Best rewards and cashback credit cards NZ
We explain the pros and cons of each NZ rewards scheme and explore cashback credit cards to help you choose the best option.
Updated: 15 June 2024
The breakdown
- There are a number of credit card rewards schemes in NZ, but some are much more flexible than others.
- Some rewards schemes can be complicated — make sure you know how to maximise your earnings while saving on fees.
- Cashback and rewards credit cards are only worthwhile if you pay off your balance in full each month.
- Check our our related guides on the best Airpoints credit cards in NZ.
Author: Kevin McHugh, Head of Publishing at Banked.
Are New Zealand rewards and cashback cards still worthwhile? Our guide helps you find out.
If you’re looking for another type of card, compare all options in our guide to the best credit cards.
How rewards credit cards work
Rewards credit cards let you earn rewards points when you spend using the credit card. These rewards points can be used to buy products, flights, or get discounts on fuel or at particular stores.
A rewards credit card can be a great way to benefit from your credit card spend, but only if you pay your card off in full each month. If you only make part payments, you’ll be charged interest, which will cancel out any reward points you’ve earned.
For a small country, we have a substantial number of credit card rewards programmes available to us. We look at each scheme, including how they work, the pros and cons, and the credit cards that offer them.
How do cashback credit cards work?
With a cashback credit card, you will earn cash on any eligible purchase. Cash advances and cash substitutes, like gambling chips, are not eligible. How much cash you will earn depends on the credit card.
All NZ cashback credit cards use 1 of 2 ways to give you cashback:
- As a percentage of your spend: A small percentage of the amount you spend on your card will be credited back to your account. This percentage ranges from 0.5% to 1%.
- $1 each time a particular amount is spent: Depending on the credit card this amount currently varies from $70 to $150.
Rewards and cashback credit cards compared
Airpoints credit cards
The Airpoints rewards scheme from Air New Zealand is the most popular and widely accessible in the country.
American Express, ANZ, and Westpac all offer their Airpoints credit cards. Each of these cards has different Airpoints earn rates and annual fees, while some come with a bonus Airpoints on sign up. Check out our guide to all NZ credit cards with sign up bonuses.
Airpoints credit cards let you earn Airpoints Dollars which can be redeemed for a number of things, including:
- flights and flight upgrades for Air New Zealand and its many partner airlines
- electronics, homewares and other products from the Airpoints Store
- Car rentals and travel insurance
- donations to the Airpoints for Schools programme that pays for Kiwi school children to go on educational trips
- gifting flights to others.
Key benefits of Airpoints credit cards
- Choice: There are more Airpoints credit cards on the market than any other rewards credit card.
- Range of rewards: Airpoints Dollars can be redeemed in lots of ways.
- Great for travellers: You can both earn Airpoints Dollars on flights, and use them to pay for flights and upgrades.
- Simple to understand: 1 Airpoints Dollar is equivalent to 1 New Zealand Dollar.
- Earn twice: With some retailers, you can earn on both your Airpoints membership card and your credit card spend.
Compare Airpoints credit cards
| Credit card | Airpoints earn rate | Bonus Airpoints | Interest rate (p.a.) | Annual fee | Promotions | Learn more |
|---|---|---|---|---|---|---|
American Express Airpoints Platinum
|
1 Airpoints Dollar per $70 | 300 (when you spend $1,500 in the first 3 months. New customers only) | 22.95% | $195 |
|
Read the review |
American Express Airpoints
|
1 Airpoints Dollar per $100 | 50 | 22.95% | $0 |
|
Read the review |
ANZ Airpoints Visa
|
1 Airpoints Dollar per $170 | 0 | 20.95% | $65 | None currently | |
ANZ Airpoints Visa Platinum
|
1 Airpoints Dollar per $110 | 0 | 20.95% | $150 |
|
|
Westpac Airpoints Mastercard
|
1 Airpoints Dollar per $150 | 0 | 20.95% | $70 | None currently | |
Westpac Airpoints Platinum Mastercard
|
1 Airpoints Dollar per $110 | 0 | 20.95% | $125 |
|
|
Westpac Airpoints World Mastercard
|
1 Airpoints Dollar per $95 | 0 | 16.95% | $310 |
|
Learn more about Air New Zealand Airpoints credit cards in our comprehensive guide.
BNZ Rewards credit cards
BNZ introduced the BNZ Rewards scheme in late 2022, effectively replacing its credit card cash back offer (although BNZ Points can still be redeemed for cash back).
