BNZ rewards -cash option looks best.

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Forums › Finance and wealth management › BNZ rewards -cash option looks best.

rugrat

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#302604 5-Dec-2022 17:18

Can see list of rewards here:

https://rewards.bnz.co.nz/gift_card/listing

Also if click on lines top left can see cash reward. Do not need to log in to see rewards.

If move cash to 300 points pays just over $2, so 150 points per $1.

When looking through non cash rewards, it takes over 3000 points to get $20, and other amounts of non cash rewards work out less then $1 for every 150 points as well.

Maybe it is for suckers that don’t take cash? 😂

I don’t know if getting other rewards like travel etc is just as bad a deal.

Taking cash works out about the same as previous reward scheme, just reward if taken in cash is paid to credit card and not bank account, so lowers free credit on card slightly.

Mehrts

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#3006082 5-Dec-2022 19:03

I just wish they'd stuck with the old way of doing things. Cashback or Flybuys. Simple.

None of this redeeming BNZ points BS just to have funds returned to you..

cokemaster

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#3006104 5-Dec-2022 21:25

With a number of the banks dropping or planning to drop the earn rates on cards, it would be good to see what is the best offering moving forward.

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billgates

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#3006105 5-Dec-2022 21:28

TSB’s recently announced Platinum Master card is the best cash back card now. $1 cash back for $70 spent. BNZ Visa Platinum is second with $$1 cash back for $90 spent even after their recent points to cash introduction.

Do whatever you want to do man.

cokemaster

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#3006110 5-Dec-2022 21:35

@billgates - are these post-retuning due to upcoming interchange?

I know Westpac has recently changed their points (https://www.westpac.co.nz/credit-cards/changes-to-your-westpac-hotpoints-credit-card-rewards/ & https://www.westpac.co.nz/credit-cards/changes-to-your-airpoints-credit-and-debit-card-rewards/ ). I'd definitely consider a move if that is the case.

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billgates

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#3006111 5-Dec-2022 21:38

@cokemaster. TSB only announced the new card with this new cash back scheme last week so I would think that TSB would have taken the interchange fees into account else they will have a lot of unhappy new customers if they change there cash back within 2 months of launching a new product

Do whatever you want to do man.

rugrat

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#3006137 6-Dec-2022 02:02

billgates:

cokemaster. TSB only announced the new card with this new cash back scheme last week so I would think that TSB would have taken the interchange fees into account else they will have a lot of unhappy new customers if they change there cash back within 2 months of launching a new product

Looks like TSB is no good if use Apple Pay. They’re not listed on Apples bank support page, and could find on TSB’s web site that Apple Pay not supported for their debit cards, so guessing same for credit.

As BNZ only introduced points to cash scheme doubt that is going to change in next few months either.

Things didn’t go to well for ASB when they proposed to reduce rewards.

https://www.stuff.co.nz/business/money/300690414/asb-backs-down-on-plan-to-cut-credit-card-rewards-after-customer-feedback

Be interesting to see what happens with Westpac, as it looks like they are cutting the rewards back quite a bit for the big spenders.

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Aaroona

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#3006567 6-Dec-2022 19:05

cokemaster:

With a number of the banks dropping or planning to drop the earn rates on cards, it would be good to see what is the best offering moving forward.

Is there some details I've missed as to why (besides the greed factor)?

When they're collecting huge amounts of money in interest from home loans, general loans, over drafts etc. It seems like credit card rewards would be a fairly small amount of their actual costs? Surely with interest rates going up, it becomes even less of an argument of cost?

Or am I looking at it too simply?

jonathan18

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#3006580 6-Dec-2022 20:52

Isn’t it the new restrictions on fees etc that have recently come into force?

https://www.nzherald.co.nz/nz/politics/governments-credit-card-fee-cap-comes-into-force-today/

I don’t recall getting any alert about the change, but rather just being notified of the need to select an option. Given I selected this card for its cash back, it was a nobrainer to continue with this.