints Platinum Mastercard and the AMEX Airpoints Platinum cards, examining each card's features, fees, advantages, and disadvantages to help you determine which option best suits your needs.
Updated 30 August 2026

​Summary
  • This guide compares the popular Westpac Airpoints Platinum Mastercard with AMEX's Airpoints Platinum card. Both earn Airpoints, but the earning rates are vastly different despite only a $70 difference in annual fee.
  • We estimate around 50,000 New Zealanders hold the Westpac card, but the benefits have been cut back since 2022. The most significant development is the drop in earn rates. If you're a Westpac cardholder, we suggest reading on to explore the alternatives.
  • The Westpac Airpoints Platinum Mastercard earns around 36% fewer Airpoints per $1 spent than the American Express Airpoints Platinum Card. The more you spend each month, the fewer Airpoints you earn relative to the AMEX option.
  • Our comparison looks at the true cost of holding both cards and how much you'll be rewarded for a range of annual spending. We have written our comparison to appeal to existing Westpac Airpoints Platinum Mastercard cardholders to help explain the key differences.
  • Important: ​There is a bonus offer for new AMEX Platinum Airpoints card members of 400 bonus Airpoints when you apply by 28 October 2026, are approved and spend $1,500 on your new Amex Airpoints Platinum Card within the first 3 months. New Amex Card Members only.

Where Westpac comes out ahead:
  • A $70 lower annual fee
  • Status Points at $225 per point against AMEX's $250 - about 11% more for the same spend
  • Mastercard acceptance (wider than AMEX)
  • Lower purchase interest rate
  • A lower FX fee (1.83% against 2.50%)
  • For very high spenders, the Westpac Airpoints World Mastercard ($310 annual fee) earns 1 Airpoint per $95 up to $15,000 a month and includes Priority Pass lounge access.
  • Overall, if you spend under $7,000 a month at major retailers and value the lounge passes, insurance and sign-up bonus, AMEX wins on the numbers.
  • However, if you spend heavily on small businesses or overseas, or care most about Status Points, Westpac may suit you better.

Christopher Walsh, MoneyHub's Founder and Head of Research, shares his views on earning Airpoints with both the Westpac and American Express Platinum cards:

"Airpoints is one of the most useful loyalty programs in New Zealand, but things have changed for platinum cardholders, and bank customers are suddenly much worse off. Based on the numbers outlined below, I argue that Westpac Airpoints-branded cards offer a poor deal compared to AMEX's offering. However, that doesn't mean AMEX is a sure bet - card acceptance outside of main retailers can be hit or miss, which means New Zealanders often need to rely on a backup credit card.

Nonetheless, Westpac has cut the Airpoints earning rate significantly, and it's unlikely to return to where it was. Adding more frustration, it kept the fee the same. The result is a high annual fee card that only starts covering its costs after you spend $13,750 a year. However, by then, the AMEX card has served up over 50% more Airpoints, a slew of status points, lounge vouchers and other perks.

We've published this guide to help you challenge Westpac's offering and determine whether it still delivers the best value for your needs. I continue to challenge the banks on their appalling savings rates (see my Stuff.co.nz column here). I firmly believe that until they become more competitive (which is unlikely), American Express is the most rewarding card on the market by quite some margin".
Christopher Walsh
MoneyHub Founder and
Head of Research
To help you know all the facts and make an informed decision, our guide covers the following:
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.

Our video below explains this guide in detail and outlines the specific differences between Westpac and AMEX's Airpoints Platinum offerings:

Westpac Airpoints Platinum Mastercard vs American Express Airpoints Platinum - Side-by-Side:

Each card has a unique Airpoints earning rate and specific differences, outlined below:
Features
AMEX Airpoints Platinum
Westpac Airpoints Platinum Mastercard
Earning Rate
$70 spent = 1 Airpoint
$110 spent = 1 Airpoint
(up to $7,000 per month)

$220 spent = 1 Airpoint
(for any spend over $7,000 per month)
Bonus Airpoints
Important: ​There is a bonus offer for new AMEX Platinum Airpoints card members of 400 bonus Airpoints when you apply by 28 October 2026, are approved and spend $1,500 on your new Amex Airpoints Platinum Card within the first 3 months. New Amex Card Members only.
None
Annual Fee
$195 (no charge for supplementary cards)
$125 (supplementary cards are an additional $25/year)
Status Points
$250 spent = 1 Status Point
$225 spent = 1 Status Point
Insurance Benefits
Domestic and International Cover
International Cover
Interest-Free Days
Up to 55 Days
Up to 44 Days
Interest Rate
22.95% p.a. on purchases
20.95% p.a. on purchases
Lounge Access
Four vouchers per year (two in Auckland, and two in Australia)
None
Airpoints Earned Per Year from $3,000 Monthly Spend
514
(and 144 Status Points)
327
(and 160 Status Points)
Airpoints Earned Per Year from $5,000 Monthly Spend
857
(and 240 Status Points)
545
(and 267 Status Points)
Airpoints Earned Per Year from $10,000 Monthly Spend
1714
(and 480 Status Points)
927
(based on [$7,000/110] +[$3,000/220] X 12 months)