Under the scheme, cardholders can earn BNZ Points on their spend, which can then be redeemed for a range of benefits. These include:
- Transferring points to a selection of airline and hotel loyalty schemes, such as those operated by Emirates, British Airways, Qantas, Accor, and others.
- Buying flights directly through BNZ’s travel platform.
- Exchanging points for eGift Cards from brands including Apple, Farmers, JB Hi-FI, Mitre-10, and others.
It’s also possible to redeem BNZ Points for cash back.
Key benefits
- Range of rewards: BNZ Points can be redeemed for purchases, discounts, travel and more.
- Choose cash back instead: BNZ Points can be redeemed for cash back.
Compare BNZ Rewards credit cards
| Credit card | Earn rate | Purchase interest rate (p.a.) | Annual fee | Promotions |
|---|---|---|---|---|
BNZ Advantage Visa Classic
|
|
20.95% | $40 | None currently |
BNZ Advantage Visa Platinum
|
|
18.95% | $90 | None currently |
hotpoints credit cards
hotpoints is a rewards scheme specific to Westpac. The bank has 3 hotpoints credit cards available, each with different hotpoints earn rates, annual fees and interest rates.
The number of things you can redeem hotpoints for may seem a little more limited than some other schemes. hotpoints can be redeemed for items on the online hotpoints store, charitable contributions, or even KiwiSaver contributions.
However, hotpoints can also be redeemed for any purchase where Mastercard is accepted through Westpac’s hotpoints Pay programme. When redeemed through hotpoints Pay, 900 hotpoints is worth $5.
Key benefits of hotpoints credit cards
- hotpoints are redeemable anywhere: Through hotpoints Pay, you’re not limited to what you can use hotpoints for.
- Choice: Westpac offers 3 hotpoints credit cards to suit different needs.
Compare hotpoints credit cards
| Credit card | hotpoints earn rate | Sign up hotpoints | Purchase interest rate (p.a.) | Annual fee | Promotions |
|---|---|---|---|---|---|
Westpac hotpoints Mastercard
|
1 hotpoint per $1 spent up to $3,500 per month, then 0.5 hotpoints per $1 beyond that. | 0 | 20.95% | $40 | None currently |
|
Westpac hotpoints Platinum Mastercard
|
1.5 hotpoints per $1 spent up to $7,000 per month, then 1 hotpoint per $1 beyond that. | 0 | 20.95% | $70 |
|
|
Westpac hotpoints World Mastercard
|
2 hotpoints per $1 spent up to $15,000 per month, then 1 hotpoint per $1 beyond that. | 0 | 16.95% | $285 |
|
True Rewards and Everyday Rewards credit cards
ASB has two separate credit card reward schemes to choose from: True Rewards and Everyday Rewards. Both reward schemes are available across three cards:
- The ASB Visa Rewards card
- The ASB Visa Platinum Rewards card
- The ASB Visa Business Rewards card
True Rewards you’ve earned on your credit card spend can be redeemed for:
- Shopping at the True Rewards online store, or at partner retailers by using a True Rewards card
- Travel through House of Travel or Mix & Match
- Contributions to any ASB KiwiSaver account
- Donations to one of a number of charities.
Everyday Rewards you’ve earned on your credit card can be redeemed for shopping at Woolworths or bp ($2,000 can be redeemed for $15 off).
You can also earn more rewards from other programme partners, including Vine Online, Milkrun and Petstock.
Key benefits of True Rewards and Everyday Rewards credit cards
- Range of rewards: True Rewards dollars can be used for everything from travel to KiwiSaver contributions, while Everyday Rewards are best for day-to-day shopping and fuel purchases.
- Make the right choice for you: ASB Rewards credit card holders can choose between the two rewards programmes.
- True Rewards and Everyday Rewards for business: The ASB Visa Business Rewards card is one of New Zealand’s few rewards business credit cards.
Compare ASB rewards credit cards
| Credit card | Rewards earn rate | Purchase interest rate (p.a.) | Annual fee | Promotions |
|---|---|---|---|---|
ASB Visa Rewards
|
|
20.95% | $40 |
|
ASB Visa Platinum Rewards
|
|
19.95 | $80 |
|
American Express Membership Rewards credit cards
Membership Rewards is American Express’s own rewards scheme and it’s reserved for their more exclusive cards.
