Plenty of NZ credit cards cost nothing in annual fees — and some of them are genuinely excellent. Here’s which no-fee cards are worth having, and when a fee card makes more sense.
The Kiwibank Zero Visa is the best no-annual-fee credit card in NZ — it also has no foreign transaction fees, making it outstanding for travel. For those who sometimes carry a balance, the BNZ Low Rate Mastercard ($0 fee, 13.45% p.a.) is better. If you spend less than $6,500/year on a card, a no-fee card beats any rewards card.
NZ No Annual Fee Credit Cards
| Card | Annual fee | Interest rate | Foreign fee | Rewards |
|---|---|---|---|---|
| Kiwibank Zero Visa | $0 | 25.99% | 0% | None |
| Kiwibank Low Rate Visa | $0 | 13.9% | ~2% | 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 |
Kiwibank Zero Visa — Best No-Fee Card in NZ
The Zero Visa stands out from all other no-fee NZ cards for one reason: it also has no foreign transaction fees.
| Feature | Detail |
|---|---|
| Annual fee | $0 |
| Interest rate | 25.99% p.a. |
| Foreign transaction fee | 0% |
| Currency conversion surcharge | 0% |
| Network | Visa — accepted worldwide |
Why it’s exceptional: Every other major NZ card charges 1.5–2.5% on overseas transactions. On a $4,000 holiday spending budget, 2% = $80 in fees. The Zero Visa saves this entirely — at no annual cost.
The catch: The 25.99% interest rate is high. This card is only good value if you pay the balance in full every month. If you ever carry a balance, the Kiwibank Low Rate Visa (13.9%, $0 fee) is a better choice.
Best use case: Travel card + everyday domestic card for those who pay in full monthly.
Full review: Kiwibank Zero Visa review
BNZ Low Rate Mastercard — Best No-Fee Low Interest Card
| Feature | Detail |
|---|---|
| Annual fee | $0 |
| Interest rate | 13.45% p.a. |
| Foreign transaction fee | ~2% |
| Rewards | None |
Best for: Those who sometimes carry a balance and want no annual fee with a low rate. The BNZ Low Rate Mastercard is the best combination of $0 fee and competitive interest rate.
Westpac Low Rate Mastercard — No-Fee Option at Westpac
| Feature | Detail |
|---|---|
| Annual fee | $0 |
| Interest rate | 13.9% p.a. |
| Foreign transaction fee | ~2% |
| Rewards | None |
Very similar to the BNZ card — good for Westpac customers who want no fees and a reasonable rate.
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 | $200 | $11,800 |
If your total annual card spend is below the break-even threshold for a given card, a no-fee card is better — you don’t earn enough rewards to justify 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. The no-fee Zero Visa leaves you $65 better off.
Stacking No-Fee Cards
Many NZers use two cards together:
- Kiwibank Zero Visa — for overseas travel and online international purchases (no foreign fee)
- BNZ Low Rate Mastercard — as a domestic backup for times you might carry a balance
Combined annual cost: $0. This setup covers all scenarios without paying a cent in annual fees.
When to Pay an Annual Fee
Annual fee cards make sense 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)
Next Steps
- Kiwibank Zero Visa review — full review of the best no-fee card
- Best travel credit cards NZ — no-fee + no-overseas-fee options
- Best low interest cards NZ — if you sometimes carry a balance
- Best credit cards NZ — full market overview