Best Rewards Credit Cards in New Zealand: Compare features, rewards, fees and how they work

Using a credit card can be a simple way to pay securely for online and in person shopping, with the option to defer paying your bills for a few months if you don’t mind the additional interest charges. Credit cards can also offer some nice extras and rewards, from travel perks to cash back or points you can spend on treats for yourself.

So - what is the best credit card for rewards? Join us as we explore some of the best credit cards for rewards in New Zealand to help you decide. We'll also introduce to you Wise Travel Card that can help you save on international transactions with currency conversions at mid-market exchange rates.

What are reward credit cards and how do credit card rewards work?

Before we look at the different credit card options out there, let’s first consider how credit card rewards work and why you may choose a rewards card specifically.

Different banks and card networks offer rewards cards which are often split out into categories, including:

• Cashback cards
• Travel rewards cards
• Points based rewards cards

Cashback cards usually allow you to earn cashback as a percentage of your card spending, which is then given as statement credit to offset bills or fees.

Travel rewards cards might offer direct access to frequent flyer miles with airlines, or have easy ways to switch your reward points to airline or hotel loyalty programs to redeem later.

Points based rewards cards are often quite flexible, rewarding cardholders with points which can be redeemed as gifts, vouchers, statement credit or airmiles.

Each card will have its own earning rate, which is normally expressed as a number of points per dollar spent. In many cases cards also have extras - for example, travel cards might offer complimentary overseas insurance, while cash back cards can have purchase protections.

Cards also have their own fees - some of which are unavoidable, like annual charges. You’ll need to weigh up the costs against the benefits you’re likely to receive to decide if a specific card is right for you.

Things to look out for in choosing a credit card for rewards

Here are a few final things to consider when deciding if credit card rewards are worth it for you:

• Weight up the costs you can’t avoid, like annual fees, plus other charges like foreign transaction fees, to see if the rewards will be worthwhile
• Check if rewards expire or have caps and limits which may mean they’re not so easy to earn or to use
• Look to see if there are exclusions on spending types for reward earning, such as when you get cash or pay bills - this can slow your earning significantly
• Compare a few cards to understand which is best for you - in many cases, having more than one payment card option is a good idea as you can then pick the right card based on the transaction type

Compare credit card rewards: Best travel and cashback credit cards

We’ve selected a mixture of cashback, reward and travel rewards credit cards available on the New Zealand market to help you compare and decide which might suit your needs. We’ll start with a table to compare credit card rewards across the cards at a high level, and then we’ve got plenty more information to help you pick the best credit card for rewards in New Zealand based on your specific needs.

American Express Airpoints Platinum Card

Best for: The fastest way to earn Airpoints Dollars with a Platinum Card from any New Zealand card issuer

You can apply for an American Express Airpoints Platinum Card if you’re over 18, with no history of default and bad debt and legally allowed to work in New Zealand. Cards let you earn Airpoints Dollars directly which don’t expire, to spend on Air New Zealand flights, upgrades or in the Airpoints Dollars store.

Main features and fees to consider:

• Quick ways to earn Airpoints Dollars
• Travel perks including insurance and lounge access available
• Annual fee of 195 NZD
• Foreign transaction fees of 2.5%⁷
• Cash advance fees of 5 NZD when you use an ATM

ANZ CashBack Visa

Best for: Flexible cash back on everyday spending, at 1 NZD per 150 NZD spent

The ANZ CashBack Visa offers cash back which is automatically credited to your statement annually. There’s a low annual fee to pay, but the cash back option gives you complete flexibility on what you spend your rewards on once you get them.

Main features and fees to consider:

• 1 NZD cash back for every 150 NZD spent
• Apple and Google wallet compatible for contactless ease
• Annual fee of 40 NZD
• Foreign transaction fees of 1.3%⁸
• No cash advance fees when you use an ATM

Westpac hotpoints Platinum MasterCard

Best for: High earning card with rewards you can redeem as gifts or to pay for statement balance items

You can get your Westpac hotpoints Platinum MasterCard to earn 1.5 hotpoints per dollar for the first 7,000 NZD of spending every month, with a slightly lower rate after that. This allows you to build a balance quickly which you can then redeem as statement credit or for purchases from the hotpoints catalogue. Travel insurance also included.

