If you’re looking for a new credit card, it’s important to be cautious. Many cards are very difficult to get approved for, and others seem to have new fees and unexpected costs everywhere you turn. Fortunately, New Zealand has a number of excellent credit cards available which offer relatively easy approval, attractive terms, low fees, and outstanding benefits.
Here are some of the best credit cards in New Zealand for saving money, earning rewards, and making the most of what a card can offer.
Kiwibank Low Rate Visa
Kiwibank’s Low Rate Visa is a fantastic credit card that delivers on its name – they offer an incredibly low interest rate on purchases of just 9.5% p.a.. This card does have a semi-annual fee of $15 taken every six months, but if you’re looking for a card with no annual fee then they offer a slightly different version of the card called the Zero Visa that has no fee. In order to apply for this card you must be a New Zealand resident at least 18 years of age with a decent credit history.¹
ASB Visa Rewards
The ASB Visa Rewards card is perfect for someone looking to earn rewards on their everyday spend. You will receive one True Rewards dollar for every $150 you spend, and these rewards dollars can then be redeemed for travel, store vouchers, and more. This is also a great balance transfer card, offering 0% fixed p.a. interest for the 6 months on your transferred balance. With a regular interest rate of 20.95% p.a. and an annual fee of $40, this is a solid choice for those looking to have a powerful card that can earn great rewards.²
Co-operative Bank Fair Rate Mastercard
The Co-operative Bank’s Fair Rate Mastercard is another card that is well worth considering. The interest rate is only 12.95% on both purchases and cash withdrawals and the annual fee is very low at just $20 per year ($10 every six months). The card also offers up to 55 days of interest-free credit on purchases. It’s very easy to apply for this card online and approval can happen very quickly – possibly within 10 minutes.³
BNZ Advantage Classic Visa
The BNZ Advantage Classic Visa is an outstanding card that offers great rewards even if you are not a big spender. You can choose to earn either cash back or airline miles with this card – it’s totally up to you. The card has an annual fee of $40 per year ($20 every six months), a purchase interest rate of 20.95% p.a. and up to 55 days interest free credit. They also offer a special balance transfer interest rate of 0% p.a. for six months on the transferred balance.⁴
Kiwibank Air New Zealand Airpoints™ Platinum Visa
Kiwibank’s Air New Zealand Airpoints™ Platinum Visa card is a truly great option for those who travel or fly for business. This card will give you the highest amount of air miles for your spend of any card on the market and for $150 per year in fees it can be well worth it if you spend enough to earn a lot of points. This card has an interest rate of 20.95% p.a., up to 44 days of interest free credit, and offers a high minimum credit limit of $8,000.⁵
Finding The Right Card
All of the above options are excellent choices, but sometimes it can be hard to know exactly what to apply for. An online search can help to take a more in-depth look at the pros and cons of these cards and others. A little bit of research can go a long way, and by evaluating a few different options carefully you’ll be able to make sure that you ultimately choose the best card for your individual situation.