Got the dreaded BNZ credit card being changed to be a lot worse. Any ideas on if/when other banks will follow and the best Visa/MasterCard Platinum card with insurance now for cash back?
BNZ Credit Card Devaluation
jjjj on 12/11/2025 - 21:05
Comments
What's the deal with this? (I got the email as well). It said due to new legislation or something? Legislation that says CC redemptions must go through enshitification?
This must be about the paywave fee ban legislation. Just another reason for the bank to increase their profit again by taking away CC rewards
Nope - interchange fees capped by the Commerce Commission
https://blog.eftpos.co.nz/blog/interchange-fee-changes-what-…
Someone has to be paying for the CC Rewards and in this case it's the merchant fees. Reduce the merchant fees (good for the retailer) and something has to give at the other end.
In theory we should see retailers dropping prices because their costs have gone down.
In theory we should see retailers dropping prices because their costs have gone down.
Far more likely that future price rises will be mitigated instead.
Many vendors run scared of price rises (foolishly much of the time of course) and are extremely reluctant to do it.
This change is much more likely to just see them put it off for longer, rather than drop prices (for which almost nobody would thank them anyway), then have to put prices up again sooner in the future (for which the whingers would be out in force).
TSB Platinum has 1% cashback and paid monthly. Has international and domestic travel insurance.
Another thing Boomers got better off in vs Millennials & Gen Z
discussion here:
https://www.reddit.com/r/PersonalFinanceNZ/comments/1ougrnh/…
ASB Platinum gives 1% back. Has travel insurance. The money can be used at Pak 'n Save, and if course other places.