(and 533 Status Points)
Annual Spend Required to Earn Enough Airpoints to Offset the Annual Card Fee
$13,650
(excluding the 400 Airpoints signup bonus for new applicants, which arguably offsets 2 years of card annual fees)
$13,750
More Information
AMEX Airpoints Platinum
Westpac Airpoints Platinum Mastercard

Westpac vs AMEX Card Comparison - Findings, Highlights and What to be Aware Of:

  • AMEX outperforms Westpac: AMEX earns over 50% more Airpoints per dollar spent compared to Westpac, and we believe this makes AMEX the strongest card despite some limitations around acceptance in smaller retailers. If you spend over $7,000 in any month, you'll automatically be penalised by earning half the earning Airpoints (as the earn rate falls from $110 to $220; AMEX's earn rate is more than three times as high in such a situation).
  • The AMEX card is cheaper to hold: Based on the numbers above, if you use the American Express Airpoints Platinum Card, you'll need to spend around $13,650 to generate 195 Airpoints to "offset" the annual $195 fee. However, given the much lower earning rate, you'll need to spend $13,750 on the Westpac card.
  • Westpac offers around 10% more Status Points on spend than AMEX: Cardholders of either card will benefit from a constant boost as they spend, making it easier to re-qualify for Air New Zealand Gold (or similar). Westpac cardholders will enjoy more of a tailwind given $225 spent earns one Status Point, whereas with AMEX you'll need to spend $250.
  • Overall, AMEX offers far more benefits: If you spend over $1,000 a month on a credit card and always repay the balance after each month, the AMEX option offers tremendous benefits such as lounge access for international trips, comprehensive domestic and international travel insurance, a signup bonus, status points and comfort knowing you're earning the highest amount of Airpoints every time you use a card. No other card comes close.
  • ​Apple Pay compatibility: AMEX supports Apple Pay in New Zealand.

Other important differences to be aware of:
  1. Customer service: AMEX is known for its exceptional customer service, as evidenced in our testimonials below, as well as in our chargebacks guide. The difference with the Westpac is that you deal directly with the credit card company and don't need to go via a bank. Both offer phone support; AMEX also has live chat in its app.
  2. Supplementary cardholders: AMEX does not charge an annual fee for supplementary cardholders, while Westpac charges $25/year for supplementary cards. This is relevant for those looking to add their partners or family members to their account as it's an added ongoing cost for Westpac customers.
  3. Payment options: Westpac and AMEX accept payments via direct debit and online banking transfers and over the phone. With Westpac, you can also pay in a branch.
  4. FX fees: Westpac charges 1.83% on non-NZD transactions, whereas AMEX charges 2.50%, so if you're using your card extensively overseas, the 0.67% difference eats up any extra Airpoints earned.
  5. Eligibility Criteria: Westpac and AMEX require applicants with a good credit history and the ability to pay balances in full. Both issuers apply minimum income criteria.
  6. Application Process: Westpac and AMEX will require bank statements and ID scans to prove income and other documents in specific cases.
  7. Koru membership: Both cards discount the annual membership and waive the joining fee. You can read more about Koru and whether it's worth the cost here.
  8. Fraud protection: Westpac and AMEX offer 24/7 fraud helplines, account alerts and real-time transaction monitoring. You can read the policies in detail from Westpac and AMEX.
  9. Payment networks: American Express operates its own payment network, which may impact acceptance rates compared to Visa (and Mastercard). This could be a factor when considering which card to choose, depending on where you plan to use it.​
  10. Redemption options: Airpoints can be redeemed when booking flights, upgrading seats, or purchasing items through the Airpoints Store. Our guide to spending Airpoints has more details.

Important: We have not covered balance transfer offers or late payment fees, as this comparison is designed for anyone who consistently repays their monthly balance in full when due and maximises the value of the benefits earned as a result of doing so.

Christopher Walsh MoneyHub Founder and Head of Research outlines a value-based summary of the two cards:

Christopher Walsh
MoneyHub Founder and
Head of Research
"AMEX earns over 50% more Airpoints per dollar spent compared to Westpac, making it the strongest card despite some acceptance limitations in smaller retailers and eateries. For this reason, it's our Editor's Choice Favourite Airline Credit Card.

The American Express Airpoints Platinum Card requires around $13,650 in spending to offset its $195 annual fee, compared to $13,750 for the Westpac card, making the AMEX card more cost-effective. And that's before adding up the value of lounge benefits and sign-up bonuses. Also, unlike Westpac, AMEX doesn't cut your Airpoints earning rate in half if you spend more than $7,000 in a month.

If you're Air NZ Gold (or want to achieve it), both Westpac and AMEX offer Status Point earning opportunities - Westpac is 10% more generous which is a useful benefit.

For those spending over $1,000 a month on a credit card and always repay the balance, the AMEX card offers unmatched benefits, such as lounge access, travel insurance, a signup bonus, and the highest Airpoints earning rate."

