Best Credit Cards in NZ – Find the Best Credit Card in NZ

We often get asked what is the best credit card in NZ so we’ve put together our list of the best credit cards in New Zealand below. Note: this list is our selection of best credit cards in NZ but the “best credit card” for you would depend on your personal circumstance and needs. If you are after a specific type of credit card, we’ve also compiled a list of the best credit cards by credit card type to help.

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Updated: 14 Oct, 2024

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Card	Description	Purchase Rate (p.a.)	Balance Transfer	Cash Rate (p.a.)	Annual Fee	Interest Free Days
The American Express Airpoints Credit Card Platinum Award	Interest Free (0% P.A.) on purchases for the first 6 months, plus NO ANNUAL FEE and earn 1 Air New Zealand Airpoints Dollar for every $100 you spend. CURRENT OFFER: 50 bonus Airpoints Dollars™ when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only. Reward Points Cash Equivalent: $100 spend earns $1.00 cash equivalent^.	0% p.a. for 6 months then 22.95% p.a.	N/A	22.95% p.a.	$0.00	55 days More Info » Apply Now » No documents required to apply¹
The American Express Airpoints Platinum Card Platinum Award	The FASTEST Airpoints Dollar^TM earning Platinum Credit Card in NZ. Every $70 you spend earns you 1 Airpoints Dollar. This cards also comes with: Complimentary Travel Insurance for domestic and international travel Koru joining fee waived Koru annual fee discount of $145 Two VIP Lounges access with Priority Pass per year. Two entries per year to the Centurion lounge at Sydney or Melbourne International Airport CURRENT OFFER: Receive 300 bonus Airpoints Dollars™ when you apply online, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only. Reward Points Cash Equivalent: $100 spend earns $1.42 cash equivalent^.	22.95% p.a.	N/A	22.95% p.a.	$195.00	55 days More Info » Apply Now » No documents required to apply¹
Co-operative Bank Fair Rate Credit Card Gold Award	The Fair Rate Credit Card has a very low purchase rate of 12.95% p.a. plus a balance transfer rate of 0% p.a. for 6 month. This might be a good card if you are looking for a credit card with a low interest rate and/or a card with a 0% p.a. balance transfer offer.	12.95% p.a.	0% p.a. for 6 months	12.95% p.a.	$20.00	55 days More Info » Apply Now »
The American Express Gold Rewards Credit Card Platinum Award	Amex's FASTEST earn rate credit card in NZ. Get 2 points per $1 spent with this award-winning Membership Rewards programme. CURRENT OFFER: Get $200 back* (Statement Credit). *Apply online, be approved and spend $1,500 on your new Card within the first 3 months. New Card Members only. T&Cs apply. Reward Points Cash Equivalent: $100 spend earns $1.25 cash equivalent^.	22.95% p.a.	N/A	22.95% p.a.	$200.00	55 days More Info » Apply Now » No documents required to apply¹
ASB Visa Light Credit Card Gold Award	The ASB Visa Light credit card has no annual fee, a low purchase rate and 0% balance transfer for 6 months plus 0% p.a. for 6 months when you spend $1,000 or more on any single eligible purchase	13.5% p.a.	0% p.a. for 6 months	22.95% p.a.	$0.00	55 days More Info » Apply Now »
Westpac Fee Free MasterCard Credit Card Platinum Award	Comes with a low rate of just 12.90% p.a. plus 5.95% p.a. for the life of the balance transferred to this card. it also comes with no annual fee, no cash advance fee and no foreign transaction fees.	12.90% p.a.	5.95% for life of balance transferred	19.95% p.a.	$0.00	55 days More Info » Apply Now »
Amex Low Rate Credit Card Gold Award	A low interest card from Amex with up to 4 supplementary cards with no-annual fee	2.99% p.a. for 6 months then 12.69% p.a.	N/A	21.95% p.a.	$59.00	55 days More Info » Apply Now »
BNZ Lite Visa Credit Card Gold Award	BNZ Lite Visa Credit Card is a low interest rate credit card with a purchase rate of 13.50% p.a.	13.50% p.a.	N/A	22.95% p.a.	$10.00	55 days More Info » Apply Now »

^ To help you compare reward points across different credit cards and rewards programs, we provide an estimate of the cash-equivalent of the reward points that you will get back for every $100 you spend on eligible purchases with your card. The cash equivalent value given is an estimate only based on a specific redemption example. In some cases you might earn less or more depending on how you redeem your ponts and some reward points cannot be redeemed for cash directly. Click on the card to find out how the estimate was calculated.

