Best Value Credit Card?

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Forums › Finance and wealth management › Best Value Credit Card?

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#2269645 4-Jul-2019 08:14

danepak:
I'll definitely be looking at the Westpac option then.
But will wait for a bit for the dust to settle, as recommended in this thread.

Whether Westpac is an option depends on your requirements as I mentioned.

Priority Pass is not a Koru replacement, and is more suited if you're traveling in Asia or Europe on airlines that don't have their own lounges. I'm pretty sure Westpac also only offer the Standard Plus membership which gives 10 visits per year.

sonyxperiageek

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#2269847 4-Jul-2019 13:00

sbiddle:
danepak:
I'll definitely be looking at the Westpac option then.
But will wait for a bit for the dust to settle, as recommended in this thread.

Whether Westpac is an option depends on your requirements as I mentioned.

Priority Pass is not a Koru replacement, and is more suited if you're traveling in Asia or Europe on airlines that don't have their own lounges. I'm pretty sure Westpac also only offer the Standard Plus membership which gives 10 visits per year.

The last time I was asking about this, it was unlimited Priority Pass visits.

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danepak

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#2269857 4-Jul-2019 13:10

sonyxperiageek:
sbiddle:
danepak:
I'll definitely be looking at the Westpac option then.
But will wait for a bit for the dust to settle, as recommended in this thread.

Whether Westpac is an option depends on your requirements as I mentioned.

Priority Pass is not a Koru replacement, and is more suited if you're traveling in Asia or Europe on airlines that don't have their own lounges. I'm pretty sure Westpac also only offer the Standard Plus membership which gives 10 visits per year.

The last time I was asking about this, it was unlimited Priority Pass visits.

We probably won't even make 10 visits per year anyway.
Biggest issue is our kids, if we have to pay for them. Paying $50 per child (6 and 8 years old) is hefty for a lounge visit.

kotuku4

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#2269889 4-Jul-2019 13:20

I have a low rate card, paid off each month, $10 fees six monthly. It use it for online purchases, some subscription accounts, netflix, bigpipe etc.

It is useful for unplanned, emergency use. If I don't immediate have access to other funds.

Don't spend enough for rewards schemes, and don't fly.

I see in NZ we have over 4.2 billion in credit card debt. And the big banks make over 1 billion dollars profit on credit cards each year. Retailers should encourage non credit card purchases, the banks charge too much.

https://www.tvnz.co.nz/shows/seven-sharp/clips/with-interest-rates-at-historic-lows-how-come-many-credit-card-interest-rates-are-so-high

maxeon

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#2269899 4-Jul-2019 13:54

I personally use ANZ Platinum Cash Back card to get cash back on my purchases. 1% usually if we spend more than 10k a year and usually we actually spend more than 60k for everyday use.

However, recently came across https://www.pointhacks.co.nz/ which I am thinking of taking up Amex.

ShinyChrome

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#2269955 4-Jul-2019 15:30

kotuku4:

I see in NZ we have over 4.2 billion in credit card debt. And the big banks make over 1 billion dollars profit on credit cards each year. Retailers should encourage non credit card purchases, the banks charge too much.

https://www.tvnz.co.nz/shows/seven-sharp/clips/with-interest-rates-at-historic-lows-how-come-many-credit-card-interest-rates-are-so-high

Retailers encouraging one payment type over another really only disadvantages them if all things are equal. But I agree, the interest is far too high. It also comes back to the banks need to be more responsible with lending, which would most likely need to be in the form of government regulation or oversight, since telling big business not to make so much money out of people who aren't good with it ain't going to happen. Most CC offerings are really just short-term lending being dressed up with deals like 'No interest on transferred balances for X months'.

I treat my Airpoints Visa more like a cheque (olllllllddddddd... I know) account with an overdraft. I put all my normal purchases through it when it won't incur exorbitant (%4!) fees, and pay the balance off every single month, so no interest. I have only paid interest on one month in the 2 years I have had it, which was because I didn't understand how the X days interest free worked at the time.

I like the flexibility it gives me, to the point I specifically seek out retailers with good CC terms (Paywave, no surcharge etc). Even after account fees, I am still coming out way ahead in Airpoints. Which since you can now spend at Mitre 10 1-to-1 is great, I used it last year to buy a new BBQ.