As far as credit cards go, only the Platinum Edge credit card is eligible to earn Membership Rewards points. The credit card company’s Platinum charge card is also eligible.
Membership rewards points can be redeemed for a number of things, but the travel offering is especially strong.
Membership Rewards points can be exchanged for the rewards points of a number of other schemes, including Airpoints, Qantas points, and Singapore Airlines points.
You can also use Membership Rewards to buy flights through helloworld or Webjet.
Check out our guide to the best American Express credit cards for more or see how the AMEX cards compare to other platinum credit cards in our guide.
Key benefits of American Express Rewards credit cards
- Points exchange: Membership Rewards points can be transferred into the points of other rewards schemes.
- Statement credit: You can also use Membership Rewards Points like cashback, getting credit to your credit card. Redeemed this way, 1 Membership Rewards point is worth 0.6 cents.
- Gift card redemptions: Membership Rewards points can be redeemed for a variety of gift cards from outlets including New World, Event Cinemas and Harvey Norman.
Compare American Express Membership Rewards credit cards
| Credit card | Membership Rewards earn rate | Bonus Membership Rewards on sign up | Purchase interest rate (p.a.) | Annual fee | Promotions | Learn more |
|---|---|---|---|---|---|---|
American Express Gold
|
1 Membership Rewards point per $0.5 | 0 | 19.95% | $200 |
|
Read the review |
Farmers Club and Flight Centre Rewards credit cards
Both from the same credit card issuer, the Farmers Mastercard and the Flight Centre Mastercard have similar offerings.
Credit card spend you make on the Farmers Mastercard will earn you Farmers Club points, while spend on the Flight Centre Mastercard and you will be rewarded with Flight Centre Rewards points.
Both these rewards schemes are limited in that you can only use earned points at those respective stores. Earn 250 Farmers Club points and you’ll get a $20 Farmers voucher, and 1 Flight Centre Rewards can be redeemed for $1 spent at Flight Centre.
However, these two cards also offer a number of long-term interest-free finance deals. See our guide for more on credit cards with long-term, interest-free deals. purch
Shop at retailers including JB HiFi, Mitre 10, and of course Farmers and Flight Centre, and you can get your purchase interest-free for 12 months or even longer, depending on the deal available at the time.
Key benefits of the Farmers and Flight Centre credit cards
- Double-dip rewards: the Farmers Mastercard lets you earn twice when you use both your Farmers Mastercard and Farmers Club Card together at Farmers. When you use your Flight Centre Mastercard at Flight Centre, your rewards will be doubled.
- Long-term, interest-free finance: Both of these credit cards offer long-term finance deals at 0% interest at a number of participating retailers.
- No international transaction fees: The Flight Centre Mastercard is currently the only credit card in New Zealand to charge no fees when using your card to make a purchase in a foreign currency.
Compare Farmers and Flight Centre credit cards
| Credit card | Rewards earn rate | Bonus points on sign up | Purchase interest rate (p.a.) | Annual fee | Promotions |
|---|---|---|---|---|---|
Farmers Mastercard
|
1 Farmers Club Point per $10 | 0 | 25.95% | $50 |
|
Flight Centre Mastercard
|
1 Flight Centre Rewards point per $150 spent in NZ or $100 spent internationally | 0 | 24.99% | $50 |
|
Purple Dollars credit card
The Purple Visa offers the Purple Dollars rewards scheme, one of the more basic programmes out there.
Purple Dollars are earned whenever you spend on the Purple Visa, which every $150 dollars spent resulting in 1 Purple Dollar.
The value of Purple Dollars are simple to understand as 1 Purple Dollar is worth 1 New Zealand Dollar.
Purple Dollars can be redeemed at the following stores:
- Noel Leeming
- Torpedo7
- The Warehouse
- Warehouse Stationery
- The Market
- 1-day.co.nz
Key benefits of the Purple Visa
- Long-term, interest-free finance: You can use the Purple Visa to make long-term, 0% interest purchases at Noel Leeming and Torpedo7 (instore and online) and at The Warehouse and Warehouse Stationery (in-store only)
| Credit card | Purple Dollars earn rate | Bonus Purple Dollars on sign up | Purchase interest rate (p.a.) | Annual fee | Promotions |
|---|---|---|---|---|---|
Purple Visa
|
1 Purple Dollar per $150 | 0 | 26.65% | $55 |
|
Cashback credit cards
Compare the best cashback credit cards in our table below.
