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Credit cards are a tool. If you can pay your cards off in full every month, they can help you build wealth. If not, they can trap you in a cycle of debt that's very difficult to break.
However, with so many credit card options, finding the one that maximizes the value based on your spending can take time and effort. Each credit card comes with its own benefits and features, so it can feel like you're comparing apples to oranges.
Comparison
In this post, I compare the value of some of the cards offered by ANZ and American Express in New Zealand.
| Credit Card | Annual fee (NZD) | Rebate |
|---|---|---|
| American Express Airpoints | $0 | 1.00% |
| ANZ Cashback Visa | $45 | 0.67% |
| ANZ Airpoints Visa | $65 | 0.77% |
| ANZ Cashback Visa Platinum | $85 | 0.83% |
| ANZ Airpoints Visa Platinum | $150 | 1.18% |
| American Express Airpoints Platinum | $195 | 1.69% |
| American Express Gold Card | $200 | 0.75% |
| American Express Platinum Card | $1250 | 1.33% |
American Express Airpoints
Since there is no Annual fee, you don't need to spend a minimum amount in a year.
You will get back 1 cent for every additional dollar you spend.
ANZ Cashback Visa
You must spend at least NZD 6,750 annually to cover the card fee.
You will get back 0.67 cents for every additional dollar you spend.
ANZ Airpoints Visa
You must spend at least NZD 8,450 annually to cover the card fee.
You will get back 0.77 cents for every additional dollar you spend.
ANZ Cashback Visa Platinum
You must spend at least NZD 10,200 annually to cover the card fee.
You will get back 0.83 cents for every additional dollar you spend.
The cashback visa is a better option unless you spend more than NZD 24000 in a year.
ANZ Airpoints Visa Platinum
You must spend at least NZD 12,750 annually to cover the card fee.
You will get back 1.18 cents for every additional dollar you spend.
The Airpoints visa is a better option unless you spend more than NZD 21000 in a year.
American Express Airpoints Platinum
You must spend at least NZD 11,505 annually to cover the card fee.
You will get back 1.69 cents for every additional dollar you spend.
The Airpoints visa is a better option unless you spend more than NZD 28000 in a year. However, you get travel insurance and lounge visits which might make up the difference.
American Express Gold Card
You must spend at least NZD 26,600 annually to cover the card fee.
You will get back 0.75 cents for every additional dollar you spend.
American Express Platinum Card
You must spend at least NZD 93,750 annually to cover the card fee.
You will get back 1.33 cents for every additional dollar you spend.
However, suppose you use the additional benefits like the Accor membership, the 300-dollar dining credit and the 200-dollar travel credit. In that case, you have to spend only 30,825 dollars a year to cover the card fee.
My Recommendation
I like using The American Express Airpoints Platinum card as my primary card. It has the best value. If you are spending less than NZD 11,000, then the American Express Airpoints Card is the next best card to get.
Since Amex is accepted at most places but not everywhere, I like the ANZ cashback visa as my backup card.
Is there a card you would like me to evaluate? Let me know in the comments.