Platinum credit cards
Which platinum credit card has the best benefits and rewards? We compare all options in NZ and help you make the right choice.
- Platinum credit cards have more features and benefits than most other cards but also involve an annual fee.
- They offer rewards for spending on the card, and almost all come with complimentary travel insurance.
- Platinum cards are best suited to those who plan to spend regularly on their card and pay off the balance in full each month.
What is a platinum credit card?
A platinum credit card is a more premium product with extra features and benefits that standard credit cards don’t have. These may include rewards for spending on the card, complimentary insurance packages, free airport lounge access, and more.
Physically, a platinum credit looks like and is made from the same material as any other credit card. The American Express Platinum card (not to be mistaken with the American Express Airpoints Platinum card) could be considered an exception in that it’s made of metal, although it’s actually a charge card, rather than a credit card.
The American Express Gold Rewards card — which is a platinum-level card in everything but name — is also made of metal.
Platinum credit cards are usually (but not always) offered by banks and credit card providers that have multiple credit cards available. Of these, the platinum option will usually have the most bells and whistles.
They also always involve an annual fee. The size of this fee varies from card to card but usually correlates with how many features and benefits the card offers. Check out our guide to credit cards with no annual fee if you’re looking for a more basic credit card, or our comparison guide to all credit cards.
Compare platinum credit cards
Assess and compare all of NZ’s platinum credit cards in our handy table.
|Credit card||Rewards||Travel insurance||Interest rate (p.a.)||Annual fee||Other benefits||Learn more|
|American Express Airpoints Platinum||Airpoints (earn 1 Airpoints dollar per $59 spend)||International and domestic||22.95%||$195||
||Read the review|
|American Express Platinum Charge||Membership Rewards (earn 2 points per $1 spend)||International and domestic||N/A||$1,250||
|ANZ Airpoints Visa Platinum||Airpoints (earn 1 Airpoints dollar per $110 spend)||International||19.95%||$150||
|ANZ CashBack Visa Platinum||Cashback (earn $1 per $120 spend)||N/A||19.95%||$80||
|BNZ Advantage Visa Platinum||Earn Flybuys or BNZ Rewards||International||18.95%||$90||
|TSB Platinum Mastercard||Cashback (earn $1 for every $70 spend)||International and domestic||20.95%||$90||
|ASB Visa Platinum Rewards||Earn True Rewards or AA Smartfuel discounts||International||19.95%||$80||
|Kiwibank Air New Zealand Airpoints Platinum||Airpoints (earn 1 Airpoints dollar per $115 spend)||International||20.95%||$180||
|Westpac Airpoints Platinum Mastercard||Airpoints (earn 1 Airpoints dollar per $110 spend)||International||20.95%||$125||
|Westpac hotpoints Platinum Mastercard||hotpoints (earn 1.5 hotpoints per $1 spend)||International||20.95%||$70||
Common features of a platinum credit card
The features described are standard across all platinum credit cards available in NZ (with one or two exceptions which we will highlight as we go).
Earn rewards on your spend
All platinum credit cards let you earn rewards on the purchases you make using the card. These could be part of a popular rewards scheme such as Airpoints or Flybuys, or part of a bank or card provider’s own scheme, such as BNZ rewards or Membership Rewards from AMEX.
Some options credit cards let holders earn cashback on their credit card spend.
Each rewards programme has it pros and cons. For example, some Airpoints credit cards have strong earn rates and may be good options for those who like to travel, but they can’t be redeemed for everything.
However, cashback credit cards effectively let you earn money that can be used for any purchase, but they often don’t have the same range of benefits as similar cards.
Learn more about the different credit card rewards programmes in our guide.
Complimentary travel insurance
Almost all platinum credit cards also offer some form of travel insurance (the only exception is the ANZ CashBack Visa Platinum). However, what that travel insurance covers varies from card to card.
For example, most cards only cover international travel. But the American Express Airpoints Platinum and the TSB Platinum Mastercard cover both international and domestic trips.
The length of trip that is covered can also vary significantly. The Westpac Airpoints Platinum Mastercard covers trips for a maximum duration of 35 days, while other credit cards can cover much longer trips.
Check out our guide to credit cards with travel insurance for more detailed information.
While not as standard across platinum credit cards, several options also come with other types of complimentary insurance.
- Mobile phone insurance: Both the TSB Platinum Mastercard and the AMEX Airpoints Platinum come with mobile phone cover. However, AMEX’s insurance just covers damage to smartphone screens, not all other types of damage.
- Domestic rental vehicle excess insurance: BNZ’s Advantage Visa Platinum credit card covers the cost of car rental excess, but only for vehicles rented in New Zealand.
- Price protection insurance: If you purchase an item that becomes cheaper within 30 days, you will be reimbursed for the difference. A feature of the TSB Platinum Mastercard.
- Extended warranty insurance: Applicable to Westpac Platinum credit cards, this cover extends the standard warranty on goods you buy in New Zealand by 12 months.
- Purchase protection insurance: Another feature of the Westpac Platinum cards, all new purchases you make on your card will be covered against loss, theft, or accidental damage for 90 from the purchase date.
Who is a platinum credit card best for?
Thanks to their range of benefits, platinum credit cards can be a good choice for many people. However, they aren’t the right choice for everyone.
Regular credit card spenders
As all platinum cards offer some sort of reward for spending (whether it’s an airline loyalty points, cashback, or otherwise), they are best suited to those who use their credit for most of their spending. This mainly comes down to the annual fee.
All credit cards of this type include an annual fee so the rewards you earn on your spend must make that fee worthwhile. If you don’t intend to use your credit card as your primary payment method, it’s unlikely a platinum credit card will provide enough value for you.
For this reason, a platinum credit card is not a good choice for those who just want a credit card as backup.
People who like to travel
Platinum credit cards often have lots of perks related to travel, making them a great option for those who like to get away when they can.
As described in the section above, almost all platinum cards come with complimentary travel insurance (either international domestic, or international only). This gives travellers the convenience and cost saving of not having to arrange their own separate travel cover for their trips.
Remember that credit card travel insurance doesn’t cover pre-existing conditions as standard, but it can be added at extra expense in most cases. Find out more in our complete guide to credit cards with travel insurance.
Several credit cards also offer other travel benefits. For example, the AMEX Airpoints Platinum also comes with free airport lounge access through its complimentary Priority Pass membership. It also lets cardholders earn Airpoints on their spend, which can be redeemed for flights, travel upgrades, and so on.
Those who pay their card off in full each month
These types of credit cards usually have higher purchase interest rates than other types. However, you will only have to pay interest on your purchases if you don’t pay off your credit card balance in full each month.
As long as you cover the full amount on your credit card statement by the date stated, you won’t have to pay any interest at all on your purchases.
If you don’t expect to be able to pay off the card in full each month, you are better off looking at a low-rate credit card and ideally one that doesn’t have an annual fee. There are plenty of options out there – check out our complete credit card comparison guide for more.