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Rewards Program Credit Cards

Earn bonus points and collect as you spend.


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Rewards credit cards offer you points for your everyday spending, which can be redeemed for a variety of travel and lifestyle rewards. Depending on your goals, you could enjoy free flights and upgrades with a frequent flyer credit card, get rewarded when you shop at your favorite supermarket or choose a card that’s linked to a credit card rewards program and enjoy the flexibility of travel rewards, merchandise, and cash back on your account.

As well as these benefits, rewards credit cards often come with higher annual fees and interest rates. This makes it important to compare your options to make sure the benefits outweigh the costs. Use this guide to learn how rewards credit cards work, the different programs available and how you can compare them to get the most out of your rewards.

American Express Airpoints Card

American Express Airpoints Card

19.95 % APR

Purchase interest rate

Eligibility criteria, terms and conditions, fees and charges apply

American Express Airpoints Card

0% on purchases for 6 months.

The American Express Airpoints Card offers a low interest rate on purchases. Earn 50 Membership Rewards bonus points when you apply online and spend $750 in the first 3 months of Card membership, available to new Card Members only.

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Compare rewards credit cards and apply securely

Name Product Purchase Rate Interest Free Period Annual Fee
American Express Airpoints Card
0% for 6 months (reverts to 19.95% APR)
Up to 55 days on purchases
$0 p.a.
Be rewarded with 50 bonus Airpoints Dollars. Simply apply, be approved, and spend $750 on your new Card in the first 3 months of membership. This offer is available to new Card Members only.
American Express Airpoints Platinum Card
19.95% APR
Up to 55 days on purchases
$195 p.a.
Be rewarded with 400 bonus Airpoints Dollars when you apply online by 2 November 2020, are approved, and spend $1,500 on your new Card within the first 3 months. This offer is available to new Card Members only. You will also earn 1 Airpoints Dollar for every $59 you spend on your card.
American Express Platinum Edge Credit Card
2.99% for 6 months (reverts to 19.95% APR)
Up to 55 days on purchases
$149 p.a.
Enjoy a low rate on purchases and earn 20,000 Membership Rewards Bonus Points if you apply, are approved and spend $750 in the first 3 months of Card membership. This offer is available to new Card Members only.
American Express Platinum Card
Up to 44 days on purchases
$1,250 p.a.
A charge card with premium travel benefits. Plus up to 80,000 Membership Rewards Bonus Points when you spend $1,500 on your card within the first 3 months, available to new Card Members only.
Westpac hotpoints World Mastercard
16.95% APR
Up to 44 days on purchases
$390 p.a.
ANZ CashBack Visa Credit Card
19.95% APR
Up to 55 days on purchases
$60 p.a.
Westpac Airpoints Platinum Mastercard
20.95% APR
Up to 44 days on purchases
$150 p.a.
Westpac hotpoints Mastercard
20.95% APR
Up to 55 days on purchases
$44 p.a.
Flight Centre Mastercard
Flight Centre Mastercard
22.95% APR
Up to 44 days on purchases
$50 p.a.
ANZ Airpoints Visa Platinum Credit Card
19.95% APR
Up to 44 days on purchases
$150 p.a.
ANZ CashBack Visa Platinum Credit Card
19.95% APR
Up to 55 days on purchases
$125 p.a.
Westpac Airpoints World Mastercard
16.95% APR
Up to 44 days on purchases
$390 p.a.
Westpac hotpoints Platinum Mastercard
20.95% APR
Up to 55 days on purchases
$119 p.a.
Westpac Airpoints Business Mastercard
20.95% APR
Up to 44 days on purchases
$145 p.a.
Westpac BusinessPlus Mastercard
20.95% APR
Up to 55 days on purchases
$100 p.a.
Farmers Mastercard
25.95% APR
Up to 55 days on purchases
$50 p.a.
Westpac Airpoints Mastercard
20.95% APR
Up to 55 days on purchases
$55 p.a.

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How do credit card rewards programs work?

Rewards credit cards usually earn you points for every $1 spent on eligible transactions. When you have earned enough points, you can redeem them for rewards such as travel, flight upgrades, gift cards, cash back and merchandise.

