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ajobbins
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  #1264768 21-Mar-2015 22:35
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sbiddle: Most NZ banks are only around 2.25% on transactions off the official exchange rate. Westpac are 2.5% apparently. I don't really consider this excessive when we know a big chunk is Visa/MasterCard taking their cut.

Cards like the Air NZ onesmart card take around 3.5% difference when using it as a credit card or loading funds onto it.

There are plenty of offerings in AU essentially slashing forex commission on purchases, it's a shame the market here isn't competitive enough for anybody to bother.



It's 2.25-2.5% on the "Official" Visa or Mastercard exchange rate, not the cash rate. V/MC inflate the rate before the bank takes their cut. 2%+ is pretty good margin for doing nothing.




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Kyanar
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  #1264859 22-Mar-2015 10:30
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ajobbins: 

It's 2.25-2.5% on the "Official" Visa or Mastercard exchange rate, not the cash rate. V/MC inflate the rate before the bank takes their cut. 2%+ is pretty good margin for doing nothing.


But as sbiddle says, if you have access to Australian banks, that's not an issue.  Between the 28 Degrees Mastercard (GE), Citibank Plus debit card, and the Bankwest platinum cards, all of which offer 0% foreign currency transaction fees.  And let's not forget ING's 2% cashback on EFTPOS transactions.  Like, what?

hsvhel
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  #1265583 23-Mar-2015 11:08
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jonathan18:
jnimmo: Pro tip if you or your partner is member of the PPTA you get half price Kiwibank credit cards


This also applies to PSA members, so I'd imagine it's a fairly common package they arrange with various unions and other organisations. I just found out about this last week, and it makes the Kiwibank/Air NZ card even better value - we're planning on shifting from our current ANZ 1% platinum cashback to this Kiwibank card, given the annual fees will be lower with the union discount plus the return is greater than 1% (though more limiting in that, for best value, it's limited to flights).

I recall there was a long thread on the best-value credit card, but was the general conclusion that the best 'return' on cards (assuming paid off in full each month, all spending put through the card...) are those cards providing airpoints?

There's used to be a government worker package offered by Westpac, though often those sorts of deals require all your business to be with them (eg mortgages) to get stuff like the free/reduced credit card (and/or it's a more basic card).


This is confirmed to PSA members?
Can see anything on their website about discounts (can understand why too!)




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jonathan18
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  #1265769 23-Mar-2015 13:50
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hsvhel:
jonathan18:
jnimmo: Pro tip if you or your partner is member of the PPTA you get half price Kiwibank credit cards


This also applies to PSA members, so I'd imagine it's a fairly common package they arrange with various unions and other organisations. I just found out about this last week, and it makes the Kiwibank/Air NZ card even better value - we're planning on shifting from our current ANZ 1% platinum cashback to this Kiwibank card, given the annual fees will be lower with the union discount plus the return is greater than 1% (though more limiting in that, for best value, it's limited to flights).

I recall there was a long thread on the best-value credit card, but was the general conclusion that the best 'return' on cards (assuming paid off in full each month, all spending put through the card...) are those cards providing airpoints?

There's used to be a government worker package offered by Westpac, though often those sorts of deals require all your business to be with them (eg mortgages) to get stuff like the free/reduced credit card (and/or it's a more basic card).


This is confirmed to PSA members?
Can see anything on their website about discounts (can understand why too!)


Check out this page - http://www.psa.org.nz/member-benefits/insurance-finance-tyres-and-technology/

You have to log in to get the full details, though.

The actual application of the 'deal' if you're an existing Kiwibank customer takes two minutes. I did this even though at the moment it offers little to me above my current deal (though the advantage of not paying to add or ammend APs is a bonus), but when our current ANZ credit card year ends in Juny we'll take advantage of the half-price credit card component.

wsnz
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  #1266283 23-Mar-2015 21:37
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joker97: I now have the headache of Westpac vs Kiwibank ... I need to keep my Airpoints, without an Airpoints CC the dollars will expire

Edit. Neither whom i Bank with. Which one is easier to sort problems out with i wonder. IIn guessing Westpac


For existing GP customers, Westpac will match your card without having to go through the whole application process from scratch.

Both Kiwibank and Westpac have some significant differences not only in terms of travel insurance povided, but also SP and APD earn rates, along with their intro offers (e.g. Westpac Platinum card provide x3 APD for the first three months v KiwiBank's APD$125 if you spend $500 in the first three months).

There's lots of fine print to read and a big decision to make - quickly too.

sbiddle
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  #1266379 24-Mar-2015 07:26
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It's interesting to see Kiwibank start some aggressive advertising as well, they're clearly after disgruntled BNZ customers as well. Meanwhile ANZ don't really care..

