TSB Platinum Mastercard Review
Canstar's 2025 Credit Card Winner
$1
Cashback per $100
$75
Annual Fee
14.95%
Purchase Rate
55
Interest-free Days
4.7/5
🏆 Canstar Winner 2025 💰 Best Cashback Value
🏆 Expert Summary
TSB Platinum Mastercard wins Canstar's 2025 Credit Card of the Year Award for the third consecutive year. With $1 cashback for every $100 spent and New Zealand's most competitive cashback rate, it delivers exceptional value. Our analysis shows it can earn back more than its $75 annual fee with just $7,500 in annual spending.
Why TSB Platinum Won Canstar's 2025 Award
Canstar's Winning Criteria
- Outstanding 1% cashback rate - Best in market for consistent earning
- Low annual fee relative to benefits - $75 easily offset by cashback
- Comprehensive feature set - Travel insurance, purchase protection, extended warranty
- Competitive interest rates - 14.95% purchase rate below market average
Cashback Analysis & Real-World Value
TSB Platinum's 1% cashback rate is New Zealand's most straightforward and valuable cashback program, with no categories, caps, or complexity.
Annual Cashback Scenarios
| Annual Spending | Cashback Earned | Annual Fee | Net Benefit | Break-even |
|---|---|---|---|---|
| $5,000 | $50 | $75 | -$25 | Below threshold |
| $7,500 | $75 | $75 | $0 | Break-even point |
| $12,000 | $120 | $75 | +$45 | Good value |
| $20,000 | $200 | $75 | +$125 | Excellent value |
Break-even: Only $7,500 annual spending needed to offset the annual fee completely.
Key Features & Benefits
✓ Included Benefits
- • 1% cashback on all purchases (no categories or caps)
- • Travel insurance up to $10 million coverage
- • Purchase protection up to $5,000 per item
- • Extended warranty adds 1 year to manufacturer warranty
- • Price protection refunds price differences
- • Rental car insurance comprehensive coverage
- • 55 interest-free days on purchases
Rates & Fees
- • Purchase rate: 14.95% p.a.
- • Cash advance rate: 22.95% p.a.
- • Annual fee: $75
- • Foreign currency fee: 2.5%
- • Cash advance fee: $5
- • Late payment fee: $25
- • Overlimit fee: $25
Eligibility Requirements
Application Requirements
- • Minimum annual income: $40,000
- • Age: 18+ years old
- • New Zealand resident
- • Valid residential address
- • Good credit history
- • Regular employment or income
Credit Limits
- • Minimum: $2,000
- • Maximum: $75,000
- • Based on income and credit assessment
- • Typical first limit: $5,000-$15,000
- • Can request increases after 6 months
- • Regular reviews for limit increases
Pros and Cons Analysis
✓ Pros
- • Canstar 2025 winner - Industry recognition
- • Best-in-market 1% cashback on all purchases
- • No spending caps or categories - earn on everything
- • Low annual fee easily offset by cashback
- • Comprehensive insurance coverage worth hundreds
- • Extended warranty protection on purchases
- • Competitive interest rates below market average
- • TSB's excellent customer service
✗ Cons
- • Annual fee requires $7,500+ spending to break even
- • Foreign currency fees at 2.5% (not ideal for travelers)
- • Smaller branch network compared to Big Four banks
- • No bonus categories - flat rate only
- • No signup bonus or promotional offers
- • Cash advance rate quite high at 22.95%
Who Should Get TSB Platinum?
Perfect For:
- • Regular spenders - Those with $7,500+ annual credit card spending
- • Cashback maximizers - Want simple, consistent rewards without complexity
- • Insurance seekers - Value comprehensive travel and purchase protection
- • TSB customers - Already bank with TSB and want integrated services
- • Premium features users - Appreciate extended warranty and price protection
Not Ideal For:
- • Light spenders - Under $7,500 annual spending won't offset fee
- • Frequent travelers - 2.5% foreign fees make travel cards better
- • Category optimizers - No bonus categories for specific spending
- • Fee avoiders - Those preferring $0 annual fee cards
- • Big bank preference - Want extensive branch networks
Application Process
Step-by-Step Application
- 1Online Application - Complete TSB's online form (15-20 minutes)
Prepare income documents, ID, and bank statements - 2Document Submission - Upload required verification documents
TSB may request additional information - 3Credit Assessment - TSB reviews application and credit history
Usually completed within 2-3 business days - 4Approval Decision - Notification by email or phone
Conditional approval often within 48 hours - 5Card Delivery - Physical card mailed to your address
Allow 7-10 business days for delivery
Comparison with Major Competitors
| Card | Cashback Rate | Annual Fee | Break-even Spending | Awards |
|---|---|---|---|---|
| TSB Platinum | 1.0% | $75 | $7,500 | 🏆 Canstar 2025 |
| ANZ Cashback Platinum | 0.5-1.0% | $65 | $8,500+ | - |
| BNZ Advantage Platinum | 0.67% | $90 | $13,500 | - |
Expert Verdict
4.7/5
4.7/5TSB Platinum Mastercard earns our strong recommendation as New Zealand's best cashback credit card. Canstar's recognition for three consecutive years validates its exceptional value proposition.
9.2/10
Cashback Value
8.8/10
Features & Benefits
8.9/10
Overall Rating
Bottom Line:
For regular spenders seeking the best cashback value in New Zealand, TSB Platinum delivers unmatched returns with comprehensive protection benefits.