But much like revolving credit etc, you need to have discipline and a firm grip on what you can spend vs how fast you can pay it off. Something I constantly need to keep reminding myself about.....

I think I am better off with Airpoints over others, but maybe I should run some calculations...

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#2269957 4-Jul-2019 15:32

+1 for Westpac MasterCard World. The annual fee is reimbursed if you spend enough, so you get all the premium benefits for free.

danepak

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#2269981 4-Jul-2019 16:04

voicetech:
+1 for Westpac MasterCard World. The annual fee is reimbursed if you spend enough, so you get all the premium benefits for free.

Reimbursed annual fee? Got a link? Wasn't aware of that and haven't read it anywhere.

jonathan18

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#2269983 4-Jul-2019 16:06

I think the answer to the question what is the 'best value credit card?' is really dependent on too many variables for there to anything but the answer of 'it depends'.

What type of rewards do you want? More importantly, what rewards will you actually use? Do you tend to pay off you card in full each month or end up paying interest? What's your annual spend...?

Personally, I'm not too fussed about Airpoints as we rarely travel; the expansion to be able to spend them at M10 is certainly a positive, but it's still relatively limited (that said, I bought a great water blaster using the last of our Airpoints earned on a previous credit card this way!).

I prefer a cash back arrangement - that way we can chose to do anything we like with the money. (And we follow the same approach as ShinyChrome to maximise what we get back, and never purchase anything that we don't already have the money to cover.)

But for others, a low-interest, zero-fees card with no rewards may be the best if all they need is the ability to make the occasional online transaction. And so on...

Is there any decent online calculator that one can feed one's spending and credit card using habits into and it shows the various options? I know of sites recommending particular cards for particular groups, but is there anything more personalised?

voicetech

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#2269999 4-Jul-2019 16:09

danepak:
voicetech:

+1 for Westpac MasterCard World. The annual fee is reimbursed if you spend enough, so you get all the premium benefits for free.

Reimbursed annual fee? Got a link? Wasn't aware of that and haven't read it anywhere.

See the "Rates, fees & more" tab on this page:
https://www.westpac.co.nz/credit-cards/airpoints/airpoints-world-mastercard/

Annual account fee
$390 per year Paid in two 6-monthly instalments of $195.
Spend $50,000 or more in a 6 month period and we'll waive your next 6 monthly fee.

The only drawback is that you need to average $8333/month spend

jonathan18

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#2270000 4-Jul-2019 16:12

danepak:
voicetech:

+1 for Westpac MasterCard World. The annual fee is reimbursed if you spend enough, so you get all the premium benefits for free.

Reimbursed annual fee? Got a link? Wasn't aware of that and haven't read it anywhere.

They'll waive the following six-monthly fee if spending over $50k in the previous six month period.

https://www.westpac.co.nz/credit-cards/compare/

Somehow I don't think my wife and I are putting through the requisite $100k a year on our card to have to look too closely at this deal!

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danepak

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#2270009 4-Jul-2019 16:27

Ah, I see.
Nah, we won't be spending that amount either.

I got our ANZ credit card fee waived the first year.
Likely that Westpac would do the same, you reckon?
After all, they all want our business, don't they?

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#2270086 4-Jul-2019 17:53

maxeon:

However, recently came across https://www.pointhacks.co.nz/ which I am thinking of taking up Amex.

Amex isn't as widely accepted as Visa and Mastercard.

Too bad there's no real way to do manufactured spending in NZ.

GSManiac

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#2271318 7-Jul-2019 14:37

I hope one day Apple launches Apple Card in NZ. I’d switch in an instant.

33coupe

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#2275526 12-Jul-2019 23:07

danepak: Ah, I see.
Nah, we won't be spending that amount either.

I got our ANZ credit card fee waived the first year.
Likely that Westpac would do the same, you reckon?
After all, they all want our business, don't they?

Westpac should waive the fee. I joined them cos they were offering one year zero account fee (I also bank with them). Think I managed to get another year free out of them.
If I see an account fee on there I'm sure they'll reverse it if I threaten to leave.

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