Main features and fees to consider:

• 1.5 hotpoints for every dollar spent, up to (and including) 7,000 NZD spent - then 1 hotpoint for every dollar spent
• Hotpoints can be used to redeem gifts or to spend like cash on select purchases
• Annual fee of 70 NZD
• Foreign transaction fees of 1.95%
• No cash advance fees when you use an ATM

TSB Platinum Mastercard

Best for: High earning cash back card with 1% cash available on all eligible purchases

The TSB Platinum Mastercard promises uncapped cash back at 1 NZD cashback on every 100 NZD spent. The card also offers several different types of complimentary insurance which comes as part of the annual fee you pay.

Main features and fees to consider:

• 1 NZD cashback on every 100 NZD spent
• Travel, phone and purchase insurance available
• Mastercard offers and experiences
• 90 NZD annual fee
• 1.9% foreign currency conversion fee

ASB Visa Rewards

Best for: Choice of different reward schemes depending on how you want to spend the points you earn

You can order an ASB Visa Rewards and then decide if you want to participate in the True Rewards or Everyday Rewards schemes. With True Rewards you earn TR$ which convert to NZD, which you can spend in partner retailers, while Everyday Rewards points are traded for vouchers for Woolworths, bp and other ASB partners.

Main features and fees to consider:

• Choose different reward earning schemes depending on preference
• Earn True Rewards dollars to spend in partner retailers, or Everyday Rewards vouchers for Woolworths, bp and other ASB partners
• Annual fee of 40 NZD
• Foreign transaction fees of 2.1%⁹
• No cash advance fees when you use an ATM

BNZ Advantage Visa Platinum

Best for: Combination rewards which you can redeem for gifts, convert to airmiles or loyalty points, or get as cash or cash equivalents

The BNZ Advantage Visa Platinum has a good selection of ways to redeem the BNZ Points which you accumulate as you spend. You could convert your points onto a different loyalty or airmiles reward scheme, buy something from the BNZ catalogue, get vouchers or just take as cash back. This gives a flexible choice depending on how you need to spend.

Main features and fees to consider:

• 1.67 BNZ Points for every 1 NZD spent, used for travel, gift cards, cash back and more
• Complimentary travel insurance for up to 90 day trips
• 90 NZD annual fee
• 2.5% foreign transaction fee
• 0.9 NZD local cash advance fee¹⁰ when you use an ATM, waived when you’re overseas

Summary

The best credit card for rewards in New Zealand for you will depend on how you spend, what type of rewards you’ll value and what fees you’re willing to pay. The good news is that there are many different options out there whether you’re looking for a dedicated card for travel perks or a simple option for cash back or statement credit on everyday spend. This guide gives you some ideas to check out - so you can decide which is the right fit for your unique needs.

Avoid high credit card foreign transaction fees by bringing along the Wise card for your travels

While earning rewards with credit cards can be a great perk, spending internationally with credit cards often comes with hidden costs like high foreign transaction fees and poor exchange rates. The Wise card is a simple way to save up to 8x when you're spending internationally. You can spend in 150+ countries at mid-market rate — basically the rate you see on Google. With no foreign transaction fees and low, transparent pricing, Wise usually gives you the best value for your money.

Simply create a Wise account for free, order a card and top-up NZD to get started. Having a physical Wise card allows you to make chip and pin payments, as well as make some free ATM withdrawals each month for when you're abroad. You can get digital cards and add to your Google or Apple Pay wallet for instant use. Spend directly with the Wise account in NZD and let auto-conversion do the trick or convert in advance to your desired currency. You can hold and exchange 40+ currencies in your Wise account and spend the currencies you hold for free.

Wherever your travel takes you, the Wise card makes spending money abroad cheaper and easier.

🚀 Get your Wise card

1. American Express Airpoints Platinum Card
2. ANZ CashBack Visa
3. Westpac hotpoints Platinum MasterCard
4. TSB Platinum Mastercard
5. ASB Visa Rewards
6. BNZ Advantage Visa Platinum
7. Amex card fees NZ
8. ANZ card fees
9. ASB card fees
10. BNZ card fees