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Comprehensive Guide to Choosing the Best Credit Card in NZ

Choosing the perfect credit card in New Zealand can be a daunting task. With so many options available, it’s important to understand the different factors to consider and how they align with your financial goals. This comprehensive guide will walk you through the process of selecting the best credit card for your needs, from understanding the basics of credit cards to comparing different offers and managing your card effectively. By the end, you’ll have the knowledge and tools to make an informed decision and maximise the benefits of your credit card.

Understanding Your Financial Needs

Before you set out on the credit card expedition, take a moment to reflect on your financial needs and aspirations. Consider the following aspects:

Credit Score Assessment:

Begin by evaluating your credit score. In New Zealand, credit scores play a crucial role in determining the credit card offers available to you. A higher credit score often opens doors to more favorable terms and features.

Your credit score is a numerical representation of your creditworthiness. It is used by lenders to assess your ability to repay borrowed money. Understanding your credit score is crucial when choosing a credit card as it can impact the type of card you qualify for and the interest rates you are offered.

To determine your credit score, you can request a copy of your credit report from a credit reporting agency. This report will provide information about your credit history, including any missed payments, defaults, or bankruptcies. It is important to review your credit report regularly to ensure its accuracy and to identify any potential issues that may affect your credit score.

Once you have your credit report, you can calculate your credit score using various scoring models. Each model may have different criteria and weightings, but common factors include your payment history, credit utilisation, length of credit history, types of credit used, and recent credit inquiries.

It is recommended to aim for a higher credit score as it increases your chances of being approved for credit cards with better terms and benefits.

Spending Habits Analysis:

Take a closer look at your spending habits. Are you someone who frequently dines out, loves online shopping, or prefers using a credit card for everyday expenses? Understanding your spending patterns will guide you towards a card that aligns with your lifestyle.

Rewards and Benefits Consideration:

New Zealand credit cards come with various rewards and benefits, from cashback on purchases to travel perks. Consider what matters most to you – whether it’s saving on daily expenses or earning points for future adventures.

Interest Rates and Fees Evaluation:

Grasp the financial terms associated with credit cards, such as interest rates, annual fees, and other charges. Understanding these factors ensures that you choose a card that aligns with your budget and financial goals.

Factors to consider

Now that you’ve got a handle on your financial landscape, let’s explore the key features that can significantly impact your credit card experience in New Zealand:

Interest Rates:

Interest rates are an important factor to consider when choosing a credit card. The interest rate determines how much you will be charged if you carry a balance on your card. It is important to compare the interest rates offered by different credit card providers to ensure you are getting the best deal.

When comparing interest rates, it is also important to consider whether the rate is fixed or variable. A fixed interest rate remains the same over time, while a variable interest rate can change based on market conditions. Most credit cards in New Zealand variable rate credit cards. Understanding the terms and conditions of the interest rate is important to avoid any surprises in the future.

In addition to the interest rate, some interest free credit cards may offer introductory interest rates, which are lower for a certain period of time. It is important to consider how long the introductory rate lasts and what the rate will be after the introductory period ends.

Although interest rate is an important factor to consider, if your main goal is to earn reward points or cashback then you might have to forgo a low interest rate to get credit card with lots of rewards because many of the cards that offer really good reward programs do not tend to have a low interest rate – that’s something to keep in mind. To make an informed decision about interest rates, it is also recommended to carefully review the terms and conditions of each credit card offer and consider your own financial situation and spending habits.