Airpoints-Earning Platinum Cards in Nutshell - Westpac Airpoints Platinum Mastercard vs AMEX Airpoints Platinum

We outline the fees, interest rates, bonus offers and perks of each card:

The American Express Airpoints Platinum Card

Basics: Read more: Airpoints Platinum Review

​Benefits:
  • Every $70 you spend = 1 Airpoint, and $250 spend = 1 Status Point
  • Complimentary Domestic and International Travel Insurance
  • Four lounge passes per year (two in Auckland Airport, two for either Sydney or Melbourne)
  • ​Complimentary Mobile phone screen insurance (if you used your AMEX to pay for the phone, up to repair costs of $500).

Learn more or apply

Westpac Airpoints Platinum Mastercard

Basics:
  • ​Annual Fee: $125
  • Annual percentage interest rate: 20.95% p.a.
  • Interest Free Period: up to 44 days
  • Bonus Offer: None

​Benefits:
  • An earning rate of 1 Airpoint per $110 spent
  • $25/year supplementary card fee
  • Overseas travel insurance

Learn more or apply

Pros, Cons and Must-Know Facts of Using an AMEX Card

If you're thinking about switching from Westpac to AMEX, we've listed some pros, cons and facts to help you make an informed decision:

Pros:
  • More and more stores accept AMEX - our guide explains more. Even if you see a Visa & Mastercard logo on the door or at the checkout,  that doesn't mean AMEX isn't accepted
  • Paypal accepts AMEX, even if the retailer doesn't. This means you can link an AMEX card to PayPal, charge the purchase, and earn Airpoints.

Cons:
  • Acceptance - despite being widely accepted by big retailers, smaller retailers often don't accept American Express cards. Unfortunately, this means you'll need to ask, "do you take AMEX?" when shopping outside of major stores, and the prospect of doing so may become annoying.

Must-Know Facts:
  • Forex fees can add up - if you use an American Express card to pay for a non-NZD purchase, you'll pay 2.50% in foreign exchange fees. For reference, ANZ charges 0%, ASB 0% and Westpac 1.83%.
  • AMEX supplementary cards are free. This means if you have a partner, both of you can use the card and earn Airpoints. For example, if you each spend $15,000 a year, then you'll earn an extra 214 Airpoints.

AMEX Testimonials

While you may be well-acquainted with your bank's operations, AMEX could be a new experience. To provide insight, we asked MoneyHub users in March 2023 to share their firsthand experiences with the AMEX Airpoints Platinum card. The testimonials below highlight various aspects, including the application process, online account management, customer support satisfaction, earning rewards, and merchant acceptance.
  1. "I've had a fantastic experience with my AMEX card! I've accumulated a significant amount of Airpoints, which seem more rewarding than with my previous cards. I've even had the opportunity to enjoy the Amex lounge at Sydney Airport. The card is easy to use, although not all places accept it. The app could use some improvements, but it gets the job done. I would highly recommend AMEX over other credit cards, mainly because of the rewards".
  2. "I've been using an American Express card for over 40 years and have had a very positive experience. Their customer service is exceptional - helpful, friendly, and you get to speak directly with a human! They offer a wide range of incentives and an essential benefit: points never expire. They've been working hard to increase the number of outlets accepting Amex, but it's still necessary to have a Mastercard or Visa for complete coverage. My only issue is their travel insurance policy, which doesn't offer coverage for pre-existing conditions at an additional cost, unlike Mastercard".
  3. "The main downside is that not all places accept AMEX, although most well-known stores and restaurants do. I've occasionally encountered difficulties paying at restaurants with my AMEX card, having to resort to using my Visa debit. Due to this limitation, I feel the need to have an additional credit card, such as the TSB Platinum Mastercard, which offers great cashback rates and similar benefits to other platinum cards".
  4. "I've had an Amex card for over 10 years and switched to the American Express Airpoints Platinum Card a couple of years ago. I'm very happy with the card and rewards. I've noticed more places accepting Amex over time".
  5. "AMEX provides excellent customer service, with quick phone responses and readily available live chat. The card comes with great perks like lounge access, which I've fully utilized this year. It's not widely accepted at independent stores and restaurants, but I use it for supermarkets, gas stations, and online shopping, earning enough Airpoints for a return ticket to Tokyo".

Our Conclusion

  • The AMEX Airpoints Platinum card offers a substantially higher earning rate for Airpoints, which leads to greater rewards for cardholders. Additionally, the AMEX card provides more benefits, such as lounge access, comprehensive international and domestic travel insurance and a generous signup bonus.
  • However, it is crucial to note that the AMEX card has some limitations, including lower acceptance rates at smaller retailers and a higher foreign exchange fee than the Westpac card. This may lead some users to rely on a backup credit card.
  • Ultimately, the decision between the Westpac Airpoints Platinum Mastercard and the AMEX Airpoints Platinum cards will depend on individual spending habits, preferences, and requirements. However, for those who prioritise earning Airpoints and maximising the value of their credit card, the American Express Airpoints Platinum card is the clear winner.
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