INDEPENDENT NEWS

CardWatch: Rewards Program Update

Published: Wed 21 Sep 2005 03:40 PM
www.cardwatch.co.nz
September 21, 2005
CardWatch: Rewards Program Update
Should you join your credit card rewards program?
For most New Zealand credit card users the answer is yes. CardWatch’s
latest survey of Credit Card Rewards Programs shows that the fees charged
to participate in these programs are minimal compared to the value of rewards
the average cardholder can earn. In many cases the value of rewards earned
will exceed the annual card fee too.
In the September 2005 Update
- Westpac today launched a new rewards-oriented credit card – see how it stacks up against other rewards programs
- Changes to rewards schemes have affected the “purchasing power” of credit card expenditure
CardWatch fully incorporates the value of rewards programs into their Credit Card Star Ratings every six months, but it is also valuable for credit cardholders to see what they would have to spend on different cards to earn the same rewards.
Results are included in the tables below, and the full details of CardWatch’s review can be viewed at www.cardwatch.co.nz
Scheme / Earnings rate / Spending for $100 voucher / Spending for $100 of products / Spending for $100 rebate / Spending for AKL - CHC return / Spending for AKL - SYD Return
American Express Membership Rewards / $1 = 1 point*1 / $15,000 $13,846 - Direct Ticket $18,000; Converted from $26,702 / Direct Ticket from $30,000; Converted $60,035
American Express MoneyBack / Tiered depending on spending / - / - / $10,000 / - / -
ASB True Rewards / $1 = 1 point*2 / $11,800 / - / - / Using TRIPS from $25,500; Converted from $32,710*4 / Using TRIPS from $35,800; Converted from $59,710*4
BNZ Fly Buys / $50 = 1 point*3 / - / $24,320 / - / $55,000 / $89,500
BNZ Fly Buys - Rewards Plus / $40 = 1 point*3 / - / $19,456 / - / $44,000 / $71,600
BNZ Visa Platinum $1 = 1 point / $13,000 / $14,002 / - / From $21,800 / From $39,800
GlobalPlus / $150 = 1 Airpoints dollar*3 / - / - / - / From $32,700 / From $59,700
GlobalPlus Gold / $100 = 1 Airpoints dollar*3 / - / - / - / From $21,800 / From $39,800
Qantas ANZ / $1 = 1 point up to $10,000; then $2 = 1 point / - / - / - / $16,000 / - / $22,000 / $36,000 / - / $62,000
Qantas ANZ Gold / $1 = 1 point up to $30,000; then $2 = 1 point / - / - / - / $16,000 / $36,000 / - / $42,000
The Warehouse $1 = 1 point $12,500 / - / - / - / -
Thoroughbred Card CashBack / Tiered depending on spending / - / - / $10,000 / - / -
Westpac hotpoints $1 = 1 point $12,500 / - / - / Converted from $27,260*4 / Converted from $49,760*4
Westpac hotpoints Gold / $1 = 1.25 points / $10,000 / - / - / Converted from $21,810*4 / Converted from $39,810*4
NEW Westpac hotpoints Titanium / $1 = 1.5 points / $8,333 $8,836 / - / Converted from $18,177*4 / Converted from $33,177*4
*Notes
1 Double points until the end of 2005 under Turbo, or end of 2006 on Platinum Card
2 Double points on overseas spending on Gold cards
3 Double points on American Express cards until the end of 2005
4 Vouchers can also be used for travel at Voucher rate described
ENDS

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