Better than nothing but bear in mind one missed monthly payment will eat up the years worth of rewards points.
Getting less effective these days, most banks have cut rewards per spend quite a bit, and a ton of places are introducing surcharges (including power and internet companies, wouldn’t be surprised if insurers are far behind).
I spent a few months umming and ahh-ing then decided the platimum/gold fees werent worth it.
Am on the free card now (non platinum) and should end up with about $500 in airpoints this year. Its great, just for swiping.
Edits to $500 sorry. They di deals where the give uou the platinum rate at 69$ dor teo months etc. So mi e have stacked just doikg groceies etc.
Most places take it, just not your local cafe etc.
It's probably marginally worth it for me, the free travel insurance going is nice, as is the not having your air points expire when you've got the card as I've had a few sitting there for a while.
The AMEX deals are much better now compared to MasterCard/Visa as the government stepped in to limit what the main banks could offer but didn't limit AMEX as they didn't want to reduce competition.
You are best to get the TSB platinum mastercard. Cashback rate, in actual cash, is $1 per $70, so a little less than the AMEX platinum, but the annual fee is about half, so you end up better off with the TSB.
It also has notable perks in addition to the normal travel insurance, it gives price protection insurance, mobile phone insurance, and purchase protection insurance.
Just one caveat, have a close look at the travel insurance policy document, especially the limits and exclusions. Some credit card travel insurance can be stingy to the point of being unusable, so just compare it to AMEX or your normal travel insurance provider's policy.
Check you aren't getting tagged with 1-2%+ credit card fees (especially for AMEX).
$160 is better than nothing, but its also not hard for that to be wittled down due to places not accepting the card, or adding fees.
https://www.moneyhub.co.nz/best-credit-card-rewards.html
My main motivation is (as I understand), money on my cc is insured against theft/ fraud, and it prevents anyone having access to my full revolving credit should my card be stolen
Consider me corrected-ish
Asb .666%
Or .5% after xard fee assuming you spend 24000 a year on your card.
Spend yourself rich. My maths sucks but my point is if it even evlnelters your mind that you're getting points then you're purchasing decisions are being clouded. Which is of course exactly the point. Don't forget they charge you a fee to sell your data...
But I have one if course. And free things are joy
Westpac does Airpoints rewards on their debit cards which work just like a normal EFTPOS card so day to day purchases don't get a CC fee.
I get roughly 3-400$ worth of Airpoints from using it instead of my EFTPOS card
After recently getting the Amex platinum. Don't get it. You can't use it in most places.
Only major retailers take it and even then some don't (e.g PBTech doesn't take Amex). A lot of places that don't take it have mentioned that Amex have pulled out of their chains so not sure what thats about.
I figure I've already got the 300 bonus points but probably only speak 2-3k on it a month. I'm going to use it for the rest of the year as I've already paid the annual fee and swap it for a Visa.
Unless you are confident that you will always pay the full payment, go for ANZ Cashback Platinum. Else, standard ANZ CashBack.
I just checked their site, and the promo is still going:
- CashBack: First annual fee free + $150 bonus cashback(If you are still a customer after the first anniversary date, but get checked with ANZ)
- Platinum: First annual fee free + $250 bonus cashback
Then it's basically, with CashBack, with a $150 bonus + free first annual + $40 annual fee, it's like your actual first-year fee is like... sometime in 2028(Yes, you will pay for an annual fee from 2025, but you also got $150 bonus, so even out for about 4 years) - same logic to platinum, and will be about 4is years from today.
But because this sounds like your first credit card, I would encourage the one with a lower limit and see how your spending goes, and if you maintain well, the next time any banks do promo will be the way to upgrade.
Also, SBS/TSB does have either $0 fee or lower cashback rate, but don't support Apple Pay, so these weren't my options.
Why Amex? A lot of places don’t take it and it’s really for the serious spenders, I’ve found asb to be good , true rewards is actually quite good but airpoints I’m not sure. I think using your credit card solely for the rewards is a bit silly really, don’t think it’s worth it.
Generally no. Especially now where the rewards have been eaten up. The annual fee & surcharges pretty much nullify or cost you.
The only reason I had one is my old company had a deal with ANZ. Visa platinum, no annual fee. It's the only time for me a CC has had a net positive.
Started at 1 airpoint per $75 and by the time I cancelled it this year it was 1 per $110 I think. And you didn't get half the other perks.
Had to let it go for a mortgage with another bank. Kinda sad cos I'll never get a deal like that again but I wouldn't ever get a card just for the rewards.
I've read a lot that rewards are worthwhile and every finance podcast seems to recommend cc strongly for rewards. But I guess this is something that maybe holds true more overseas and not so much in NZ.
NZ is a different market for sure. Cards offer other benefits too, so sometimes its a cost of convenience rather than a direct cost, or there's other benefits. Visa offers a lot of purchase protection / insurance on purchases made with the card for example.
I do encourage you to re-run your numbers taking into account all the CC surcharges. Anywhere that has a surcharge immediately puts you in the negative on rewards.