Annual Fees:

Consider the annual fees linked to each credit card. While some cards may have no annual fees (no annual fee credit cards), others provide premium benefits with higher fees. Strike a balance between the benefits offered and the associated costs to ensure the card aligns with your intended usage.

Rewards and Cashback Programs:

When choosing a credit card, it’s important to consider the rewards and benefits that come with it. Whether it’s cashback, travel rewards, interest free credit card, or loyalty points, rewards can vary greatly between rewards credit cards, so it’s essential to find Credit cards with rewards that align with your spending habits and financial goals.

One popular type of reward is cashback credit cards, where you earn a percentage of your purchases back as cash. This can be a great way to save money on everyday expenses. Another common reward is airpoints credit cards, which allow you to earn airpoints that can be redeemed for flights, hotel stays, or other travel-related expenses.

Some credit cards also offer points-based rewards, where you earn points for every dollar spent. These points can be redeemed for a variety of rewards, such as gift cards, merchandise, or even cash.

It’s important to carefully review the rewards and benefits offered by different credit cards to ensure they align with your lifestyle and financial needs. Consider how you typically spend your money and what type of rewards would be most valuable to you. Remember to read the fine print and understand any limitations or restrictions that may apply to the rewards programme.

Introductory Offers:

Many credit cards come with introductory offers, such as zero-interest balance transfers or bonus rewards points. While these offers may be tempting, consider the long-term features of the card beyond the introductory period.

Credit Limit:

The credit limit is the maximum amount of money that you can borrow on your credit card. It is determined by the credit card provider based on factors such as your income, credit history, and financial stability. Having a higher credit limit can provide you with more flexibility and purchasing power, but it is important to use it responsibly and not exceed your means. It is recommended to keep your credit utilisation ratio (the percentage of your credit limit that you are using) below 30% to maintain a good credit score. Some credit cards may offer the option to increase your credit limit over time as you demonstrate responsible credit card usage and make regular payments.

Foreign transaction fees:

When choosing a credit card, it’s important to consider the foreign transaction fees. These fees are charged when you make purchases in a currency other than New Zealand dollars. Foreign transaction fees can vary between credit card providers, so it’s essential to compare the rates before making a decision.

It’s worth noting that some no foreign transaction fee credit cards may waive foreign transaction fees or offer lower fees for frequent travellers. Be sure to check the terms and conditions of each credit card to find the best option for your needs.

Remember, understanding the foreign transaction fees can help you avoid unexpected costs when using your credit card abroad.

Additional Benefits:

Some credit cards offer extra perks like travel insurance, extended warranty protection, or free access to airport lounges. Assess these additional benefits and determine their value to you based on your lifestyle and preferences.

Researching and Comparing Options

Armed with insights into your financial needs and key features, the next step is to research and compare the credit card options available in New Zealand. Here’s how to go about it:

Online Comparison Tools:

Utilise online tools that allow you to compare credit card features side by side. Websites dedicated to credit card comparison can provide a comprehensive overview of interest rates, fees, rewards, and other important attributes.

Customer Reviews:

Real-world experiences can offer valuable insights. Read customer reviews to understand the strengths and weaknesses of different credit cards. Pay attention to reviews from individuals with similar financial habits to yours.

Financial Expert Advice:

Consider seeking advice from financial experts, such as financial advisors or credit counselors. Their expertise can provide personalised guidance based on your unique financial situation, helping you navigate the complexities of credit card offers.

Credit Card Fees and Charges

Before you run off and get a credit card is also important to consider some of the fees that you could be charged on top of the usual interest rate.

Annual fees:

One important factor to consider when choosing a credit card is the annual fees. These fees are charged by the credit card provider on a yearly basis (sometimes charged evevery 6 months) and can vary widely. Some credit cards may have no annual fees, while others may have high annual fees that offer additional benefits and rewards. It’s important to carefully consider the annual fees and compare them to the benefits and rewards offered by the credit card. Finding a balance between the annual fees and the benefits can help you choose a credit card that suits your needs and financial situation.

