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.
What are Canstar's rewards credit cards awards
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 rewards 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 spend
- SBS Visa
Rewards $24,000 spend
- ASB Visa Platinum
- SBS Visa
- TSB Platinum Mastercard
Rewards $60,000 spend
- ASB Visa Platinum
- BNZ Advantage Visa Platinum
- TSB Platinum Mastercard
Rewards $120,000 spend
- ASB Visa Platinum
- Westpac hotpoints World Mastercard
Canstar's 5-Star flight rewards 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 spend
- American Express Airpoints Card
Flight rewards $24,000 spend
- American Express Airpoints Card
Flight rewards $60,000 spend
- American Express Airpoints Platinum Card
- American Express Gold Rewards Card
Flight rewards $120,000 spend
- Westpac Airpoints World Mastercard
- American Express Gold Rewards Card
Top-earning rewards 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.
Rewards credit cards: what to consider
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.