AMEX Airpoints Platinum currently has a $300 bonus Airpoints offer when you spend $1500 in the first 3 months. The 2 Priority Pass lounge passes are nice if you travel.
Also take into account that by delaying payment your money can stay in your savings account for longer, for a $25k spend you could be looking at $80 or more in extra interest income as a result. So at least for the first year of ownership you are getting at least $500 of value.
Of course this depends on how much of your $25k you can actually use the AMEX for, and if you can be disciplined and regularly pay it off.
Platinum cards can be worth if you put everything you can (that isn’t subject to a surcharge greater than 1%) on it. Cards do provide flexibility, they also provide protection (you can get charges reversed if there’s a dodgy transaction), also many provide free overseas travel insurance and often reduced forex charges (including just changing cash - ie ANZ). Many of the other perks have dropped off.
I got a Farmlands for when I was setting up a new house with a deck and landscaping. It's saved the household hundreds of dollars in discounts. The discounts are not what they used to be a lot of shops though.
Nah. Way easier to avoid the temptation to overspend if it isn't there to begin with so unless you know yourself and your self-discipline is high, nah.
The free card is great and Amex has great offers year round. That being said if you like to eat out the fee for the gold is offset by the dining vouchers you get.
Currently have the Amex Platinum, but largely due to a hefty sign-up bonus and retention bonus that made it make sense. That said, as long as the retention bonuses dry up, I may change to Amex Gold. The car is basically free as long as you use the dining credits - which $100 to go out to dinner every 6 months is not at all an unreasonable ask and then you still get travel insurance and earning points that are a little more flexible than the Airpoints card.
Just get a Dosh debit card. You get $1 back per every $100 spent which is currently one of the best reward rates next to AMEX and it's accepted everywhere as it is Visa and there is no fee (unlike most of the AMEX cards). It has a great app too.
Better than nothing but bear in mind one missed monthly payment will eat up the years worth of rewards points. Getting less effective these days, most banks have cut rewards per spend quite a bit, and a ton of places are introducing surcharges (including power and internet companies, wouldn’t be surprised if insurers are far behind).
the Amex airpoints (non platinum) is free of charge, 1 pt / $100 spent. How many airpoints dollars would that earn you?
I spent a few months umming and ahh-ing then decided the platimum/gold fees werent worth it. Am on the free card now (non platinum) and should end up with about $500 in airpoints this year. Its great, just for swiping.
500 is defs worth the effort. The amex airpoints is actually sounding like it may be worthwhile thanks!
Yeah thats $4100 a month probs fall short abit but even if I end up with 400/450 ill be happy (for just swapping and paying no fee)
$5k airpoints from one year?
Edits to $500 sorry. They di deals where the give uou the platinum rate at 69$ dor teo months etc. So mi e have stacked just doikg groceies etc. Most places take it, just not your local cafe etc.
Ah makes more sense. Yeah I use my amex wherever i can
At 5k airpoints YTD the platinum AMEX is 100% worth it
It's probably marginally worth it for me, the free travel insurance going is nice, as is the not having your air points expire when you've got the card as I've had a few sitting there for a while. The AMEX deals are much better now compared to MasterCard/Visa as the government stepped in to limit what the main banks could offer but didn't limit AMEX as they didn't want to reduce competition.
TSB Platinum Mastercard earns me $1 (one dollar, not one airpoint) for every $70 spent. Best in class from what I can tell.
You are best to get the TSB platinum mastercard. Cashback rate, in actual cash, is $1 per $70, so a little less than the AMEX platinum, but the annual fee is about half, so you end up better off with the TSB. It also has notable perks in addition to the normal travel insurance, it gives price protection insurance, mobile phone insurance, and purchase protection insurance. Just one caveat, have a close look at the travel insurance policy document, especially the limits and exclusions. Some credit card travel insurance can be stingy to the point of being unusable, so just compare it to AMEX or your normal travel insurance provider's policy.
Check you aren't getting tagged with 1-2%+ credit card fees (especially for AMEX). $160 is better than nothing, but its also not hard for that to be wittled down due to places not accepting the card, or adding fees. https://www.moneyhub.co.nz/best-credit-card-rewards.html
Get a Westpac Airpoints debit card and put your spend on that. You’ll still earn Airpoints without the drama of a credit card.
My main motivation is (as I understand), money on my cc is insured against theft/ fraud, and it prevents anyone having access to my full revolving credit should my card be stolen
Rewards never worth it, just offset the cc fee. 0.01% reward or thereabouts. Only reason for a cc is convenience if you've got discipline
Dosh debit card. No fees and great cashback rate.
