The market is offering variety of benefits to make it easy to find what kind of card is the most suitable. Credit card applications requires to be a permanent resident of New Zealand, you should have the right to work in New Zealand, you have to be 18 years old or older and some necessary documents.
Commonly there are three types of credit cards which come up with different promotions as follow;
- Low Interest Credit Cards
- Rewards Credit Cards
- 0% Balance Transfer Credit Cards
Low Interest Cards
If you want the interest rates to help you save on purchases, one better choice is the “ The American Express Airpoints Credit Card “. It provides you an interest free period for the first six months. After 6 months 19.95% p.a. is becomes your new interest. Moreover, it gives you 1 Air New Zealand Airpoints Dollar for every $100 that you spend. You do not need to pay annual fee. If you want to earn bonus 50 Airpoints Dollar, you have to spend $750 in the first 3 months.
Another low interest rate credit card that is common in New Zealand is “ Kiwibank Low Rate Visa Credit Card “. Interest fee is $30 for each year and it is interest free for the first 55 days. Also, there is 9.95% p.a. on purchases and cash withdrawals. Transferring your outstanding balance to a non-kiwibank credit card is just 1.99% p.a. for the first six months. Lastly, 5% or $10 minimum monthly repayments are valid.
Rewards Credit Cards
By using your reward credit card you can collect points and/or other useful goodies. For instance “ BNZ Advantage Classic Visa Credit Card “ is one of the most popular reward credit cards in New Zealand. Spending $40 on suitable purchases will lead you to obtain 1 Fly Buys point. Also, $1 cash reward can be earned by spending $150 on eligible purchases. Other main features of this card can be listed as follow;
Purchase Rate: 20.95%
Cash Advance Rate: 22.95%
Balance Transfer: 0% for the first six months
Annual Fee: $40 for each year
Interest Free Days: first 55 days
0% Balance Transfer Credit Cards
This type of credit cards in New Zealand come up a fixed interest rate of 0% usually for a certain period of time (6 to 12 months).
Co-operative Bank Fair Rate Credit Card: It comes up with a low annual fee of $20 and has a low purchase rate. This card is really useful if one wants to transfer his/her balance to the another credit card with a low interest rate. Purchase and cash advance rates are 12.95% p.a. Also, it contains n interest free period for 55 days.
ASB Visa Light Credit Card: Balance transfer is 0% for the first six months, has no annual fee and lowest purchase rate among all the ABS cards. It is only 13.50%. This card can be a good option if someone compelled to pay credit card debts. Cash advance rate is indicated as 22.95% p.a.