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.
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.
Flybuys
BNZ’s Advantage Visa cards earn Flybuys points, redeemable at Countdown supermarkets, BP fuel, and other Flybuys partners.
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.
Best Rewards Credit Cards NZ
ANZ Airpoints Visa Platinum — Best for Airpoints Earners
- 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
- Best for: Regular Air NZ travellers spending $15,000+ per year on the card
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.
Amex Airpoints Platinum — Highest Airpoints Earn Rate
- Rewards: Approximately $67 spend per $1 Airpoints Dollar — better than most bank cards
- Annual fee: ~$195
- Bonus: Often offers bonus Airpoints Dollars on sign-up
- Acceptance caveat: Not accepted by all NZ merchants — carry a Visa/Mastercard as backup
- Best for: High spenders who predominantly shop at Amex-accepting merchants
ANZ Cashback Visa — Best Cashback Card
- Rewards: ~1% cashback on eligible purchases
- Annual fee: ~$40
- Simplicity: Cashback credited directly to your account
- Best for: Straightforward rewards without needing to think about points redemption
BNZ Advantage Visa Platinum — Best Flybuys Card
- Rewards: Flybuys points
- Annual fee: ~$130
- Best for: Countdown shoppers and those actively using Flybuys
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.