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Rewards Credit Cards NZ 2026: Points and Cashback Cards Compared

Updated

Rewards credit cards make sense if — and only if — you pay your balance in full every month. Used correctly, a rewards card effectively gives you a 1–2% discount on everything you buy. Used incorrectly (carrying a balance at 20%+ interest), any rewards earned are dwarfed by interest charges.

The golden rule of rewards cards

Pay the full statement balance by the due date, every month without exception. If you carry even $100 over at 20.95% interest, you're likely erasing the rewards value for that month. Set up a direct debit for the full balance to ensure you never miss a payment.

NZ Rewards Programmes Explained

Airpoints Dollars (Air New Zealand)

The most popular rewards currency in NZ. 1 Airpoints Dollar = approximately $1 value on Air NZ flights, upgrades, and eligible products.

Cards that earn Airpoints: ANZ Airpoints cards, ASB Visa cards, Kiwibank Platinum, Amex Airpoints products.

BNZ points

BNZ’s Advantage Visa Platinum earns BNZ points, which can be redeemed for rewards such as travel, eGift cards, or cash back to an eligible BNZ account. (It used to earn Flybuys, which closed in New Zealand at the end of 2024.)

Hotpoints (Westpac)

Westpac’s Hotpoints programme — redeemable for products, gift cards, and travel.

Cashback

The most straightforward reward: a percentage of your spending is credited as cash. No points to track, no redemption complexity. ANZ Cashback Visa and Amex True Cashback NZ offer cashback.

Rewards Credit Cards NZ Compared

Providers are listed alphabetically.

Amex Airpoints Platinum

  • Rewards: 1 Airpoints Dollar per $70 spend, the highest earn rate on this page
  • Annual fee: $195 (as at October 2026)
  • Bonus: Often offers bonus Airpoints Dollars on sign-up
  • Acceptance caveat: Not accepted by all NZ merchants, so cardholders usually also hold a Visa/Mastercard
  • Earning: only on spending at merchants that accept Amex

ANZ Airpoints Visa Platinum

  • Rewards: ~$75 spend per $1 Airpoints Dollar (premium rate)
  • Annual fee: ~$150
  • Bonus Airpoints: Sometimes offered on sign-up (check current offer)
  • Travel insurance: Complimentary domestic and international travel insurance
  • Break-even: about $11,250 of annual spend covers the fee (see below)

Annual spending needed to break even on annual fee:

  • $150 fee ÷ ($1 per $75) = need to earn $2 Airpoints before breaking even, requiring $150 × 75 = $11,250 in annual spend to cover the fee alone

At $20,000 annual spending: ~$267 Airpoints Dollars earned minus $150 fee = $117 net value.

ANZ Cashback Visa

  • Rewards: ~1% cashback on eligible purchases
  • Annual fee: ~$40
  • Simplicity: Cashback credited directly to your account
  • Redemption: none needed, as there are no points

BNZ Advantage Visa Platinum: BNZ Points

  • Rewards: BNZ points (redeemable for travel, eGift cards or cash back)
  • Annual fee: ~$130
  • Eligibility: you need to be a BNZ customer to apply

Is Your Rewards Card Worth the Fee?

Use this formula to check annual value:

(Annual spend ÷ earn rate) − annual fee = net annual value

Example (ANZ Airpoints Platinum):

  • Annual spend: $25,000
  • Earn rate: $75 per $1 Airpoints Dollar
  • Airpoints earned: $25,000 ÷ $75 = ~$333 Airpoints Dollars
  • Annual fee: $150
  • Net value: $333 − $150 = $183 per year

If your annual spending is under $10,000, a no-fee card or a standard rewards card often provides better net value than a premium card with a high fee.

Where to check the latest data

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