I'm tempted to sign up for a Kiwibank card, just for the free APD earn and first year free.



jtan
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  #1267997 25-Mar-2015 23:43
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Hi guys,

Been looking through all the different Airpoints credit cards over the past few days to decide which one to change to now that Westpac is offering some new credit card products and BNZ is changing their GlobalPlus cards to a cashback rewards system.

I've put together some comparison tables which I thought I'd share in case anyone was interested or needs help with trying to compare apples to apples right now...

Platinum Airpoints credit card comparison table

No/Low Fee or Standard Airpoints credit card comparison table

Anyways, hopefully it's useful! :)

Cheers

 
 
 
 

Trade NZ and US shares and funds with Hatch (affiliate link).
lchiu7
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  #1268476 26-Mar-2015 15:16
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I am a GlobalPlus card member having moved from ANZ about 6 months ago when a friend who works at BNZ told me about their high earning rate and zero fees for the first year.

Of course that's now changed.

I have re-activated my ANZ card for the moment since I am about to go overseas soon and I like the zero fees on currency conversions. And I was given my annual fees for the first year.

But I also signed up for being notified by Westpac once their offering was made and I have received the link to apply. I got most of the way through (it takes you via AirPoints to grab your Airpoints data) but held off pulling the trigger just yet. 

Westpac does have a good offering and their reward rate is higher than ANZ's but for me it would be the first and only Westpac account I have so I might just wait to see what happens when the dust settles.




Staying in Wellington. Check out my AirBnB in the Wellington CBD.  https://www.airbnb.co.nz/h/wellycbd  PM me and mention GZ to get a 15% discount and no AirBnB charges.


jonathan18
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  #1268487 26-Mar-2015 15:35
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sbiddle: It's interesting to see Kiwibank start some aggressive advertising as well, they're clearly after disgruntled BNZ customers as well. Meanwhile ANZ don't really care..

I'm tempted to sign up for a Kiwibank card, just for the free APD earn and first year free.




Thanks for posting this, as I wasn't aware of Kiwibank's offer (http://www.kiwibank.co.nz/personal-banking/credit-cards/airpoints-credit-cards/).

Given we were planning on shifting to a Kiwibank card in June (on the assumption of 50% discount on annual charge through my union), it's a way better deal to sign up a few weeks early and pay no fees for a year and get $125 APD!

loceff13
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  #1268527 26-Mar-2015 17:18
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sbiddle: It's interesting to see Kiwibank start some aggressive advertising as well, they're clearly after disgruntled BNZ customers as well. Meanwhile ANZ don't really care..

I'm tempted to sign up for a Kiwibank card, just for the free APD earn and first year free.




ANZ are offering 200 airpoints with a 1K spend(over 3 months) on their ANZ Airpoints Visa Platinum card signups with first year fee waived.

http://www.anz.co.nz/personal/credit-cards/airpoints-visa-platinum/?pid=RET-CAR-BWA-airpoints_platinum-Q315-cardhome

Oblivian
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  #1268619 26-Mar-2015 20:07
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Half filled out application form with ANZ to switch back, thought bugger it.. with my balance shouldnt be an issue and faster over counter.

Go visit, note I've been with them since 1983 :D

Takes a few notes down from me, fills a form. Calls me 2 days later with a 12.5K card on the way (BNZ was only 3.5!) she thought my 'GOOD GOD' was scoffing at it being low, not that I thought it was a bit much.

Banks. Giving away money you don't really have since ages ago.

lchiu7
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  #1268657 26-Mar-2015 20:46
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Similar experience to mine. I went into an ANZ, they looked up my previous credit card details, asked a few questions and then said it should take a day or two.

There were some strange followup questions like 1) was I planning to cancel my BNZ card (not sure) 2) did I want a balance transfer (no)

Anyway got the card, same limit as before (more then enough for me) and I went into a branch the next day without my card in hand and got some foreign currency with no fees. Also fees waived for a year.

I just read that ANZ is offering 200 airpoints if you spend $2K (?) over the next month or so and that is easy for me so a nice bonus.




Staying in Wellington. Check out my AirBnB in the Wellington CBD.  https://www.airbnb.co.nz/h/wellycbd  PM me and mention GZ to get a 15% discount and no AirBnB charges.


Batman
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  #1268677 26-Mar-2015 21:09
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do you mean with ANZ you can just grab US dollars in cash for no fee and put it on the credit card?

Oblivian
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  #1268680 26-Mar-2015 21:13
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joker97: do you mean with ANZ you can just grab US dollars in cash for no fee and put it on the credit card?


 

  • 0% commission on foreign currency purchases from any ANZ branch in New Zealand.

Saves the % comission and counter fee for getting folding :) I often plan for $80-100 a day and get a lump sum while rate good before jetsetting instead of facing CC bills with conversion fees on return.

Batman
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  #1268693 26-Mar-2015 21:28
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so you buy the conversion on the card but not get cash? i don't understand ... why do you have a lump sum if it's not dished out in cash

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