Most rewards credit cards also have higher standard interest rates and annual fees than other options, because it costs lenders money to offer a rewards program. This makes it important to compare the potential costs against the value of a rewards card so you can decide if the benefits are worth it.

What rewards do credit cards offer?

The rewards you can get with a credit card depending on the card you choose and the rewards program. Some of the most popular reward categories include:

  • Flights
  • Flight upgrades
  • Accommodation
  • Gift cards
  • Cashback
  • Fuel vouchers
  • Instant shopping discounts
  • Fashion items
  • Electronics
  • Tickets to concerts and other events

How can I use my credit card rewards?

The steps required to use your points to redeem rewards varies depending on the credit card and the rewards program. But there are a few key factors to remember:

  • Account login. You must log in to your credit card account or rewards program account to make redemptions. Once you’re logged in, it’s usually a simple process of going to the “Rewards” section, then selecting “Use points” and following the prompts.
  • Required points. Every reward option available for redemption has a specific point value (e.g. 12,000 points for a $50 gift card). This means you need to have at least that amount of points in your account to redeem your chosen reward.
  • Points-plus-pay. Some programs allow you to use a combination of points and money to redeem your chosen rewards. This gives you more flexibility if you haven’t earned enough points when you want to make redemptions.

Types of credit card rewards programs in New Zealand

There are a variety of different rewards credit cards you can compare and choose from based on the benefits you want. These can be separated into four types of reward programs, which we’ve outlined below.

Frequent flyer programs

Frequent flyer programs are designed to earn you points and other benefits when you travel with a particular airline, such as Qantas or Air New Zealand. There are two main ways you can earn frequent flyer points with a rewards credit card in New Zealand:

  1. Direct earn frequent flyer credit cards. These cards are linked with a specific frequent flyer program and rewards are added directly to your airline loyalty account.
  2. Indirect earn frequent flyer credit cards. These rewards credit cards let you transfer the points you earn to many different frequent flyer programs from all around the world, giving you more flexibility if you fly with a range of airlines.

Credit card rewards programs

Many credit card companies in New Zealand have their own branded rewards programs for customers. These options allow you to redeem points for a variety of rewards, including frequent flyer points travel, merchandise, gift cards and credit on your account.

Many of these rewards programs also offer auto-redemption for specific rewards, such as cashback, gift cards or frequent flyer points. Other credit card companies offer instant redemptions with certain retailers.

Cashback credit cards

These types of rewards cards add credit or “cash” to your account when you meet certain spending requirements. Most cashback credit cards offer a percentage of your total spend as cashback or provide a one-time cashback sum as an introductory offer when you apply and are approved for a specific credit card.

You may also be able to get cash back through most of the frequent flyer, credit card and supermarket or retail rewards programs outlined above. Just choose the “cash” or “gift cards” category of your rewards program to see what options are available.

shopping with credit cardHow to compare reward credit cards in New Zealand

Comparing credit cards helps you find the features that suit your lifestyle while also keeping costs affordable. Below, you’ll find a checklist of things to consider when you are comparing reward credit cards.

Earning points

  • Points per dollar. The more points you earn per dollar spent, the greater the potential value.
  • Point expiry and caps. Some credit card reward points expire after a certain amount of time, and some accounts have a limit on how many points you can earn in a month or year.
  • Bonus point offers. Reward credit cards often have sign up deals that give you hundreds or thousands of bonus points. Usually, these offers require you to spend a certain amount of money on the card in the first few months you have it. As these offers only last for a limited time, they should only be considered after you have a clear idea of the type of card you want so that you can get the most value out of the deal and the rewards card you choose.

Redeeming points

  • Point values. To work out the value of your rewards, consider how many points it would take to redeem. For example, if you need 12,000 points to get a $50 gift card and your credit card has an earn rate of 1 point per $1 spent, you would have to spend $12,000 make a redemption. Breaking down the rewards like this can help you determine whether it’s worth your time and money.
  • Rewards partners. Rewards programs often partner with retailers and businesses to provide you with a wider range of redemption options. You may also have the opportunity to earn bonus points when you shop with partner stores. Choose a credit card rewards program that has partnerships with your favourite brands and products so you can take advantage of these options.
  • Redemption limitations. Some reward programs have blackout periods when you may not be able to make redemptions. Check the fine print for this information and consider the impact it could have on you.