Late payment fees:

Late payment fees are charges imposed by credit card providers when cardholders fail to make their minimum payment by the due date. These fees can vary depending on the credit card provider and the outstanding balance. It is important to always make your credit card payments on time to avoid incurring these fees. Paying your credit card bill on time not only helps you avoid late payment fees but also helps maintain a good credit score. If you are struggling to make your payments, it is recommended to contact your credit card provider to discuss possible solutions.

Cash advance fees:

Cash advance fees are charges that apply when you use your credit card to withdraw cash from an ATM or make a cash advance. These fees are typically higher than the interest rates for regular purchases and can quickly add up. It’s important to carefully consider whether you really need to use your credit card for cash advances, as the fees can significantly impact your overall credit card costs.

When comparing credit card offers, be sure to check the cash advance fees and factor them into your decision-making process. Some credit cards may have lower cash advance fees or even offer promotional periods with no fees for a certain period of time. However, it’s important to read the fine print and understand any conditions or limitations that may apply.

Tip: Before using your credit card for a cash advance, consider alternative options such as using a debit card or withdrawing cash from your bank account to avoid these additional fees.

Balance transfer fees:

When considering a credit card, it’s important to understand the balance transfer fees associated with it. Balance transfer fees are charges that may apply when you transfer the balance from one credit card to another. These fees are usually a percentage of the amount being transferred and can vary between credit card providers. It’s essential to compare the balance transfer fees of different balance transfer credit cards to ensure you choose one that offers a competitive rate.

Overseas ATM withdrawal fees:

When using your credit card to withdraw cash from an ATM overseas, you may be charged a fee for the transaction. These fees can vary depending on the credit card provider and the country you are in. It’s important to be aware of these fees before using your credit card for cash withdrawals while travelling.

To avoid excessive fees, consider the following:

Plan ahead: If you know you will need cash while travelling, consider withdrawing money before you leave or using a debit card instead.
Choose the right credit card: Some credit cards offer lower or no overseas ATM withdrawal fees. Research different credit card options to find one that suits your needs.
Check the fees: Before using your credit card to withdraw cash, check the fees associated with the transaction. This information can usually be found in the credit card’s terms and conditions.

By being aware of the overseas ATM withdrawal fees and taking necessary precautions, you can avoid unnecessary charges and make the most of your credit card while travelling.

Making an Informed Decision

Armed with a nuanced understanding of your financial needs, key features, and research findings, it’s time to make an informed decision on selecting the right credit card. Follow these steps:

Create a Shortlist:

Refine your options based on the key features that matter most to you. Use a credit card comparison website to create a shortlist of credit cards that align with your financial goals and preferences.

Check the Fine Print:

Before committing to a credit card, carefully read the fine print. Pay attention to details such as interest rates, fees, and any terms and conditions. Avoid surprises by ensuring you fully understand the terms associated with the card.

Apply Wisely:

Once you’ve identified the best credit card for your needs, proceed with the application process. Provide accurate information, and be mindful of application deadlines and requirements.

Monitor and Adjust:

After obtaining your credit card, regularly monitor your statements and credit activity. Be proactive in addressing any issues, and consider adjusting your credit card strategy if your financial situation or needs change.

Managing Your Credit Card

Setting a budget

Setting a budget is an essential step in managing your credit card effectively. It allows you to track your spending and ensure that you are not overspending. By setting a budget, you can allocate specific amounts for different categories such as groceries, dining out, and entertainment. This helps you prioritise your expenses and avoid unnecessary debt. Additionally, having a budget in place enables you to plan for future financial goals and make informed decisions about your credit card usage.

Paying your balance in full

One of the most important habits to develop when using a credit card is paying your balance in full each month. By doing so, you can avoid accruing interest charges and keep your credit card debt under control.

Paying your balance in full allows you to take full advantage of the benefits and rewards offered by your credit card without incurring any additional costs.

It also helps to maintain a good credit score, which is important for future financial endeavours.

