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  1. #1

    Default What credit card should I sign up for?

    So this is kind of like part two of my epic adventure to get set up with BNZ with a home loan and one investment property. In my previous thread I was trying to figure out what account type to choose for my business transaction account. Now I'm looking to decide which credit card to use with my personal revolving credit.

    BNZ offers either FlyBuys cards or GlobalPlus cards in Classic, Gold and Platinum. They also have an All Blacks Mastercard.

    You can choose from Visa, Mastercard or American Express, but American Express has consistently better rewards.

    Which card is best suited for the needs of revolving credit? And which card offers the best overall rewards? Is it worth getting American Express which has double Fly Buys? If you transfer Fly Buys to air points does it work out the same as just getting GlobalPlus air points?

    We typically spend around $2000 expenses per month.

    Any advice appreciated

  2. #2
    Join Date
    Jan 2004
    Location
    Whangarei
    Posts
    5,867

    Default

    I use a gold global plus mastercard and it's great for the airpoints. However, it's best to use them on air travel as the rewards are all full retail. They keep offering me the platinum one but the fees are higher and it's too much of a hassle to transfer all my existing payments.

  3. #3
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,760

    Default

    I suspect that one would need to be very, very wary of the fine print in any Amex
    CC, even if it comes from a bank, rather than from Amex direct. You should perhaps
    also consider that many retailers will not accept Amex, preferring MCard or Visa.
    With all the Draconian new laws for residential rental LLs, perhaps AirBnB would be better? To avoid any hassle in Hawke's Bay, consult Be My Hostess. Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  4. #4
    Join Date
    May 2012
    Posts
    398

    Default

    ANZ has a cashback card that gives you 1% of your purchases back in cash at the end of the year. The standard card has a $50 annual fee. If you aren't into airpoints, then that one is almost certainly going to be the best for you (rather than gimmicky things like Westpac's hotpoints, which have heft annual fees anyway).

    At the moment I'm with Kiwibank for my CC on their Zero Mastercard, which has $0 annual fee if you use it every 3 months (I put everything on it). I signed up for a 2.99% interest rate for 6 months, which is lower than my mortgage, so I'm paying off the mortgage first and will do a lump-sum payment at the end of the 6 month period to clear it.

  5. #5
    Join Date
    Nov 2012
    Posts
    289

    Default

    That ANZ cc sounds good - so too the kiwibank one

    I get free gold card with westpac but when look at the kiwibank deal would not be paying an
    annual fee anyway - could be costing me compared to the ANZ deal

    I too got offered the platinum mastercard but the annual fee was going to be $250 and bank manager
    said they would not give it to me for free - this yonks ago (7+ years) but it also included a concierge service that you rung if you wanted to arrange flowers , suppose call a plumber to a rental etc - anyone know if its still operating ? Had my own concierge for 12 years anyway - sleep at the mo
    Last edited by iwik; 03-12-2012 at 01:12 AM.

  6. #6
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,760

    Default

    As the expression goes: it depends on how you slice and dice it.
    The high cost cards have o'seas travel insurance included, but
    that's no use if you don't travel o'seas every 2-3 years. Some
    also have a full fee refund if one can manage to spend $30k per
    six months. That's in addition to the airpoints dollars and free
    additional and replacement cards and such like.

    Further, it's not as simple as just saying: one gets flybuys or
    airpoints, as the ratios very significantly. E.g. the top dollar
    fee cards might give you one point for every $90 spent on
    the card (90:1); the cheaper ones may be 200:1 (guessing).
    With all the Draconian new laws for residential rental LLs, perhaps AirBnB would be better? To avoid any hassle in Hawke's Bay, consult Be My Hostess. Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  7. #7
    Join Date
    May 2012
    Posts
    398

    Default

    Also might want to check Consumer magazine. They did profiles on all the various CC programmes out there about a year ago and concluded that most of them weren't worth it in the end, unless you spent huge amounts of money (some of them weren't worth it even then). That is partly why I like the ANZ cashback offer - it is very simple and as it gives you straight cash back, it's easy to compute whether you're truly getting value (compared to a 'concierge service' or travel insurance you may never use).

    For CC travel insurance, bear in mind that as this is a 'sweetener' product, it actually has some nasty fish hooks in there. For example I read a story on stuff recently about complaints around insurance, with about 50% of them being on travel insurance. One specific example was a CC travel insurance that covered you for travel cancellations as a result of the death of an immediate family member, but it put an age limit on it up to 80. So if your 82 year old mother passed away, you'd be hugely out of pocket, compared to just paying the $60 or whatever it cost to get a proper travel insurance policy.
    Last edited by Lanthanide; 03-12-2012 at 10:46 AM.

  8. #8
    Join Date
    Aug 2003
    Posts
    7,609

    Default

    BankDirect Visa low interest is comparable annual fee + 12.7% interest - but doesn't have any bells and whistles (flybys, airpoints etc)
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  9. #9

  10. #10
    Join Date
    Nov 2008
    Posts
    1,046

    Default

    The travel insurance deal has changed--best to check details if thats one of your influences


 

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