Best Gold and Platinum Credit Cards in New Zealand: When the Annual Fee Actually Pays for Itself

I called four banks last Tuesday. Sat on hold, pressed buttons, got transferred. Asked one question: “When does your gold or platinum card actually make financial sense?” The answers were revealing. Not because of the marketing spin – because of the contradictions.

We’re told a card with a $150 annual fee is a luxury. But if you fly once a year, carry the right insurance, and don’t revolve a balance, the fee can be cheaper than buying those things separately. That’s the test. Not the prestige. The math.

Below is not a ranking. It’s a collection of cards, arranged by how I would think about them if I were deciding where to put my own wallet. Some get long explanations. Some get a sentence. Because not every card deserves the same amount of ink.

ANZ Platinum: The Every-Expense Computer

ANZ’s Platinum card costs $150 annually. It comes with a standard set of perks: complimentary travel insurance (domestic and international), purchase protection, and extended warranty. The travel insurance covers rental vehicle excess – a detail that, if you’ve ever scraped a rental car in Queenstown, is worth the fee by itself.

I spent an hour sizing this up against a standalone travel insurance policy. For a couple heading to Rarotonga for a week, the cheapest comprehensive policy from a reputable NZ insurer runs about $80 for two people. Add rental vehicle excess cover: another $30. That’s $110 already. The card also throws in a free second card for a partner, some airport lounge passes (only two per year, but still), and zero foreign transaction fees on purchases. Suddenly that $150 fee looks like it’s covering $200 worth of stuff you’d otherwise buy.

The catch: the interest rate is currently around one point higher than some competitors, and the reward program is just Airpoints Dollars at a modest earn rate. If you carry a balance – ever – the math shifts violently against you. This card is for people who clear the statement in full. Full stop.

Westpac Platinum: The Short-Stay Specialist

Westpac’s Platinum Airpoints card costs $150. The travel insurance is decent but has a quirk: domestic trips over three days aren’t covered. That’s a dealbreaker for anyone taking a week-long campervan trip around the South Island. But for a long weekend in Rotorua? Fine.

The real selling point is the earn rate on Airpoints: 1 Airpoints Dollar per $100 spent on NZ domestic purchases, and a bonus category for supermarket and petrol at 1 per $80. That’s one of the better standard earn rates in the market.

Here’s my one-line verdict: get it only if you take short trips and spend heavily on groceries and fuel.

BNZ Platinum, Kiwibank Platinum: Siblings, Not Twins

BNZ’s Platinum card and Kiwibank’s Platinum card sit in a similar price bracket ($120 and $130 respectively) and offer similar insurance packages – but they diverge on one axis: who they reward.

BNZ is better for people who want flexibility. No Airpoints lock-in; you earn BNZ Points that can be redeemed for cash, flights, or merchandise. The earn rate is average, but the redemption thresholds are lower than most. A $50 gift card from a major retailer costs about 5,000 points. With typical spend, that takes roughly four months.

Kiwibank, by contrast, is terrible if you travel infrequently. Its Platinum card earns Fly Buys points – great for groceries at New World or petrol at BP – but the travel insurance is functionally identical to BNZ’s. The annual fee is $10 more, and there’s no supplementary card included. If you spend $12,000 a year on the card, you’ll earn roughly 12,000 Fly Buys points. That’s worth about $60 at Countdown. The insurance benefit alone justifies the fee, but you have to use it.

Both cards have a blunt warning: they charge among the highest cash advance fees (currently $5 or 3% of the amount – whichever is larger) and there’s no interest-free period on those transactions. Use them for purchases only.

ASB Platinum: The Lounge Pass Trap

ASB’s Platinum card costs $150. Its standout feature is the airport lounge passes: two per year at Auckland, Wellington, Christchurch, and Queenstown. A single lounge access purchased separately costs about $59. So two passes = $118 of value right there. Plus travel insurance, purchase protection, and a decent earn rate on New Zealand dollar transactions (1 Airpoints Dollar per $100).

But here’s the trap: the lounge passes expire if you don’t use them in the calendar year. I’ve seen people take a credit card for the passes, forget to check in, and then pay $150 for a card they used three times. The insurance is also secondary – it only kicks in after you claim against any other policies you hold. If you’ve got travel insurance through your work or another card, you might never use it.

Verdict: great for someone who takes exactly two flights a year and travels solo. Awful for families.

TSB Platinum: The Honest Scrubber

TSB’s Platinum card is $90. No lounge passes. No Airpoints. No nonsense. It offers a low purchase rate (often among the lowest in the market) and a simple cashback program: 1% back on all spend up to a cap. That’s $300 cashback max per year, but you have to spend $30,000 to get there. Most people won’t.

For a couple with a mortgage and minimal travel, paying $90 to get $300 back on everyday spend is a no-brainer – provided you don’t revolve a balance. The interest rate is lower, but if you slip, it still hurts.

Blunt: this is the card for people who think “gold” and “platinum” are marketing gimmicks. They’re right.

American Express Explorer? No.

You’ll see ads for the American Express Explorer card at airports. The fee is $195. It offers lounge passes, travel credit, and a concierge service. But the merchant acceptance in New Zealand is patchy. Pak’nSave, New World (in some regions), many small shops, and even some online retailers don’t take Amex. If you have to carry a backup Visa or Mastercard, the annual fee on the Amex is just a bonus you’re paying for a card you can’t always use.

Skip it unless you live in central Auckland and eat out constantly.

For a full breakdown of travel insurance across every NZ card issuer — including age limits, activation rules, and hidden exclusions — see our credit card travel insurance comparison.