Personal Credit Cards

Credit cards don’t need to be complicated, we’ve broken down all the details. Pick which features are the most important to you.

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Kiwibank
56377
Kiwibank Low Rate Visa
Purchase Rate (p.a.)

9.95%

Balance Transfer

1.99% p.a. for 6 months from a non-Kiwibank credit card

Interest Free Days

Up to 55

    Interest Rate Cash Advance (p.a.)9.95%

    Additional Card Fee/Joint Account$5 per card every six months

    Minimum Credit Limit$500

    Foreign Currency Purchases1.85% of the New Zealand dollar amount once converted.

    Overseas Travel Insurance-

    Payment Type-

    Other-

    More Info
    The Co-operative Bank
    56378
    The Cooperative Bank Fair Rate Credit Card
    Purchase Rate (p.a.)

    12.95% (Floating rate)

    Balance Transfer

    0% p.a. for 12 months

    Interest Free Days

    up to 55 days

      Promotion Details

      Right now, The Cooperative Bank are offering 0% p.a. for 12 months on balances transferred from another credit card or store card. Apply by 30 October 2020.

      Interest Rate Cash Advance (p.a.)12.95% (Floating rate)

      Additional Card Fee/Joint Account$15 every 6 months

      Minimum Credit Limit$1,000

      Foreign Currency Purchases2.5% of the New Zealand dollar converted value of the foreign currency transaction

      Overseas Travel Insurance-

      Payment Type-

      Other-

      More Info
      American Express
      59002
      The American Express Platinum Edge Card
      Purchase Rate (p.a.)

      2.99% p.a. for the first 6 months reverting to 19.95% p.a. thereafter

      Balance Transfer

      -

      Interest Free Days

      Up to 55 days

      20,000 Membership Rewards Bonus Points

        Promotion Details

        20,000 Membership Rewards Bonus Points. Available to new Card Members only

        Interest Rate Cash Advance (p.a.)21.95%

        Additional Card Fee/Joint AccountFree

        Minimum Credit Limit-

        Foreign Currency Purchases-

        Overseas Travel InsuranceBuilt-in Travel Insurance

        Payment Type-

        Other-

        More Info
        Bank of New Zealand
        56999
        BNZ Lite Visa
        Purchase Rate (p.a.)

        12.90%

        Balance Transfer

        -

        Interest Free Days

        Up to 55 days

          Interest Rate Cash Advance (p.a.)22.95%

          Additional Card Fee/Joint Account$1.50 half-yearly

          Minimum Credit Limit$500

          Foreign Currency Purchases2.25% of the NZ dollar value on every foreign currency transaction.

          Overseas Travel Insurance-

          Payment TypeApple Pay & Google Pay

          Other-

          More Info
          Westpac
          56382
          Westpac Low Rate MasterCard
          Purchase Rate (p.a.)

          13.45%

          Balance Transfer

          5.95% p.a. for the life of the balance transferred

          Interest Free Days

          Up to 55 days

            Promotion Details

            $0 Annual Fee for 2 years for Westpac Low Rate Mastercard

            Interest Rate Cash Advance (p.a.)22.95%

            Additional Card Fee/Joint Account$5 per year

            Minimum Credit Limit$500

            Foreign Currency Purchases1.4% of transaction amount

            Overseas Travel Insurance-

            Payment Type-

            Other-

            More Info
            ASB Bank
            58996
            ASB Visa Light
            Purchase Rate (p.a.)

            13.50%

            Balance Transfer

            0% for 6 months

            Interest Free Days

            Up to 55 days

            Our Smart Rate purchase feature, currently 0% p.a. fixed interest for six months on any purchase $1,000 or more.

              Interest Rate Cash Advance (p.a.)22.95%

              Additional Card Fee/Joint Account-

              Minimum Credit Limit$1,000

              Foreign Currency Purchases-

              Overseas Travel Insurance-

              Payment Type-

              Other-

              More Info
              ANZ Bank
              56383
              ANZ Low Rate Visa
              Purchase Rate (p.a.)

              12.90%

              Balance Transfer

              1.99% p.a on balances transferred for the first two years

              Interest Free Days

              Up to 55 days

                Promotion Details

                Pay 1.99% p.a. on balances transferred for the first two years

                Interest Rate Cash Advance (p.a.)19.95%

                Additional Card Fee/Joint Account$0

                Minimum Credit Limit-

                Foreign Currency Purchases-

                Overseas Travel Insurance-

                Payment TypeApple Pay & Google Pay

                Other-

                More Info
                Kiwibank
                56384
                Kiwibank Air New Zealand Airpoints Low Fee Visa
                Purchase Rate (p.a.)