Monitoring your transactions

Monitoring your credit card transactions is an essential part of managing your finances. By regularly reviewing your transactions, you can identify any unauthorised charges or suspicious activity. It’s important to check your statements carefully and report any discrepancies to your credit card provider immediately. Additionally, monitoring your transactions can help you track your spending habits and identify areas where you may need to make adjustments. This can be especially useful if you’re working towards specific financial goals.

Avoiding unnecessary debt

When using a credit card, it’s important to be mindful of your spending habits to avoid accumulating unnecessary debt.

Here are some tips to help you manage your credit card responsibly:

Set a budget: Before making any purchases with your credit card, create a budget to ensure you can afford to pay off the balance in full each month.
Pay your balance in full: To avoid paying interest charges, make it a habit to pay your credit card balance in full and on time.
Monitor your transactions: Regularly review your credit card statements to check for any unauthorised charges or errors.
Avoid unnecessary purchases: Think twice before making impulsive purchases with your credit card. Consider if the item is a necessity or if it can wait until you have saved enough money.
Be cautious with cash advances: Cash advances often come with high interest rates and fees. Only use this option when absolutely necessary and pay it off as soon as possible.

Remember, using a credit card responsibly can help you build a good credit history and avoid unnecessary debt.

Reporting lost or stolen cards

If you ever lose your credit card or suspect it has been stolen, it is crucial to report it immediately. Contact your credit card provider’s customer service hotline or use their online banking platform to report the loss or theft. By reporting it promptly, you can minimise the risk of unauthorised transactions and protect yourself from potential financial loss.

Here are the steps to follow when reporting a lost or stolen card:

Contact your credit card provider: Call the customer service hotline provided by your credit card issuer. They will guide you through the process of reporting the loss or theft.
Provide necessary information: Be prepared to provide your personal details, such as your name, card number, and any recent transactions you can remember.
Request card cancellation: Ask the customer service representative to cancel your lost or stolen card to prevent any further unauthorised use.
Monitor your account: Keep a close eye on your credit card statements and transactions to ensure there are no fraudulent activities.

Tip: It is a good practise to regularly review your credit card statements and report any suspicious transactions to your credit card provider immediately.

Credit Card Security

Protecting your card information

In the digital age, protecting your card information is crucial to prevent unauthorised transactions and identity theft. Always be vigilant when using your credit card online or at physical stores. Ensure that the websites where you enter your card details are secure, indicated by ‘https://’ in the URL and a padlock symbol in the browser.

Never share your credit card information over the phone or via email unless you are certain of the recipient’s identity and the necessity of the transaction. It’s also wise to regularly check your statements for any discrepancies or unfamiliar charges.

Use strong, unique passwords for online banking and shopping sites.
Enable notifications for transactions to keep track of card usage.
Update your contact details with your bank to receive timely alerts.

Tip: Consider setting up a separate credit card with a lower limit for online purchases to limit potential exposure to fraud.

Using secure online payment methods

When making online purchases, it is important to prioritise security. Here are some tips to ensure your online transactions are safe:

Use reputable websites and online retailers that have secure payment gateways.
Look for the padlock symbol in the address bar to indicate a secure connection.
Avoid using public Wi-Fi networks when making online payments.
Regularly update your antivirus software and keep your operating system up to date.
Be cautious of phishing emails or suspicious links that may lead to fraudulent websites.

Remember, protecting your personal and financial information is crucial when using online payment methods.

Monitoring your credit report

Monitoring your credit report is an important step in managing your credit card. Your credit report contains information about your credit history, including your payment history, credit utilisation, and any negative marks such as late payments or defaults. By regularly checking your credit report, you can ensure that the information is accurate and up-to-date. Identifying any errors or fraudulent activity early on can help you take the necessary steps to rectify the situation and protect your credit score.

