NZ’s Best Credit Cards

Bank of the Year | Credit Cards

Congratulations to TSB, the winner of Canstar’s 2023 award for Bank of the Year | Credit Cards.

Each year, Canstar’s expert research team evaluates all the major credit cards on the market. This year, 34 cards from 11 different providers were rated using an exacting methodology. The awards and ratings are split into three main categories:

• Low Rate Cards
• Reward Cards: $12,000 | $24,000 | $60,000 | $120,000 Annual Spend
• Flight Reward Cards: $12,000 | $24,000 | $60,000 | $120,000 Annual Spend

When rating the performance of the cards, our research team judges them for features including:

The results are then condensed into a consumer-friendly five-star concept. Top-rating cards in each category are rewarded our top 5-Star awards for Outstanding Value. And the overall best credit card provider earns our prestigious Bank of the Year | Credit Cards Award.

TSB: Bank of the Year | Credit Cards

This year’s winner of Canstar’s Bank of the Year | Credit Cards Award is the TSB.

The TSB’s win comes against a backdrop of big changes to the rewards offered by many credit card providers. Due to government legislation that has capped the fees credit card providers charge to merchants, many card issuers have dialled back the rewards they offer. But not the TSB, which has issued two new cards that together deliver the lowest interest rate in the market plus some of the best rewards.

The TSB’s low-rate card is nearly 3% cheaper than the next most competitive product. And for a $90 annual fee, its Platinum Mastercard earns $1 cashback for every $70 spent, with no cap on the amount of cashback you can earn. This compares to $90 on the BNZ Advantage Visa Platinum, for the same annual fee.

TSB’s Award Winning Credit Cards

TSB offers two great credit card options:

TSB Low Rate Mastercard

Features:

• Mobile phone protection (T&Cs apply)
• Up to 55 days interest free

Fees and charges:

• $20 annual fee
• Additional card: $5 p.a.
• Purchase & cash advance interest rate: 9.95% pa

TSB Platinum Mastercard

Features:

• $1 cashback for every $70 spent on eligible purchases
• Mobile phone protection (T&Cs apply)
• Domestic & overseas travel insurance (Exclusions, T&Cs apply)
• Up to 55 days interest free

Fees and charges:

• $90 annual fee
• Additional card: $5 p.a.
• Purchase interest rate: 20.95% p.a.
• Cash advance interest rate: 22.95% p.a.

Compare Rewards Credit Cards

Compare Credit Cards with Canstar

If you are looking for a new credit card, then let Canstar be your guide. Perhaps you want one with a low interest rate, or low fees, or want to swap your rewards card from points to cash. Our free credit card comparison tool compares all the major cards in the market and awards the best our prestigious Star Ratings.

The comparison table below displays some of the low rate credit cards currently available on Canstar’s database for Kiwis looking to spend around $2000 per month (some may have links to providers’ websites). The products are sorted by our latest Star Rating (highest to lowest), followed by provider name (alphabetical). Use Canstar’s credit card comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.

Compare Credit Cards with Canstar here!

Canstar’s 5-Star Winning Credit Cards

Our 5-Star winning credit cards deliver true value, whether you’re looking for a card with a low rate of interest, or one that offers great rewards, whatever your annual credit card spend.

Outstanding Value Low Rate Credit Card

Credit cards from three banks earned our 5-Star Outstanding Value Rating for their low-rate cards:

• ANZ Low Rate Visa
• TSB Low Rate Mastercard
• Westpac Fee Free Mastercard

Outstanding Value Rewards Credit Card

The following rewards credit cards earned 5-Star Outstanding Value Ratings across different annual spends:

Rewards $12,000 Annual Spend

• SBS Visa
• TSB Platinum Mastercard

Rewards $24,000 Annual Spend

• TSB Platinum Mastercard
• BNZ Advantage Visa Platinum – Flybuys Option

Rewards $60,000 Annual Spend

• TSB Platinum Mastercard
• BNZ Advantage Visa Platinum – Flybuys Option

Rewards $120,000 Annual Spend

• TSB Platinum Mastercard
• Westpac Hotpoints World Mastercard

Outstanding Value Flight Rewards Credit Card

The following flight rewards credit cards earned 5-Star Outstanding Value Ratings across different annual spends. And, as you can see, it’s Amex that dominates:

Flight Rewards $12,000 Annual Spend

• American Express Airpoints Card

Flight Rewards $24,000 Annual Spend

• American Express Airpoints Card
• American Express Airpoints Platinum Card

Flight Rewards $60,000 Annual Spend

• American Express Airpoints Card
• American Express Airpoints Platinum Card

Flight Rewards $120,000 Annual Spend

• American Express Airpoints Platinum Card
• Westpac Airpoints World Mastercard

For more information on this year’s award, and to compare different credit cards for free with Canstar’s comparison tool, just click on the button below.

Check out our 2023 Credit Card Star Ratings here!

About the author of this page

This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.