BNZ Will Make Changes on CC Cashback and Flybuy Points

I just saw the letter from BNZ. From 07/11/22, the following changes will be made to BNZ CC.

Advantage Platinum Visa - $125 spent earns $1 Cashback. Currently $90 spent for $1 cashback.
$25 Spent earns 1 Flybuys Point. Currently $15 spent for 1 Flybuys Point

Advantage Visa Classic - $250 spent earns $1 Cashback. Currently $150 spent for $1 cashback.
$50 Spent earns 1 Flybuys Point. Currently $40 spent for 1 Flybuys Point

BNZ is doing the same nasty things as ASB. ASB has already cancelled their changes to the rewards changes after heaps of complaints. I don't think BNZ will cancel it but I will still make the complaint. It is time to go I guess. I gonna lose more than $100 after the changes.

I have looked around and found that currently the best Cashback CC on the market is the SBS Visa. No Annual fees. Every $150 spent earns $1 cashback. It is better than BNZ Platinum CC even currently if you spend $20000 or less as it does not have an annual fees. However, my spend is around $30K. I will get about $20 less compared to the current BNZ CC.

Any other suggestions?

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  • +2

    Might be better to wait a few months, comments around the ASB changes were that it's quite likely most or all providers would have to follow given the cap on interchange fees, see…

    • ASB have reversed their decision - its a competitive market, and they were looking at losing too much market share.

      Always tough to be first to raise prices.

      • BNZ has put the notice on their website and sent the documents about the changes to the customers who intend to apply for their credit cards. I have got a copy of the documents here. I think BNZ is not going to reverse the decision. I better apply for a new CC as my payment cycle for the $45 fees is in mid November.

        • Sounds like a plan - have a look at SBS, as I think they have a 'fee free' card (not 100% sure though - might be out of date).

          • @Alan6984: Moneyhub has reviews and comparisons on cards. Worth taking a look. Someone else can link it but it's easy to find.

            • +1

              @Bill: Yes, I read it. They recommend Amex and SBS Visa.

          • @Alan6984: It is still "free". Zero annual fees and $1 cashback for $150 spent. It is much better for anyone who spend $20K or less on CC. So I may apply it for now.

            • @Nekomon: I have the SBS Mastercard. Zero fees and I got free $20 from the deal that was posted here years ago! Also mastercard will help with Costco purchases as they haven't finalised their contract with Visa

              • @saxasianguy: I think the SBS Mastercard is no longer available now. I google and found some information about mastercard. It seems it is much better.

      • Yeah but that's only for now. I suspect once most other banks have done it, they'll reduce their rates again. Perhaps not quite as much as last time but still a substantial reduction

  • +1

    I currently get 2.5% return from BNZ via flybuys fuel discounts. With the new earning rate my return will be 1.5%, which means I'll lose around $500/year. I'll be better off with a free SBS card and Amex Platinum Airpoints card.

    • How about the Amex express CC with no annual fees and $1 Airnz point for $100 spent?

      • That's 1%?

        • Yes, but no annual fees. Amex Platinum Airpoints CC has the annual fees of $195. It depends on the annual spend.

      • If you can put >$28k/year on the amex card then you're better off with the platinum card. Plus you can get some lounge passes from the platinum card.

        • For me, I will still go with the SBS Visa as I don't travel much. It is good for someone who spent a lot and make good use of the airpoints.

          • +1

            @Nekomon: Complimentary travel insurance is very important to me.

            • @sunshinenz: BNZ Platinum still includes the travel insurance but I'm peeved about the reduced Flybuys earn rate. Also noticed that Flybuys have raised their prices, on booze anyway, lol.
              I'll start using the Amex more often! I have the $0 fee version with 1 airpoint per $100 spend, but Amex have given me the Platinum earn rate for the next 3 months, $59 spend. Second time they've done that. Plus enjoy their offers.

              • +1

                @Devolution: The 'prices' of items in terms of FB Points have always gone up, since the value of a FB Point is essentially indexed to the NZD (in terms of the direct conversion to 'rewards' they have been worth about NZ$0.18 since the nineties - without getting into other options such as Z-Fuel discounts etc). Earn rates can vary by retailer, but if you go with, say, $20 for a FB Point, then the earn rate is about 0.9%. If BNZ give you one FB Point for every $50 spend, then it is about 0.36%. You'd have to re-calc for other options (fuel discounts, NW dollars etc), and if you spend at a retailer that gives you FB Points, and use a BNZ Credit Card, then you have to add the two together, but the principal is the same.

                To whatever degree the NZD is suffering from inflation, FB Points should exhibit the same inflation over time.

                If you have a 'free' Amex, and you aren't getting his with fees, then an earn rate of $1 for every $59 spent is about 1.7% - pretty good!

              • @Devolution: My question is how easy to get a Amex card now? I used to work for Amex 15 years ago and they were quite strict in approving the applications.

                Also, I applied the SBS CC and they only offered me the CC with low credit limit. They said I already have a high limit BNZ CC and I am a new customer to them, no payment history in the past although my credit score is 950+ on credit simple and I own three properties. Is the small bank quite conservative with their lending now? I am still looking around for another CC.

                • @Nekomon: 25 here, single, own two properties credit score ~750 centrix, ~55k salary and ~40k rental income. Was approved for amex airpoints plat first then I applied for amex plat edge both approved. Didn't get approved for Amex Plat charge card though however they used my Plat charge card application and recommended me go for the gold card LOL!!

                • @Nekomon: Something to do with banks new policies now. Reduced credit card limit from 10k to 5k when a mortgage was increased

  • There was an update of sorts in todays media:…

    Important was this line: “ From November, customers will earn BNZ points at the same rate they currently accumulate cash rewards.”

