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No Annual Fee Credit Cards in New Zealand 2026: Compared

Updated

Plenty of NZ credit cards cost nothing in annual fees. Here’s how the no-fee cards compare, and when a fee card can come out ahead.

Quick answer

The Kiwibank Zero Visa has the lowest interest rate of the no-fee cards here (12.90% p.a. as at October 2026), but charges 1.85% on transactions processed overseas. The BNZ Low Rate Mastercard ($0 fee, 13.45% p.a.) is next. If you spend less than $6,500/year on a card, no rewards card in our break-even table earns back its fee.

NZ No Annual Fee Credit Cards

Card Annual fee Interest rate Foreign fee Rewards
Kiwibank Zero Visa $0 12.90% 1.85% None
BNZ Low Rate Mastercard $0 13.45% ~2% None
Westpac Low Rate Mastercard $0 13.9% ~2% None
Amex Airpoints Card Low (check) ~20% ~2% Airpoints

Providers are listed alphabetically.

BNZ Low Rate Mastercard

Feature Detail
Annual fee $0
Interest rate 13.45% p.a.
Foreign transaction fee ~2%
Rewards None

Key point: a 13.45% rate with no annual fee, the second-lowest rate of the $0-fee cards in this comparison after the Kiwibank Zero Visa (12.90%).

Kiwibank Zero Visa

The Zero Visa has the lowest interest rate of the no-fee cards in this comparison (as at October 2026).

Feature Detail
Annual fee $0
Interest rate 12.90% p.a.
Foreign transaction fee 1.85%
Network Visa (accepted worldwide)

Foreign fees: Kiwibank charges a 1.85% international transaction fee on transactions processed overseas, including some online purchases made from NZ: $74 on a $4,000 holiday spending budget.

The catch: the 1.85% fee on overseas transactions. Pay the balance in full every month and that fee is the card’s only cost.

Full review: Kiwibank Zero Visa review

Westpac Low Rate Mastercard

Feature Detail
Annual fee $0
Interest rate 13.9% p.a.
Foreign transaction fee ~2%
Rewards None

Very similar to the BNZ card: no annual fee, with a rate 0.45 percentage points higher.

When Is a No-Fee Card Better Than a Fee Card?

A rewards card only makes sense if the rewards you earn exceed the annual fee plus any extra interest paid. The break-even analysis:

Rewards card Annual fee Spend needed to break even
ANZ Airpoints Visa $65 $6,500
ANZ Airpoints Visa Platinum $150 $11,250
Amex Airpoints Platinum $195 $13,650

If your total annual card spend is below the break-even threshold for a given card, a no-fee card costs less, because the rewards earned don’t cover the fee.

Example: You spend $5,000/year on your card. The ANZ Airpoints Visa ($65 fee, 1 Airpoints Dollar per $100 spend) earns you $50 in Airpoints but costs $65. Net result: -$15 per year. A no-fee card costs $0.

Using Two No-Fee Cards

Some NZers hold two no-fee cards: one with no foreign transaction fee for overseas and international online purchases, and one with a low interest rate as a backup for months they might carry a balance. The combined annual cost is $0.

When an Annual Fee Can Pay Off

Annual fee cards can come out ahead when:

  • You spend enough to earn rewards that exceed the fee (see break-even table above)
  • You want included travel insurance (check policy documents — conditions apply)
  • You want higher credit limits for large purchases
  • You want lounge access (Amex Airpoints Platinum)

Where to check the latest data

Rates, fees and returns change often. Before deciding, check current figures yourself:

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