ANZ Cashback Platinum Review

New Zealand's Top Rewards Credit Card

1.0%
Max Cashback Rate
$65
Annual Fee
20.95%
Purchase Rate
55
Interest-free Days
4.5/5
🏆 Top Rewards Card 💰 Tiered Cashback

💡 Expert Summary

ANZ Cashback Platinum is New Zealand's premier rewards credit card with the market's most generous tiered cashback program. Earning up to 1% on everyday spending with bonus categories, it's ideal for high spenders who want maximum rewards. Our analysis shows it can generate $150+ annual cashback for typical usage patterns.

ANZ Cashback Rewards Program Explained

Tiered Cashback Structure

CategoryCashback RateMonthly CapAnnual Cap
Supermarkets & Petrol1.0%$2,000 spend$240 cashback
Recurring Bills0.5%No capUnlimited
All Other Purchases0.5%No capUnlimited

Key Advantage: No annual cashback cap means unlimited earning potential on lower-tier spending.

Real-World Cashback Earnings Analysis

ANZ Cashback Platinum's tiered structure rewards strategic spending, particularly benefiting those who maximize supermarket and petrol purchases.

Annual Cashback Scenarios

Scenario 1: Budget-Conscious User

  • • Supermarkets/Petrol: $500/month × 1.0% = $60/year
  • • Bills & Other: $300/month × 0.5% = $18/year
  • • Total Cashback: $78
  • • Annual fee: $65
  • • Net Benefit: +$13

Scenario 2: Average Family

  • • Supermarkets/Petrol: $1,200/month × 1.0% = $144/year
  • • Bills & Other: $800/month × 0.5% = $48/year
  • • Total Cashback: $192
  • • Annual fee: $65
  • • Net Benefit: +$127

Scenario 3: High Spender (Optimal)

  • • Supermarkets/Petrol: $2,000/month × 1.0% = $240/year
  • • Bills & Other: $1,500/month × 0.5% = $90/year
  • • Total Cashback: $330
  • • Annual fee: $65
  • • Net Benefit: +$265

Break-even: Just $650/month total spending needed to offset the $65 annual fee.

Key Features & Benefits

✓ Premium Benefits Included

  • • Tiered cashback up to 1% on supermarkets & petrol
  • • No annual cashback cap on 0.5% categories
  • • Purchase protection up to $10,000 per item
  • • Extended warranty doubles manufacturer warranty
  • • Travel inconvenience insurance up to $2,000
  • • Price protection refunds price differences
  • • 55 interest-free days on purchases
  • • ANZ Rewards integration with partner offers

Rates & Fees Structure

  • • Purchase rate: 20.95% p.a.
  • • Cash advance rate: 22.95% p.a.
  • • Annual fee: $65
  • • Foreign currency fee: 2.5%
  • • Cash advance fee: $5
  • • Late payment fee: $25
  • • Overlimit fee: $25

Eligibility & Application Requirements

Application Requirements

  • • Minimum annual income: $50,000
  • • Age: 18+ years old
  • • New Zealand resident or citizen
  • • Good to excellent credit history
  • • Valid employment or income verification
  • • Australian/NZ driving license or passport

Credit Limits

  • • Minimum: $2,500
  • • Maximum: $100,000
  • • Typical first limit: $5,000-$20,000
  • • Based on income and credit assessment
  • • Regular limit increase opportunities
  • • Premium customers may qualify higher

Comprehensive Pros and Cons Analysis

✓ Pros

  • • Market-leading 1% cashback on supermarkets & petrol
  • • No annual cashback cap on 0.5% categories
  • • Comprehensive purchase protection and extended warranty
  • • Low break-even threshold - only $650/month spending
  • • Major bank reliability with extensive branch network
  • • 55 interest-free days competitive grace period
  • • ANZ banking integration for existing customers
  • • High credit limits available for qualified applicants

✗ Cons

  • • Higher income requirement - $50k minimum vs competitors' $30-40k
  • • Monthly cap on 1% categories - $2,000 spend limit
  • • Higher purchase rate at 20.95% vs low-rate cards
  • • Foreign currency fees at 2.5% not ideal for travelers
  • • Complex tiered structure requires category optimization
  • • No signup bonus or promotional cashback offers
  • • Annual fee requires spending to justify

Who Should Choose ANZ Cashback Platinum?