                16.90%

                Balance Transfer

                1.99% p.a. for 6 months from a non-Kiwibank credit card

                Interest Free Days

                Up to 44

                $160 spend = 1 Airpoints Dollar

                  Interest Rate Cash Advance (p.a.)22.95%

                  Additional Card Fee/Joint Account$5 per card every six months

                  Minimum Credit Limit$1,000

                  Foreign Currency Purchases1.85% of the New Zealand dollar amount once converted.

                  Overseas Travel Insurance-

                  Payment Type-

                  Other-

                  More Info
                  Kiwibank
                  56385
                  Kiwibank Zero Visa
                  Purchase Rate (p.a.)

                  13.95%

                  Balance Transfer

                  1.99% p.a. for 6 months from a non-Kiwibank credit card

                  Interest Free Days

                  Up to 55 days

                    Interest Rate Cash Advance (p.a.)13.95%

                    Additional Card Fee/Joint AccountFree

                    Minimum Credit Limit$500

                    Foreign Currency Purchases1.85% of the New Zealand dollar amount once converted.

                    Overseas Travel Insurance-

                    Payment Type-

                    Other-

                    More Info
                    American Express
                    56380
                    The Low Rate Credit Card from American Express
                    Purchase Rate (p.a.)

                    2.99% p.a. for the first 6 months reverting to 12.69% p.a. thereafter

                    Balance Transfer

                    -

                    Interest Free Days

                    Up to 55 days

                      Interest Rate Cash Advance (p.a.)21.95%

                      Additional Card Fee/Joint AccountFree

                      Minimum Credit Limit-

                      Foreign Currency Purchases-

                      Overseas Travel Insurance-

                      Payment Type-

                      Other-

                      More Info
                      Kiwibank
                      58997
                      Kiwibank Platinum Visa
                      Purchase Rate (p.a.)

                      13.95%

                      Balance Transfer

                      1.99% p.a. for 6 months from a non-Kiwibank credit card

                      Interest Free Days

                      Up to 55

                        Interest Rate Cash Advance (p.a.)13.95%

                        Additional Card Fee/Joint Account-

                        Minimum Credit Limit$8,000

                        Foreign Currency Purchases1.85% of the New Zealand dollar amount once converted.

                        Overseas Travel InsuranceBuilt-in Travel Insurance

                        Payment Type-

                        Other-

                        More Info
                        Westpac
                        56387
                        Westpac Airpoints World Mastercard
                        Purchase Rate (p.a.)

                        16.95%

                        Balance Transfer

                        5.95% p.a. for the life of the balance transferred

                        Interest Free Days

                        Up to 44 days

                        Earn 1 Airpoints Dollar for every $65 spent on the card. Earn one Status point for every $225 spent on the card

                        • Extended Warranty Insurance of 12 months for goods purchased and Purchase Protection

                        Interest Rate Cash Advance (p.a.)22.95%

                        Additional Card Fee/Joint Account$100 per year ($50 every 6 months)

                        Minimum Credit Limit$18,000

                        Foreign Currency Purchases1.4% of transaction amount

                        Overseas Travel InsuranceUp to 120 days

                        Payment Type-

                        Other-

                        More Info
                        Westpac
                        56388
                        Westpac hotpoints World MasterCard
                        Purchase Rate (p.a.)

                        16.95%

                        Balance Transfer

                        5.95% p.a. for the life of the balance transferred

                        Interest Free Days

                        Up to 44 days

                        Earn 3 hotpoints for every $1 spent on your card.

                        • Purchase Protection insurance cover and extended warranty insurance for your purchases
                        • World Mastercard Privleged Access Program : enjoy the very best the world has to offer with an exclusive range of specially selected travel, shopping and dining experiences from across the globe

                        Interest Rate Cash Advance (p.a.)22.95%

                        Additional Card Fee/Joint AccountYour first joint or additional card is free. Supplementary cards are $100 per year ($50 every 6 months)

                        Minimum Credit Limit$18,000

                        Foreign Currency Purchases1.4% of transaction amount

                        Overseas Travel InsuranceUp to 120 days

                        Payment Type-

                        OtherPriority Pass Lounge Access

                        More Info
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                        How does a credit card work?

