What is the best cashback credit card in NZ?

The best cashback card depends on your spending. For most people spending under $2,000/month, the ANZ CashBack Visa is best with $0 annual fee and 1% cashback. High spenders should consider BNZ Advantage Platinum for unlimited cashback despite the $90 fee.

Are cashback credit cards worth it?

Yes, if you pay your balance in full each month. A typical spender can earn $100-300 annually in cashback. However, carrying a balance even once can wipe out a year's worth of cashback rewards through interest charges.

How is cashback calculated and paid?

Cashback is calculated as a percentage of eligible purchases (excluding cash advances, balance transfers, and fees). It's typically credited monthly or annually to your card account as a statement credit, reducing your balance.

What's the difference between capped and unlimited cashback?

Capped cashback has a maximum earning limit (e.g., ANZ's $20/month cap), while unlimited has no cap but often comes with annual fees. Calculate based on your spending to see which offers better net value.

Can I get cashback on all purchases?

Most purchases earn cashback, but cash advances, balance transfers, interest charges, fees, and gambling transactions typically don't earn cashback. Some cards offer bonus rates for specific categories like groceries or fuel.

Should I choose cashback or travel rewards?

Choose cashback if you want simple, guaranteed value and flexibility. Choose travel rewards if you fly frequently and can maximize point redemptions - they can offer 2-3% value but require more effort.

Do I pay tax on credit card cashback in NZ?

No, credit card cashback is considered a discount or rebate on purchases rather than income, so it's not taxable in New Zealand for personal cards. Business cards may have different rules.

What happens to cashback if I return a purchase?

When you return a purchase, the cashback earned on that transaction is typically reversed and deducted from your cashback balance or next earning period.

Best Cash Back Credit Cards NZ 2025

Complete comparison of cashback credit cards in New Zealand. Find the highest earning rates, understand caps and fees, and maximize your cash rewards on everyday spending.

Top Cash Back Cards 2025

Best No Fee: ANZ CashBack Visa - $0 fee, 1% cashback (capped $20/month)
Best Unlimited: BNZ Advantage Platinum - No cap but $90 annual fee
Best Balance: ASB True Rewards - $0 fee, 0.5% cashback (capped $300/year)
Best Rate: ANZ at 1% (though capped at $240/year)

Cash back credit cards offer a simple and transparent way to earn rewards on your everyday spending. Unlike complex points programs, cashback cards return a percentage of your purchases as cash credits, making them ideal for practical spenders who want straightforward value.

In New Zealand's cashback credit card market, options range from no-fee cards with capped rewards to premium cards offering unlimited cashback. This guide analyzes every cashback card available in 2025, helping you find the perfect match for your spending patterns.

Cash Back Credit Cards Comparison Table

Card	Cashback Rate	Annual Cap	Annual Fee	Break-even Spend	Purchase Rate
ANZ CashBack Visa ANZ	1%	$20/month	$0	N/A	12.90% p.a.
BNZ Advantage Visa Platinum BNZ	0.5-1%	Unlimited	$90	$9,000	22.95% p.a.
ASB True Rewards Visa ASB	0.5%	$300/year	$0	N/A	13.50% p.a.
Westpac hotpoints Mastercard Westpac	Equivalent 0.67%	Unlimited	$70	$7,000	22.95% p.a.
SBS Visa Credit Card SBS Bank	0.25%	Unlimited	$30	$3,000	12.95% p.a.

Detailed Cash Back Card Reviews

ANZ CashBack Visa

Regular spenders wanting simple cashback

cashback rate

Annual Fee

Cashback Cap

$20/month

Max Annual Cashback

$240

Purchase Rate

12.90% p.a.

Pros

No annual fee
Simple 1% rate
No minimum income

Cons

$20 monthly cap
No bonus categories
Basic insurance only

Effective Return Rate

1% (up to $2,000/month spending)

BNZ Advantage Visa Platinum

High spenders who pay in full

0.5-1%

cashback rate

Annual Fee

$90

Cashback Cap

Unlimited

Max Annual Cashback

Varies

Purchase Rate

22.95% p.a.

Pros

Unlimited cashback
Good insurance
Bonus categories

Cons

Annual fee
Complex tiers
High interest rate

Effective Return Rate

0.5% base, 1% on fuel/groceries

ASB True Rewards Visa

Moderate spenders wanting flexibility

0.5%

cashback rate

Annual Fee

Cashback Cap

$300/year

Max Annual Cashback

$300

Purchase Rate

13.50% p.a.

Pros

No annual fee
Flexible rewards
Reasonable cap

Cons

Lower rate 0.5%
Annual cap
Points system complexity

Effective Return Rate

0.5% (up to $60,000/year spending)

Westpac hotpoints Mastercard

Those who shop at hotpoints partners

Equivalent 0.67%

cashback rate

Annual Fee

$70

Cashback Cap

Unlimited

Max Annual Cashback

Varies

Purchase Rate

22.95% p.a.