Rates and fees

  • Annual fees. Most rewards credit cards charge an annual fee. The value of the rewards you earn should be equal to or more than the annual fee of a credit card.
  • Foreign transaction fees. Most credit cards apply a charge for transactions made overseas or with an international retailer online, usually 2% to 3.5% of the total transaction. Make sure you consider this fee before choosing a card – especially for any rewards card that offers more points for foreign transactions.
  • Purchase rates. Rewards credit cards often have high standard interest rates. If you think you’ll carry a balance, consider how much interest your purchases will accrue and whether the rewards will outweigh the cost of your repayments.
  • Balance transfer rates. Some balance transfer credit cards might also come with rewards. These cards allow you to move an existing debt to the new card and pay a low introductory interest rate on the balance. Usually, you won’t earn points for the balance that you transfer, and any new purchases will be charged interest at the purchase rate from the time the transaction is made. If you have credit card debt, it may be better to focus on paying it off completely before considering a rewards card.
  • Cash advance rates. If you use a rewards credit card for a cash advance transaction, such as getting money from an ATM, you will be charged interest at the cash advance rate. Cash advances usually don’t earn reward points either.
  • Other fees. Rewards credit cards may come with a range of other fees, such as late payment and overlimit charges. Make sure you check these costs and factor them into your comparison so that you can choose a card that is affordable for you.

Complimentary extras

Rewards credit cards often come with a variety of additional features that can add value to the account you choose. Popular perks include:

  • International travel insurance
  • Airport lounge access
  • Complimentary flights
  • Hotel stays
  • Purchase protection insurance
  • Extended warranty coverage
  • Price match guarantees
  • Concierge services

Will a rewards credit card work for me?

The value of a rewards credit card depends as much on the cardholder as the actual card you choose. So rather than making a definitive statement about whether or not reward credit cards are valuable, let’s take a look at the key factors that make them likely or unlikely to work for you.

A rewards credit card could be worth it if you:

  • Pay off your credit card balance in full every month
  • Currently, use or plan to use a credit card on a regular basis
  • Have a clear idea of the type of points you want to earn
  • Are part of or want to join an existing reward program that could be complemented by a credit card (i.e. a frequent flyer program or shopping reward program)
  • Earn enough to pay a higher annual fee
  • Can regularly make use of the rewards or complimentary extras on the card, such as insurance

A reward credit card might not be right if you:

  • Have a lot of credit card debt
  • Often carry a balance on your credit card
  • Rarely use a credit card
  • Won’t be able to regularly use complimentary extras on the card
  • Can’t afford a higher annual fee
  • Are tempted to overspend in order to earn rewards

It’s worth noting that there are some exceptions to the guidelines above. If you can’t afford a high annual fee, for example, you might still get a lot of value out of a rewards credit card with no annual fee. On the other hand, if you regularly use a credit card but also have a lot of debt, it might be better to switch to a balance transfer or low interest rate credit card so that you get value out of paying less interest.

While rewards credit cards can be a useful way to get something back for your purchases, it’s important to remember that you have to repay everything (plus interest). There are also annual fees and other costs to consider. But by factoring in both benefits and costs when you compare reward credit cards, you can find an option that suits your needs.

Frequently asked questions

Want to know more about rewards credit cards? Below, you’ll find answers to the most common questions we get about them. You can also leave your own question by filling out the form below.

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  • Farmers Mastercard Earn Farmers Club Points anywhere you use your card and enjoy long term finance deals for those big-ticket purchases.
  • Westpac Airpoints Platinum Mastercard Review The Westpac Airpoints Platinum Mastercard has a range of benefits for Kiwis who like to travel.
  • Westpac Airpoints Mastercard Review Pay a low annual fee and still earn Airpoints Dollars on all eligible spend with the Westpac Airpoints Mastercard.
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