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American Express wins best credit card rewards provider

Published: Tue 21 Sep 2021 09:56 AM
Kiwis are adjusting their spending habits as they try to maximise credit card rewards in a COVID-ravaged world.
And now, Canstar can announce New Zealand’s favourite provider of such rewards: American Express.
For the third year running, American Express has taken the title of Kiwis’ favourite credit card rewards provider.
This year’s win was emphatic, with American Express sweeping 5 stars across all drivers of satisfaction, including customer service, value for money, and rewards.
Jose George, Canstar New Zealand General Manager, said the sweep of 5 stars was impressive, as is American Express’s winning streak.
“American Express is clearly delivering for its customers, across both rewards and value. At a time of flux for credit cards, they have once again shown they are leaders in this field. Congratulations to the team.”
While a lot of Kiwis still use their rewards to travel NZ, a third of Kiwis say they now prefer cashback rewards cards or rewards programs that can be used for purchases at stores or to pay for purchases.
More than half say they use their credit cards for day-to-day expenditure to build up benefits for their overall financial health.
Indeed, Reserve Bank data has shown notable confidence in the economy over recent months, with credit card spending reaching record highs in May, before starting to cool off. The ongoing effect of the latest lockdown is not yet evident in the data.
Mr George said the figures reflected confidence in the economy, but warned Kiwis should have a buffer for headwinds. The onset of the Delta variant, along with rising inflation and an expectation of higher interest rates meant caution was needed.
“Credit cards are a very useful financial tool, particularly when they provide rewards,” he said. “But we are facing a period of extreme volatility, and it is important to have a plan for repayments and management of the debt.”
For further details please visit the Canstar NZ site, here
CANSTAR provides Australia and New Zealand's only fully interactive online research service in retail and business finance. Founded in 1992, CANSTAR Pty Limited (formerly CANNEX) is Australia and New Zealand's premier researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients. CANSTAR researches, compares and rates a suite of banking products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at www.canstar.co.nz if you would like to view the latest star ratings reports of interest. © CANSTAR New Zealand Limited (3225469), 2008-2013. The recipient must not reproduce or transmit to third parties the whole or any part of this work, whether attributed to CANSTAR or not, unless with prior written permission from CANSTAR, which if provided, may be provided on conditions. To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR New Zealand Limited (3225469) FSP 200146 and does not take into account your individual investment objectives, financial circumstances or needs. Information provided does not constitute financial, taxation or other professional advice and should not be relied upon as such. CANSTAR recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser. A Product Disclosure Statement relating to the product should also be obtained and considered before making any decision about whether to acquire the product. CANSTAR acknowledges that past performance is not a reliable indicator of future performance.

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