Pros

Unlimited earning
Partner bonuses
Good redemption options

Cons

Annual fee
Not direct cash
High interest rate

Effective Return Rate

0.67% when redeemed for vouchers

SBS Visa Credit Card

Supporting local banking with cashback

0.25%

cashback rate

Annual Fee

$30

Cashback Cap

Unlimited

Max Annual Cashback

Varies

Purchase Rate

12.95% p.a.

Pros

Unlimited cashback
Low fees
Low interest rate

Cons

Lowest cashback rate
Limited features
Smaller bank network

Effective Return Rate

0.25% unlimited

Cash Back Earnings Calculator

Compare Your Potential Cashback Earnings

Example: $2,500 Monthly Spending ($30,000/year)

ANZ CashBack Visa

Cashback

$240

Less Fee

-$0

Net Return

$240

BNZ Advantage Visa Platinum

Cashback

$225

Less Fee

-$90

Net Return

$135

ASB True Rewards Visa

Cashback

$150

Less Fee

-$0

Net Return

$150

Westpac hotpoints Mastercard

Cashback

$201

Less Fee

-$70

Net Return

$131

SBS Visa Credit Card

Cashback

$75

Less Fee

-$30

Net Return

$45

Important: These calculations assume you pay your balance in full each month. Carrying a balance will result in interest charges that far exceed any cashback earnings.

How to Maximize Your Cash Back Earnings

💡 Smart Strategies

1
Choose Based on Spending
Low spenders: ANZ CashBack. High spenders: BNZ Advantage
2
Use for Everything
Put all purchases on your cashback card to maximize returns
3
Pay in Full Monthly
Interest charges will wipe out cashback earnings quickly
4
Track Your Cap
Know your limits to avoid missing out on rewards

⚠️ Common Mistakes

✗
Carrying Balances
Interest charges exceed cashback rewards
✗
Ignoring Annual Fees
Fees can eliminate cashback benefits
✗
Cash Advances
No cashback on cash advances, plus fees
✗
Overspending
Don't spend more just to earn cashback

Cash Back vs Other Reward Types

Reward Type	Best For	Typical Value	Pros	Cons
Cash Back	Practical savers	0.25-1%	Simple, flexible, guaranteed value	Often capped, lower rates
Travel Points	Frequent travelers	1-3% if optimized	High value potential, perks	Complex, devaluation risk
Store Rewards	Loyal shoppers	2-5% at partners	High rates at favorites	Limited redemption
Flexible Points	Variety seekers	0.5-1.5%	Multiple redemption options	Variable value, complexity

Cash Back Credit Cards FAQ

Common questions about cashback credit cards in New Zealand.

Frequently Asked Questions

: The best cashback card depends on your spending. For most people spending under $2,000/month, the ANZ CashBack Visa is best with $0 annual fee and 1% cashback. High spenders should consider BNZ Advantage Platinum for unlimited cashback despite the $90 fee.
: Yes, if you pay your balance in full each month. A typical spender can earn $100-300 annually in cashback. However, carrying a balance even once can wipe out a year's worth of cashback rewards through interest charges.
: Cashback is calculated as a percentage of eligible purchases (excluding cash advances, balance transfers, and fees). It's typically credited monthly or annually to your card account as a statement credit, reducing your balance.
: Capped cashback has a maximum earning limit (e.g., ANZ's $20/month cap), while unlimited has no cap but often comes with annual fees. Calculate based on your spending to see which offers better net value.
: Most purchases earn cashback, but cash advances, balance transfers, interest charges, fees, and gambling transactions typically don't earn cashback. Some cards offer bonus rates for specific categories like groceries or fuel.
: Choose cashback if you want simple, guaranteed value and flexibility. Choose travel rewards if you fly frequently and can maximize point redemptions - they can offer 2-3% value but require more effort.
: No, credit card cashback is considered a discount or rebate on purchases rather than income, so it's not taxable in New Zealand for personal cards. Business cards may have different rules.
: When you return a purchase, the cashback earned on that transaction is typically reversed and deducted from your cashback balance or next earning period.

Best Cash Back Credit Cards NZ 2025

Top Cash Back Cards 2025

Cash Back Credit Cards Comparison Table

Detailed Cash Back Card Reviews

ANZ CashBack Visa

Pros

Cons

Effective Return Rate

BNZ Advantage Visa Platinum

Pros

Cons

Effective Return Rate

ASB True Rewards Visa

Pros

Cons

Effective Return Rate

Westpac hotpoints Mastercard

Pros

Cons

Effective Return Rate

SBS Visa Credit Card

Pros

Cons

Effective Return Rate

Cash Back Earnings Calculator

Compare Your Potential Cashback Earnings

Example: $2,500 Monthly Spending ($30,000/year)

How to Maximize Your Cash Back Earnings

💡 Smart Strategies

⚠️ Common Mistakes

Cash Back vs Other Reward Types

Cash Back Credit Cards FAQ

Frequently Asked Questions

Related Credit Card Guides

ANZ CashBack Visa Review

Best Rewards Credit Cards NZ

Credit Card Rewards Calculator

No Annual Fee Credit Cards