If you are a disciplined spender who pays off your credit card balance in full every month, a rewards or cashback credit card can be an excellent way to earn freebies on your everyday purchases. From supermarket runs to utility bills, putting your regular expenses on the right card can yield hundreds of dollars in value each year.
This comprehensive guide explores the best rewards and cashback credit cards available in New Zealand for 2026. We have conducted deep research to bring you the top 10 options, comparing their earning rates, annual fees, and premium benefits to help you find the perfect card to maximise your returns.
Understanding Rewards and Cashback Cards
Rewards and cashback credit cards are designed to give you a percentage of your spending back, either as direct cash credited to your account or as points that can be redeemed for travel, merchandise, or gift cards.
However, these cards typically come with higher annual fees and higher interest rates than standard credit cards. Therefore, they are only beneficial if you clear your balance entirely each month. If you carry a balance, the interest charges will quickly wipe out the value of any rewards you earn. As a general rule, you need to spend at least $5,000 to $10,000 a year on your card to justify the annual fee and start seeing a real return on your investment.
Top 10 Rewards and Cashback Credit Cards in New Zealand
Here is our curated list of the top 10 rewards and cashback credit cards for 2026, featuring a mix of premium high-earning cards and excellent low-fee options.
1. American Express Gold Rewards Card
The American Express Gold Rewards Card is widely considered the king of rewards cards in New Zealand. It offers an exceptional earning rate of 2 Membership Rewards points for every $1 spent on eligible purchases.
While it carries a $200 annual fee, the benefits far outweigh the cost for moderate to high spenders. The card frequently offers massive sign-up bonuses, such as 50,000 Membership Rewards points. These points are highly flexible and can be transferred to various airline partners, including Air New Zealand (where 150 points equal 1 Airpoints Dollar). Additionally, the card includes premium perks like dining credits and comprehensive travel insurance.
2. ASB Visa Platinum Rewards
The ASB Visa Platinum Rewards card is a fantastic all-rounder that offers flexibility in how you earn. You can choose to earn 1 True Rewards dollar for every $100 spent, or 1 Everyday Rewards point for every $1 spent.
With an $80 annual fee, this card sits in the sweet spot between cost and benefits. It includes excellent overseas travel insurance for you and your family. Currently, ASB is offering a generous $300 cash back bonus when you open a new account before 10 May 2026, making it an incredibly attractive option for new customers.
3. ANZ CashBack Visa Platinum
If you prefer cold, hard cash over points, the ANZ CashBack Visa Platinum is a top-tier choice. It offers a straightforward earning rate of $1 cash back for every $100 spent on eligible purchases.
This card has a $150 annual fee, meaning you need to spend $15,000 a year just to break even on the fee. However, for high spenders, the unlimited cashback potential is highly lucrative. The card also comes with complimentary overseas travel insurance, adding significant value for frequent flyers.
4. TSB Platinum Mastercard
The TSB Platinum Mastercard is a strong contender in the rewards space, offering a competitive earning rate of 1 TSB Rewards point (equivalent to $1) for every $100 spent.
With a $90 annual fee, it requires a $9,000 annual spend to cover the cost of the card. TSB's rewards programme is straightforward and easy to understand, making it a great option for those who want simple, reliable returns on their everyday spending without navigating complex points systems.
5. Westpac hotpoints World Mastercard
For those who want premium travel benefits alongside their rewards, the Westpac hotpoints World Mastercard is a luxurious option. It earns 1 hotpoint for every $100 spent.
This card comes with a hefty $285 annual fee, but it justifies the cost with top-tier perks. Cardholders receive Priority Pass lounge access, comprehensive travel insurance, and a dedicated concierge service. It is best suited for high-income earners who travel frequently and value premium experiences.
6. ANZ CashBack Visa
The standard ANZ CashBack Visa is a great entry-level cashback card. It offers an earning rate of $1 cash back for every $150 spent on eligible purchases.
With a lower annual fee of $65, the break-even point is much more achievable at $9,750 per year. Like its Platinum sibling, there is no cap on the amount of cashback you can earn. It is an excellent choice for moderate spenders who want the simplicity of cash rewards without paying a premium annual fee.
7. ASB Visa Rewards
The ASB Visa Rewards card is perfect for those who want to earn rewards while keeping fees to an absolute minimum. It earns 1 True Rewards dollar for every $150 spent, or 1 Everyday Rewards point for every $2 spent.
What makes this card stand out is its low account fee structure (effectively $0 annual fee). Furthermore, if you choose the Everyday Rewards option, you receive 2,000 bonus points every 6 months. This makes it one of the best value propositions on the market for light to moderate spenders.
8. BNZ Advantage Visa Platinum
The BNZ Advantage Visa Platinum offers a solid rewards programme, earning 1 BNZ point for every $100 spent on eligible purchases.
It carries a $90 annual fee and includes standard platinum benefits such as travel insurance. While BNZ has recently announced some devaluations to their rewards programme effective early 2026, this card remains a viable option for existing BNZ customers who want to keep their banking consolidated while earning points.
9. SBS Visa Credit Card
The SBS Visa Credit Card is a hidden gem in the New Zealand credit card market. It offers an earning rate of 1 SBS point (equivalent to $1) for every $150 spent.
The standout feature of this card is that it charges absolutely no annual fee. This means every point you earn is pure profit, with no break-even spend required. It is the perfect card for light spenders or those who want to dip their toes into the world of rewards cards without any financial commitment.
10. Kiwibank Platinum Visa
Rounding out our top 10 is the Kiwibank Platinum Visa. It offers an earning rate of 1 Kiwibank point for every $100 spent.
With a very reasonable $50 annual fee for a platinum-tier card, it provides excellent value. The card includes complimentary overseas travel insurance and up to 55 interest-free days on purchases. It is a strong, reliable option for those who want platinum benefits without the exorbitant fees typically associated with premium cards.
How to Maximise Your Rewards
To get the most out of your rewards or cashback credit card, you should aim to channel as much of your everyday spending through it as possible. Use it for groceries, petrol, utility bills, and larger purchases like electronics or travel.
However, the golden rule remains: never spend money you do not have just to earn points. Always pay your statement balance in full by the due date to avoid interest charges. By combining disciplined spending with the right card from our top 10 list, you can turn your regular expenses into valuable rewards and cash in your pocket.
Key Takeaway
Always pay your statement balance in full every month when using a rewards card. The interest charges on carried balances will quickly wipe out the value of any rewards or cashback you've earned.