Perfect For:

  • • High supermarket/petrol spenders - Those spending $1,000+ monthly in these categories
  • • Rewards optimizers - Want to maximize cashback through strategic spending
  • • ANZ customers - Existing banking relationship and prefer integration
  • • Purchase protection users - Value comprehensive insurance benefits
  • • Higher income earners - Meet $50k+ income requirement comfortably
  • • Bill payers - Regular monthly bills benefit from 0.5% unlimited earning

Not Ideal For:

  • • Low spenders - Under $650/month won't offset annual fee
  • • Category-averse users - Prefer simple flat-rate cashback like TSB
  • • Frequent travelers - 2.5% foreign fees make travel cards better
  • • Balance carriers - 20.95% rate makes low-rate cards more suitable
  • • Lower income earners - $50k requirement excludes many applicants
  • • Fee-averse users - Prefer $0 annual fee alternatives

Application Process

How to Apply for ANZ Cashback Platinum

  1. 1
    Pre-application Check - Verify income meets $50,000 minimum requirement
    Use ANZ's online eligibility checker if available
  2. 2
    Online Application - Complete ANZ's secure application form
    Takes 20-25 minutes with detailed income information
  3. 3
    Document Submission - Provide income verification and ID
    Recent payslips, tax returns, bank statements required
  4. 4
    Credit Assessment - ANZ reviews application and performs credit check
    Process typically takes 2-5 business days
  5. 5
    Approval & Delivery - Receive decision and card delivery
    Card typically arrives within 7-10 business days

Comparison with Top Competitors

CardMax CashbackAnnual FeeIncome RequirementBest Feature
ANZ Cashback Platinum1.0%$65$50,000Tiered Categories
TSB Platinum1.0%$75$40,000Flat Rate
BNZ Advantage Platinum0.67%$90$50,000BNZ Rewards

Expert Verdict

4.5/5
4.5/5

ANZ Cashback Platinum earns our highest recommendation for high-spending households who can maximize the tiered cashback structure. The 1% rate on supermarkets and petrol, combined with unlimited 0.5% earning, makes this New Zealand's most rewarding credit card for strategic users.

9.3/10
Rewards Value
8.7/10
Features & Benefits
9.0/10
Overall Rating

Bottom Line:

For strategic spenders who can optimize category spending, ANZ Cashback Platinum delivers New Zealand's highest rewards earning potential.

Frequently Asked Questions

Frequently Asked Questions

You earn 1% cashback on supermarkets and petrol (up to $2,000 monthly spend), 0.5% on recurring bills, and 0.5% on all other purchases. There's no annual cap on the 0.5% categories, making it ideal for high spenders.

There's no annual cap. At maximum optimization: $240 from supermarkets/petrol (1% on $24,000), plus unlimited 0.5% on other spending. A $50,000 annual spender could earn $300+ in cashback.

Most major NZ supermarket chains (Countdown, New World, PAK'nSAVE) and petrol stations (Z, BP, Caltex, Mobil) qualify. The card automatically recognizes qualifying merchant codes for bonus earning.

The break-even point is around $650 monthly spending to offset the $65 annual fee. Below this threshold, consider fee-free cards or TSB Platinum which offers better value for lower spending levels.

ANZ offers 1% on specific categories with caps, while TSB offers flat 1% on everything. TSB is better for diverse spending, ANZ better if you spend heavily on supermarkets/petrol and want unlimited 0.5% elsewhere.