| Credit card | Cashback earn rate | Purchase interest rate (p.a.) | Annual fee | Benefits |
|---|---|---|---|---|
TSB Platinum Mastercard
|
$1 for every $100 | 20.95% | $90 |
|
SBS Visa
|
$1 for every $150 | 19.65% | $0 | None currently |
ANZ Cashback Visa
|
$1 for every $150 | 20.95% | $40 | None currently |
ANZ CashBack Visa Platinum
|
$1 for every $120 | 20.95% | $80 | None currently |
|
BNZ Advantage Visa Classic
|
$1 for every $150 (via BNZ Rewards) | 20.95% | $40 | None currently |
|
BNZ Advantage Visa Platinum
|
$1 for every $90 (via BNZ Rewards) | 18.95% | $90 |
|
3 top tips for getting the best cashback credit card
We explain what to look at when considering a cashback credit card.
1. Factor in the annual fee
The annual fee is one of the most important features to pay attention to when looking at any kind of credit card. Cashback cards are no different.
Your aim should be to maximise the total amount of cash earned or saved, and an annual fee can take a hefty chunk. You may even lose money if you don’t spend enough during the year to outweigh the annual fee.
For example, here is how total earnings could look for 2 different credit cards used to spend $15,000 over the course of a year.
| Total spend | Cashback earn rate | Annual fee | Total cashback earned (factoring in annual fee). | |
|---|---|---|---|---|
| Card 1 | $15,000 | $1 for every $100 spent | $80 | $70 |
| Card 2 | $15,000 | $1 for every $150 spent | $0 | $100 |
Card 1 has a much better cashback earn rate than card 2, but the annual fee on the same card makes it a worse deal in this example.
See our guide for all available credit cards with no annual fee.
2. Pay the card off in full each month
If you’re the type to only pay the minimum payment on your credit card each month, you should probably avoid a cashback credit card.
Paying off the full balance every month is the only way you can avoid paying interest on a credit card. It’s highly unlikely the cashback benefits of a credit card will be more than the interest you would be charged by paying less than the total amount owed.
As cashback credit cards have fairly average purchase interest rates (around 18%, according to the RBNZ), you would be financially better off with a low-rate card that has no annual fee.
Low-rate credit cards have much lower interest rates, ranging from around 9% to 13%.
3. Don’t forget other credit card benefits
Cashback may be the main feature you’re looking for in a credit card, but it’s important to weigh up other card features when making a decision.
Be sure to check out what else a cashback credit card offers and you benefit from features you weren’t expecting.
Other credit card schemes that can be redeemed for cash
Some credit card companies have benefits schemes that can be converted into account credit. While not technically a cashback credit card, the outcome is the same.
We take a look at those here.
Westpac hotpoints
The Westpac hotpoints scheme lets you earn points that can be spent on purchases through the hotpoints online store, charitable contributions, and more.
But hotpoints can also be redeemed through the bank’s hotpoints Pay programme. hotpoints Pay lets you spend hotpoints as cash whenever you use your Westpac credit card. You can also use hotpoints to get credit back for purchases you’ve already made.
When redeemed through the hotpoints Pay programme, 900 hotpoints have a value of $5.
There are currently three hotpoints credit cards available from Westpac, each with different features and annual fees.
BNZ Rewards
Introduced in late 2022, BNZ Rewards is the bank’s rewards scheme that lets cardholders earn BNZ Points on their spend.
These BNZ Points can be redeemed for a variety of rewards including travel and gift cards, but they can also be redeemed for cash back to your card.
150 BNZ Points equates to approximately $1 cashback and you must redeem at least 200 BNZ Points in any one go.
American Express Membership Rewards
Membership Rewards is a scheme from American Express that lets you redeem points earned for gift cards, travel, and more.
Points can also be used to pay for any item on your AMEX card through its Pay with Points programme.
This programme lets you either use points in a couple of ways:
- Points for charges: Have the cost of items you’ve already purchased credited back to your account. 200 Membership Rewards points equal $1.
- Points for credit: Convert points to credit that can then be spent anytime. The value of converting points this way varies with $1 equaling from 192 to 220 points, depending on how much you’re converting.
A little more complicated than a standard cashback credit card, but this AMEX scheme is a comparable option if other cashback credit cards don’t appeal to you (and you’re comfortable with the hefty annual fee that eligible cards come with).
