If you pay off your credit card in full each month, a rewards credit card is a great way to earn freebies. Cash, rewards points and Airpoints are all on offer, and the more you spend the more you can earn. So to find the best rewards card to match your lifestyle and spend profile, let Canstar’s latest Credit Card Awards and Star Ratings be your guide.
Rewards credit cards
Rewards cards tend to come with higher fees and interest rates. So they’re not ideal for users who regularly have an outstanding balance. Instead, rewards cards are great for those who spend within their limits, and use their credit card with the aim of accumulating rewards.
As long as you clear your outstanding balance each month, if you use the card for all your spending, you can amass hundreds of dollars of rewards, all for the cost of the card’s annual fee. However, before applying for a rewards card, keep in mind:
- Are the rewards worth the fees and costs involved? Rewards cards usually come with higher fees and interest rates than regular credit cards. So if you’re not putting enough on the card, and accumulating enough rewards, the card might end up costing you more than the rewards you’re earning.
- Are you overspending for the sake of rewards? It’s easy to think “only XX more dollars and I’ll earn another point”. If you’re spending on your card purely to earn extra rewards, a rewards card may not be for you, especially if you’re spending beyond your means.
Canstar’s 5-Star Outstanding Value Rewards Credit Cards
Each year, Canstar’s expert research team evaluates all the major credit cards on the market. The awards and ratings are split into categories and spend levels, including:
- 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:
- Fees/interest rates
- No frills benefits
- Number of interest-free days
- Premium features
- Reward/loyalty programs
- Standard features
Canstar’s 5-Star 
Outstanding Value Rewards Credit Cards
The best performing cards earn our awards for 5-Star Outstanding Value. Here are this year’s 5-Star Outstanding Value Award winners across different annual-spend levels:
Rewards $12,000 Annual Spend
- SBS Visa
Rewards $24,000 Annual Spend
- ASB Visa Platinum
- SBS Visa
- TSB Platinum Mastercard
Rewards $60,000 Annual Spend
- ASB Visa Platinum
- BNZ Advantage Visa Platinum
- TSB Platinum Mastercard
Rewards $120,000 Annual Spend
- ASB Visa Platinum
- Westpac hotpoints World Mastercard
Outstanding Value Flight Rewards Credit Cards
The following flight rewards credit cards earn 5-Star Outstanding Value Awards across different annual spends. 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
Flight Rewards $60,000 Annual Spend
- American Express Airpoints Platinum Card
- American Express Gold Rewards Card
Flight Rewards $120,000 Annual Spend
- Westpac Airpoints World Mastercard
- American Express Gold Rewards Card
Top Earning Rewards Credit Cards
As we mention above, our 5-Star Outstanding Value winners are judged across a range of categories, including features, fees and interest rates. But we thought it would also be interesting to crunch the numbers on the cards that deliver the biggest rewards cashbacks:
| Provider | Card | Purchase Rate | Annual fee | Spend for $100 Rewards |
| American Express | Gold Rewards Card | 22.95% p.a. | $200 | $10,000 |
| ASB | Visa Platinum | 19.95% p.a. | $80 | $10,000 |
| TSB | Platinum Mastercard | 20.95% p.a. | $90 | $10,000 |
| Westpac | hotpoints World Mastercard | 16.95% p.a. | $285 | $10,121 |
| BNZ | Advantage Visa Platinum | 18.95% p.a. | $90 | $12,740 |
| SBS | Visa Credit Card | 19.65% p.a. | $0 | $15,000 |
Source: www.canstar.co.nz – 25/03/2026. Based on personal credit cards on Canstar’s database. Table sorted in ascending order by spend required. Calculations assume every dollar spent contributes to the cashback rewards.
Compare Credit Cards with Canstar
If you’re interested in a new credit card, our free comparison tool covers all the major cards in the market, and includes our prestigious Star Ratings.
The comparison table below displays some of the rewards 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 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.
About the author of this page
Bruce Pitchers is Canstar NZ’s Content Manager. An experienced finance reporter, he has three decades’ experience as a journalist and has worked for major media companies in Australia, the UK and NZ, including ACP, Are Media, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. As a freelancer, he has worked for The Australian Financial Review, the NZ Financial Markets Authority and major banks and investment companies on both sides of the Tasman.
In his role at Canstar, he has been a regular commentator in the NZ media, including on the Driven, Stuff and One Roof websites, the NZ Herald, Radio NZ, and Newstalk ZB.
Away from Canstar, Bruce creates puzzles for magazines and newspapers, including Woman’s Day and New Idea. He is also the co-author of the murder-mystery puzzle book 5 Minute Murder.
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