BNZ Advantage Platinum Changes to Flybuys Earn Rate

curiousb on 06/06/2023 - 15:57
Last edited 06/06/2023 - 16:17

Bit disappointed in BNZ for changing this after saying they wouldn't change the flybuys earn rates late last year.

For those who didn't do this strategy, it was: setting your BNZ Advantage Platinum to earn flybuys points, and also your flybuys currency to fuel discounts. This used to get you a 2.5% reward rate if you filled up your car with 50L at Z/Caltex once a month.

But, this strategy is no longer that good, as of last week. It used to be $15 = 1 flybuys point, but it is now $20 = 1 flybuys point.

Now you need to spend $80 to get 3c off per litre, getting you a $1.50 discount (3c x 50L), which is now just a 1.88% reward rate even when filling up 50L.

On the face of it, this is still a better reward rate than AMEX Airpoints Platinum (1.7%) or the TSB Platinum (1.43%), but you also need to make sure your Z/Caltex station is a cheap one. If it costs 25c per litre more than an alternative station, you should probably subtract around 10% off the reward due to the higher price, which even with 50L fills makes this strategy about equal to the competitor cards.

It would only beat the AMEX card due to having a lower annual fee ($90 vs $195), but AMEX gives you a couple of lounge passes to make up for that. Then there's also the extra hassle of trying to fill up 50L in one go - going before discounts expire, taking a jerry can with you, storing it, filling it from the can later. I used to fill up 40L to avoid all that, which would get me a 2% reward rate, but now I would only get 1.5% with 40L fills. Not really worth it any more.

I think for most of us, it is time to change cards to TSB - looks like they have some really good extra insurance benefits too (cellphone, price protection, purchase protection, as well as travel), which would make the slightly lower reward rate very much worth it.

https://www.bnz.co.nz/personal-banking/credit-cards/bnz-adva…

https://www.tsb.co.nz/accounts-and-cards/cards/platinum-mast…

General Discussion

Comments

  • spam on 07/06/2023 - 10:18

    Did you apply for TSB card? How did it go with you?

    I'm not an existing customer and tried to apply but seemed to have an automated rejection? Can't really recall but was told to ring the number and had no confirmation email of the application being processed/reviewed.

    • curiousb on 07/06/2023 - 12:45

      I haven't applied yet, but I know they have all become a bit more strict since the CCCFA legislation. I might close a couple of other cards I have before applying

    • Detruire on 07/06/2023 - 13:01

      Did you try calling the number and asking about your application? That sound like it may be a rejection, like you guessed, but it could also be their way of handling a system error or an application that needs manual intervention for some reason.

      If that happened to me - and I was expecting some kind of acknowledgement email - I would lean towards it being an error or exception, rather than a flat-out rejection.

      • spam on 07/06/2023 - 13:08
        +1

        I did ring the number and asked but dumb me didn't take screenshot of what the error was saying so can't exactly say what it was.
        They said to wait for 2 business day to see if it's being processed or not although looking at the website again they said something about the website having issues on some online services.

        I'd wait for a bit otherwise I'll try opening an account with them first as somebody suggested before applying for their card.

    • ttt on 07/06/2023 - 20:48

      I got my TSB card last month, it was fairly quick and easy, took around two weeks, and didn't ask for extra documents. but have to say their online banking and mobile bank are so outdated compared to BNZ. and no Apple pay as well if you're using iPhone.

  • Meridian on 07/06/2023 - 14:05

    Did you actually do what you said? Ie carry around a Jerry can of fuel? That is some real cheapies action there, especially given the relative rewards are so low!

    • curiousb on 08/06/2023 - 15:22

      Nope, but from previous threads here it was a bit more common than you might think haha. I considered it but I didn't have a great storage spot.

      Some people have a really high spend from business expenses, and it actually makes it worth it. Say if you spent 100k a year, you could get 2500 in petrol rather than 1700 in air nz airpoints. Plus an extra 100 for the cheaper annual fee, profit by $900 a year, so effectively get paid 75$ each month to take the can with you from home, fill it after you fill up the car, store it at home, and then pour it into your car later. Don't even have to store it if you can just pour it straight into a family member's car.

      Spending 50k a year instead was decent too, leading to a profit of $500 a year over the airpoints card. Even spending 25k would lead lead a profit of $300 a year.

      Also, at the higher spends, didn't have to deal with so many airpoints that you'd inevitably pay higher flight prices from air nz rather than the cheaper competitors.

  • sunshinenz on 07/06/2023 - 14:14

    I always fill up 50 litres (when the petrol light comes on I'll need to fill at least 52 litres). The Caltex/Z stations we use are among the cheapest in the area, so no problem with taking advantage of the full 2.5% return. I'm thinking of switching away too. The only reason why we haven't done it yet is the complimentary international travel insurance.

    • spam on 07/06/2023 - 16:30

      TSB platinum has domestic and international insurance too, which is another reason why I would apply. Same annual fee as ANZ platinum but have higher reward and travel insurance

      • sunshinenz on 07/06/2023 - 21:08
        +2

        The BNZ travel insurance is different in that you don't even need to use the card to prepay travel expenses.

        • curiousb on 08/06/2023 - 15:24

          Oh I didn't know that. Thanks for the info.

    • ttt on 07/06/2023 - 20:38

      I switched to TSB already, but unlike other credit card insurance, theirs doesn't includes rental car excess coverage. just need to read their policy carefully

      • curiousb on 08/06/2023 - 15:25

        Good to know thank you!

  • saxasianguy on 08/06/2023 - 01:13
    +1

    Amex Airpoints Platty gives 2 lounge entries annually to their Centurion lounge in Sydney or Melbourne AND Priority Pass which gives 2 lounge entries annually to any lounge (thats participating - most of them are) in the world. So technically 4 lounge passes a year not a couple :)

    • curiousb on 08/06/2023 - 15:43

      I appreciate the fact check :)

  • Amosbosshogdog on 08/06/2023 - 07:37
    +1

    I think the value of the fuel rewards would also be less if the alternative is not paying the pump price but rather some other discounted rate. For example, if you have a Farm Source card and get 20c off a litre at Mobil.

    • curiousb on 08/06/2023 - 15:27

      True. In my areas at least, the Mobils are a lot more expensive than the cheaper stations (Gull, Waitomo, etc) even with a 20c Farm Source discount, so I just have to compare the Z/Caltex price with the cheapest alternative. For me, tends to be around 10% difference, so the reward rate drops from 1.88% to around 1.7%

      • Amosbosshogdog on 09/06/2023 - 09:13

        Actually, slight mistake, the Farm Source discount I get is only 16c not 20c. So probably even less relevant for you.

  • Baagin on 08/06/2023 - 20:34
    +1

    There's been some recent discussion on Reddit about rewards, and a summary spreadsheet

    https://www.reddit.com/r/PersonalFinanceNZ/comments/141512l/…

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