Best credit card rewards scheme

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Forums › Finance and wealth management › Best credit card rewards scheme

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Earbanean

916 posts

Ultimate Geek

#2554586 1-Sep-2020 08:20

shk292:

Earbanean:

That was pretty convenient, but the vouchers were for a limited number of stores. However, they've now brought out:

https://hotpoints.co.nz/rewards/phoenix/Westpac_NZ_Rewards/ProgramInfo/hotpoints_pay

Haven't got into the details, but it seems to mean you can use your points on anything anywhere, where you pay by Mastercard. Just go to the app on your phone and tell it your next Mastercard purchase is coming off Hotpoints, rather than your credit card. Then buy it. Haven't looked into the fine print on the conversion rate for that though yet.

This new scheme doesn't seem very good value. As an example, I currently have 38,081 hotpoints, and that would give me $171.36 using hotpoints pay. Or, for 36,000 points I could get a $200 voucher to use in Noel Leeming, Bunnings etc. So it's more convenient and flexible but you're paying a 20% premium for that

Yeah, I wondered if that might be the case. As I said, I hadn't checked the fine print for the conversion rate. That's where the catch can be. Like when they did petrol vouchers for hotpoints. The conversion rates on that was a lot less than vouchers for all the other retailers.

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concordnz

465 posts

Ultimate Geek

Trusted

EMT (R)

#2555479 2-Sep-2020 10:51

I used to have platinum card partly for the travel insurance - ideal for 'normal' countries like AUS/UK.
(maybe not USA - but their health system is far from 'normal' l
I wouldn't otherwise get travel insurance - so it was a low cost way of having 'some form'.

I've recently reduced my cards in favor of other forms of credit access for my financial 'buffer'.
(I used to have a 40k limit on a platinum card.)

I used to use a Airpoints reward card as my 'primary driver'.
I'm now steering away from that and spending my residual Airpoints - as I can easily see AirNZ devaluing it's Airpoints system for financial reasons (their Accountants will tell them it's an easy thing to do, when they max their govt loan in 12 months)
I can't see myself doing any Australian holidays or visiting friends in Melbourne any time in the next 2 years.

I've moved to a Cashback Card,

& I also benefit from 55 interest free days.
(Vrs the 30 or 44 which was on the other card)
Number if interest free days - is a benefit well worth taking into consideration too.

nate

6473 posts

Uber Geek

Retired Mod

Trusted

Lifetime subscriber

#2555525 2-Sep-2020 11:42

concordnz: Number if interest free days - is a benefit well worth taking into consideration too.

I hadn't really taken this into account - my current Kiwibank card is only 44 days interest free. It seems with the different banks, different products range from 44-55 days interest free. I have no idea why.

PurpleMonkey

6 posts

Wannabe Geek

#2559777 7-Sep-2020 17:27

+1 for Amex platinum edge credit card.
You can convert points to quite a few airline schemes too.
As tardtastic mentioned, more and more places are accepting it, but I do have a ANZ Qantas points visa for backup. Another good points scheme though no longer offered.

Amex Customer service is amazing too. No phone queues and they’ve cleared interest changes twice when I’ve accidentally missed a payment.

DarkShadow

1647 posts

Uber Geek

#2559810 7-Sep-2020 18:47

gz343:

The Flight Centre Mastercard has no fees on overseas transactions. Not sure about the exchange rate, but saving 2.25% on a purchase can add up over time.

https://www.flightcentremastercard.co.nz/

I have this card. The exchange rate is the Mastercard rate which is pretty close to the mid-market rate. The savings you get are legit, especially if you go backpacking or on some other long trip.

However, redeeming the rewards on this card can be frustrating. It can only be used for Flight Center and you have to deal with human travel agents and their idiosyncrasies.

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