28 March 2024. Canstar is today proud to announce the winner of its Bank of the Year, Credit Cards Award. For the second consecutive
year, the winner is TSB. The bank is also the winner of two Outstanding Value Awards, for its Low Rate Mastercard and
Platinum Mastercard.
Canstar’s expert panel noted TSB held its top position due to its low purchase interest rate, generous cashback offer
and high customer satisfaction rating. TSB swept top marks in customer satisfaction categories including Overall
Satisfaction, Value for Money, Communication and Customer Service.
Bruce Pitchers, Canstar Content and Editorial Manager, said Kiwi consumers appreciated TSB’s high-value credit card
offer. “We’re deep in a cost-of-living crisis, and we know from our Consumer Pulse research that more than a quarter of
Kiwis are extremely worried about basics like the cost of groceries.
“At times like this credit cards are an extremely valuable financial tool to manage cashflow, and offset immediate
costs. TSB’s market-leading offers are, unsurprisingly, being very well received in this market. They are helping make
New Zealanders' lives just that little bit easier, and the team should be proud of this endorsement of their product and
service.”
TSB’s Acting GM Product & Marketing, Peter Chisnall, said the team was “thrilled” to win the three awards, for the second year running. “This
recognition shows our focus on products that matter to customers is paying off. The fact we can compete with and
outperform other banks by offering simple and valuable products gives us the confidence we’re doing the right thing.
“We’re also proud of the high customer satisfaction ratings component of the Bank of the Year award. Our vision is to be
the easiest bank to deal with, and part of that is a commitment to support customers and provide customer service that
is second-to-none.”
The Bank of the Year, Credit Cards Award is based on a bank’s cumulative performance across each Credit Card Star Rating
profile as well as the satisfaction levels of its customers. The customer satisfaction score is based on weighted scores
for the drivers of overall satisfaction including value for money, customer service, security and communication.
Canstar Credit Card Star Ratings use a sophisticated rating methodology, unique to Canstar, which compares credit card
products in New Zealand and presents the results in a simple, user-friendly format. It compares all types of personal
unsecured credit cards in New Zealand and accounts for an array of characteristics including fees and interest rates,
features and rewards. This year, 34 cards from 10 different providers were rated using the methodology.