    Of course, the price of items available may be higher but it seems gift cards will be available as well.

    • Also, better cash flow for BNZ - instead of you getting cash off your bill, you get points which you can redeem (and BNZ incurs a cash outflow) sometime down the track.

      Many (probably most) people when considering deals (or negotiating), fail to understand the importance of cash flow timings, and focus on the headline price, when it might not matter as much.

    • I have attached a copy of the document from BNZ regards to the changes to CC rewards after 07/11 as below. It is not the same rate as we currently accumulate for cash rewards unless they changed it after this document was released.

      Currently, $1 cashback for every $90 spent for platinum Visa. According to the document, it will be equivalent to $1 cashback for every $125 spent.

      • ANZ has 1% cashback and BNZ barely beat it im gonna cancel my BNZ card if they send me this.

        • They will not send you this. My friend went to BNZ to apply for a credit card and she was given this document. It is on their website but it is hard to find on their website.

          The problem for ANZ cashback CC is that the cashback only happens once after 12 months and after deducting your next year's annual fee. That means if they change their CC rewards during the year and you cancel the card before your anniversary, you will not get any cashbacks. If you cancel it after your anniversary, you will lose your next year's annual fee.

          I still think SBS Visa is the best one on the market for cashback CC. However, they only give a low credit limit to new customers and they told me I could apply to increase my credit limit after 6 months when my payment history is established.

          • @Nekomon: I have had anz cash back cc before and as long as you don't use the credit card after cashback date you can apply for a refund of the annual fee.

            Also BNZ website still shows 90 to 1 cashback rate for platinum as far as I can see. I don't think they can sneak in a major change of the reward system without explicitly informing me. I'd be closely watching it obviously.

            • @Zyo: Yes, it seems it says no major change on their website so far. I will keep an eye on it as well. However, it seems we have to manually exchange the points to cashback after 7th of November.


              • @Nekomon: BNZ Advantage Visa Platinum
                $90 spent = BNZ Points equivalent to $1 cash back

                Turn on auto-redemption if you want to redeem your BNZ Points for cash back every month.

                Sounds like it's all gonna be the same.

                • @Zyo: I have already got the SBS Visa. I will use it as a 2nd card for now.

  • Just got this from BNZ - oh man loved the cash rewards on the platinum. Might be time to change credit card

    Changes to credit card rewards
    Effective from 7 November 20221

    We’re replacing our existing Cash Rewards with BNZ Rewards, to give you more ways to earn and spend your rewards.

    You’ll earn BNZ Points which can be redeemed for cash back to your credit card account, at the same earn rate you currently enjoy with Cash Rewards. You’ll also be able to spend BNZ Points on other exciting rewards such as travel.

    We’ll continue to offer Flybuys as a reward option, with no change to the way you earn these rewards.

    • "We’ll continue to offer Flybuys as a reward option, with no change to the way you earn these rewards." Does that mean the earning rate remain the same??

    • Go to the app and change your reward option to cash back. Nothing has changed really.

  • ANZ have changed theirs too now:
    From 29 October 2022, we’re making the following changes to simplify our CashBack Rewards Programme:

    *Instead of earning points (which are calculated as a percentage of your spend and converted to dollars annually), you’ll earn dollars.
    *The earn rate will be reducing, however minimum spend and tiers are being removed, so you’ll now earn cash back on every eligible purchase1 you make. Your new earn rate will be $1 cash back for every $150 spent on eligible purchases.
    *We’re reducing the ANZ CashBack Visa annual card fee from $60 p.a. to $40 p.a.

    Amount spent per CashBack year Current rewards programme New rewards programme
    $4,000 $0 $26.67
    $9,000 $45.00 $60.00
    $35,000 $300.00 (capped) $233.33
    $55,000 $300.00 (capped) $366.67
  • so SBS Visa is a better alternative to the BNZ platinum?

    • If you spend under $25K per year, SBS is better. If over $25K, BNZ platinum is better. I have moved away from ANZ cashback long time ago. I don't want to wait 12 months to get my cashback.

      • hmmm ta - wondering if the flybuys points are worth it?

        • You can convert them to New World vouchers, so potentially as good as cash (but only if you already shop there).

          You can also convert to fuel discounts with Z.

          • @Alan6984: As you can switch between New World dollar and Z fuel discount anytime, I always leave it on New World Dollar as it has two years until they expire. However, if I expect I will get some big flybuy points, eg. the Disney Plus promotion. I will switch to Z fuel discount as I got $2.50/L discount for Disney Plus promotion last year and it will expire in a month time. Then I switch back to New World Dollar once it is done. Make good use of the flybuy points and sometimes it worth a lot.

  • Does anyone have any information regarding BNZ Rewards' transfer rates to airline and hotel partners? Thanks!

    • I think you need to wait until 7th of November to get the information. After 7th of November, you can choose what rewards you want to redeem with your points.

  • Does anyone know what the BNZ rewards are like? I dont think im able to check till next month as my last statement was 4th November…

    • You can convert it to cash back which covers a portion of your cc payment each month (it's basically like a 1.1% discount for all your spending)

  • Just received an email from BNZ regarding their Flybuys earn rates too…

    In summary…What’s changing?

    Current Flybuys earn rate
    (until 31 May 2023):
    $15.00 spend1 = 1 Flybuys

    New Flybuys earn rate
    (effective 1 June 2023):
    $20.00 spend1 = 1 Flybuys

    What does this change mean?
    From 1 June 2023, the Flybuys earn rate for every dollar spent on eligible purchases1 on your BNZ Advantage Visa Platinum credit card, will be reduced. For example, if you spend $600.00 on eligible purchases you will earn 30 Flybuys instead of the 40 Flybuys you would have earned previously.

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