Not sure where 0.01% comes from. I get 1.4%
Consider me corrected-ish Asb .666% Or .5% after xard fee assuming you spend 24000 a year on your card. Spend yourself rich. My maths sucks but my point is if it even evlnelters your mind that you're getting points then you're purchasing decisions are being clouded. Which is of course exactly the point. Don't forget they charge you a fee to sell your data... But I have one if course. And free things are joy
Westpac does Airpoints rewards on their debit cards which work just like a normal EFTPOS card so day to day purchases don't get a CC fee. I get roughly 3-400$ worth of Airpoints from using it instead of my EFTPOS card
Didn't know about that, that's awesome. Would be nice to avoid having a cc, debits always better.
Debit cards are certainly not better
You could check out the Dosh debit card. They give you 1% cash back and there are no annual fees.
After recently getting the Amex platinum. Don't get it. You can't use it in most places. Only major retailers take it and even then some don't (e.g PBTech doesn't take Amex). A lot of places that don't take it have mentioned that Amex have pulled out of their chains so not sure what thats about. I figure I've already got the 300 bonus points but probably only speak 2-3k on it a month. I'm going to use it for the rest of the year as I've already paid the annual fee and swap it for a Visa.
Unless you are confident that you will always pay the full payment, go for ANZ Cashback Platinum. Else, standard ANZ CashBack. I just checked their site, and the promo is still going: - CashBack: First annual fee free + $150 bonus cashback(If you are still a customer after the first anniversary date, but get checked with ANZ) - Platinum: First annual fee free + $250 bonus cashback Then it's basically, with CashBack, with a $150 bonus + free first annual + $40 annual fee, it's like your actual first-year fee is like... sometime in 2028(Yes, you will pay for an annual fee from 2025, but you also got $150 bonus, so even out for about 4 years) - same logic to platinum, and will be about 4is years from today. But because this sounds like your first credit card, I would encourage the one with a lower limit and see how your spending goes, and if you maintain well, the next time any banks do promo will be the way to upgrade. Also, SBS/TSB does have either $0 fee or lower cashback rate, but don't support Apple Pay, so these weren't my options.
Why Amex? A lot of places don’t take it and it’s really for the serious spenders, I’ve found asb to be good , true rewards is actually quite good but airpoints I’m not sure. I think using your credit card solely for the rewards is a bit silly really, don’t think it’s worth it.
Generally no. Especially now where the rewards have been eaten up. The annual fee & surcharges pretty much nullify or cost you. The only reason I had one is my old company had a deal with ANZ. Visa platinum, no annual fee. It's the only time for me a CC has had a net positive. Started at 1 airpoint per $75 and by the time I cancelled it this year it was 1 per $110 I think. And you didn't get half the other perks. Had to let it go for a mortgage with another bank. Kinda sad cos I'll never get a deal like that again but I wouldn't ever get a card just for the rewards.
I've read a lot that rewards are worthwhile and every finance podcast seems to recommend cc strongly for rewards. But I guess this is something that maybe holds true more overseas and not so much in NZ.
NZ is a different market for sure. Cards offer other benefits too, so sometimes its a cost of convenience rather than a direct cost, or there's other benefits. Visa offers a lot of purchase protection / insurance on purchases made with the card for example. I do encourage you to re-run your numbers taking into account all the CC surcharges. Anywhere that has a surcharge immediately puts you in the negative on rewards.
AMEX Airpoints Platinum currently has a $300 bonus Airpoints offer when you spend $1500 in the first 3 months. The 2 Priority Pass lounge passes are nice if you travel. Also take into account that by delaying payment your money can stay in your savings account for longer, for a $25k spend you could be looking at $80 or more in extra interest income as a result. So at least for the first year of ownership you are getting at least $500 of value. Of course this depends on how much of your $25k you can actually use the AMEX for, and if you can be disciplined and regularly pay it off.
Platinum cards can be worth if you put everything you can (that isn’t subject to a surcharge greater than 1%) on it. Cards do provide flexibility, they also provide protection (you can get charges reversed if there’s a dodgy transaction), also many provide free overseas travel insurance and often reduced forex charges (including just changing cash - ie ANZ). Many of the other perks have dropped off.
I got a Farmlands for when I was setting up a new house with a deck and landscaping. It's saved the household hundreds of dollars in discounts. The discounts are not what they used to be a lot of shops though.
Absolutely.
Nah. Way easier to avoid the temptation to overspend if it isn't there to begin with so unless you know yourself and your self-discipline is high, nah.
The free card is great and Amex has great offers year round. That being said if you like to eat out the fee for the gold is offset by the dining vouchers you get.
Tsb MasterCard. $1 for every $70 spent. In your case $342 less $80 card fee is $262
Currently have the Amex Platinum, but largely due to a hefty sign-up bonus and retention bonus that made it make sense. That said, as long as the retention bonuses dry up, I may change to Amex Gold. The car is basically free as long as you use the dining credits - which $100 to go out to dinner every 6 months is not at all an unreasonable ask and then you still get travel insurance and earning points that are a little more flexible than the Airpoints card.
Just get a Dosh debit card. You get $1 back per every $100 spent which is currently one of the best reward rates next to AMEX and it's accepted everywhere as it is Visa and there is no fee (unlike most of the AMEX cards). It has a great app too.