                        A credit card is an unsecured, revolving credit line, allowing you to borrow money to make purchases, up to a certain limit, based on your ability to make repayments. At the end of each billing cycle, the credit card provider sends a statement of the total amount owing for purchases for that period.

                        Unlike a debit card, where you’re using your own money to make purchases, a credit card allows you to use money owned by the credit card provider.

                         

                        • You must make a minimum payment amount each month to avoid penalty fees. If you cannot pay your credit card off in full each month the interest rate on the purchases is usually a high rate.

                        What are the features of a credit card?

                        Credit Limit

                        This is the maximum amount of money you can borrow using your credit card.

                        Interest

                        The fee you pay the credit card provider on money spent using a credit card. Interest is calculated as a percentage of the amount owing. The interest will be different depending whether you’ve used your card for purchases or cash advances.

                        Balance transfers

                        You can choose to transfer the outstanding balance of your credit card to an account held at another credit card company. The new card issuer makes this arrangement attractive to consumers by offering incentives, such as low interest rates, a temporary interest-free period, loyalty points or other incentives. The temporary interest free period is the most common incentive.

                        Reward programmes

                        A feature which adds value by offering points such as Fly Buys, Airpoints or other rewards when you use your credit card to make eligible purchases.

                        Contactless payments

                        The ability to tap your credit card against a contactless reader to complete a purchase under NZD$80. Alternatively use a compatible smartphone as a mobile wallet connected to your credit card where contactless payments are accepted.

                        How do I apply for a credit card?

                        To be eligible for a credit card, you must have a good credit history. The bank or credit card provider will want to see proof of income as well as documents to verify your identity.

                        Most providers will allow you to apply for a credit card in your own name or as a joint account. If the account is in your name only, you will be able to nominate additional cardholders who can use your line of credit. It will be up to you to repay the balance. Typical eligibility criteria are;

                        Minimum income

                        The credit card provider will need to be satisfied you can make repayments each month, over and above your other living expenses.

                        Age

                        In New Zealand, you must be at least 18 years old to apply for a credit card in your name, as this is the age you are legally considered an adult and can be liable for debt.

                        Residential status

                        You must be a citizen or permanent New Zealand resident. Some financial institutions will allow applications from people who hold a student or temporary resident visa.

                        Good credit history

                        To be eligible for a credit card, you must have a good credit history. If you have not yet accumulated any credit history, you may be eligible for a credit card with a low credit limit. As you build a credit history by using your credit card, you can apply to increase the credit limit.

                        What credit card pitfalls should I be aware of?

                        Credit cards are expensive if not paid off

                        If you don’t pay the minimum payment on your credit card in each payment cycle, expect to be charged a high interest rate as well as late fees. Your card will also be flagged at the collections department of your credit card issuer, which can create a lot of extra hassle.

                        Credit cards cannot be paid off using other credit cards

                        The balance of your credit card must be paid off with money in your bank account. Credit card providers have strict rules which will not allow you to pay off one credit card with another.

                        Don’t focus too much on the rewards

                        The incentives offered by credit card providers such as Fly Buys or Air Points rarely hold a benefit above 2% of what you spend. Don’t be tempted to overspend to try to reap the rewards.

                        Avoid withdrawing cash on your credit card

                        The interest is high and starts getting charged as soon as you make the withdrawal. Also, there could be additional fees and you won’t earn any rewards.

                        Be careful of moving your credit card debt

                        If you are being charged more than need be with your credit card provider, you may look to reduce the interest charges by transferring the balance to a new provider with an introductory offer of a low or 0% interest rate. Keep in mind the introductory interest offer will eventually run out and the debt you have transferred still needs to be paid.

                        Beware of hidden charges

                        Always reconcile your monthly statements, checking them against receipts or your own records of purchases you have made during the month. Make sure the correct amounts have been charged and keep an eye out for unexpected charges you might not need, for example, subscription or membership fees you didn’t know were still renewing.

                        Credit card checklist

                        • Pay off your balance each month

                          You can avoid interest charges by paying the entire balance of your credit card each month by the payment due date.

                        • Shop around

                          Credit card providers differ with the interest rates they charge and incentives they offer. If there is a card feature you want, ensure you have a good look at our credit cards page to get the best deal.

                        • Get your applications in order

                          Once you’ve decided to apply for a credit card, get all your documentation in order to make the application process run smoothly. You’ll need photo ID and proof of income. Check with your credit card provider about anything else they require and have the documents prepared to take with you.