Recognising and reporting fraud

Fraud can happen to anyone, so it’s important to be vigilant and know how to recognise and report it. Here are some tips to help you protect yourself:

Monitor your transactions: Regularly review your credit card statements and online account activity to identify any unauthorised charges or suspicious activity.
Keep your PIN safe: Memorise your PIN and never share it with anyone. Avoid using obvious PINs like your birthdate or sequential numbers.
Report any suspicious activity: If you notice any unusual transactions or suspect fraud, contact your credit card provider immediately to report the issue.
Be cautious of phishing scams: Be wary of emails, calls, or messages asking for your credit card information. Legitimate financial institutions will never ask for sensitive information through these channels.
Protect your card information: When making purchases online, ensure that the website is secure and reputable. Look for the padlock symbol in the browser’s address bar and use secure payment methods.
Monitor your credit report: Regularly check your credit report for any unauthorised accounts or inquiries. This can help you identify any fraudulent activity early on.
Stay informed: Keep up to date with the latest fraud prevention techniques and scams. Stay informed about common tactics used by fraudsters to avoid falling victim to their schemes.

Keeping your PIN safe

Protecting your PIN is crucial to ensure the security of your credit card. Here are some important tips to keep in mind:

Memorise your PIN and do not write it down or share it with anyone.
When entering your PIN at an ATM or a point-of-sale terminal, shield the keypad with your hand to prevent others from seeing it.
Be cautious of skimming devices that can steal your PIN. Look for any suspicious attachments or overlays on ATMs or card readers.
Regularly check your credit card statements for any unauthorised transactions.
If you suspect that your PIN has been compromised, contact your credit card provider immediately to report the issue and request a new PIN.

Remember, keeping your PIN safe is essential to protect your credit card from unauthorised use.

Frequently Asked Questions

What are balance transfer credit cards?

Balance transfer credit cards let you move your existing credit card debt to a new card with a lower interest rate. This can help you save money on interest and pay off your debt faster.

What is a low rate credit card?

A low rate credit card has a lower interest rate on purchases compared to other cards. This means you’ll pay less interest if you don’t pay off your balance in full each month.

What is an interest free credit card?

An interest free credit card offers 0% interest on purchases for a set period. This can be helpful if you need to make a big purchase and pay it off over time without extra costs.

What is a rewards credit card?

Rewards credit cards give you points, cashback, or other benefits for every dollar you spend. These rewards can be redeemed for travel, gift cards, or other perks.

What is a frequent flyer credit card?

A frequent flyer credit card is a credit card that allows you to earn frequent flyer miles or points for each dollar you spend with your card, which can be redeemed for flights, upgrades, or other travel rewards with an airline or airline alliance.

What is an Airpoints credit card?

An Airpoints credit card is a type of credit card that earns you Air New Zealand Airpoints as a reward with every purchase you make. The accumulate Airpoints can be redeemed for flights, upgrades, and other benefits with Air New Zealand or using the Airpoinsts store.

What is a cashback credit card?

A cashback credit card is a type of credit card that gives you a percentage of cash back on your purchases, effectively providing a cash rebate on the money you spend.

What is a free credit card?

A free credit card doesn’t charge an annual fee, saving you money each year. These cards can be a good option if you want to avoid extra costs.

What are travel credit cards?

Travel credit cards offer benefits like travel insurance, airpoints, and access to airport lounges. These perks are great for people who travel often.

Conclusion

Choosing the best credit card in NZ is a personalised journey that requires careful consideration of your financial goals and habits. By understanding your needs, evaluating key features, researching options, and making an informed decision, you can select a credit card that not only meets your immediate needs but also contributes positively to your long-term financial health. Remember, the right credit card can be a valuable financial tool when used responsibly, so choose wisely and enjoy the benefits that align with your lifestyle.

What is the best credit card in NZ?

We often get asked what is the best credit card in NZ but the truth is that the best credit card for you would depend on your personal circumstance and how you plan to use your credit card. We’ve compiled above our pick of the best credit cards in NZ to help you choose the right credit card for you. To find the best credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by a credit card type as shown below. Note: you can select more credit card types using the top menu of this page.

lowest interest rate credit card