All calculators are downloadable Excel spreadsheets that allow you to save and amend your own personal data.With this spreadsheet, enter your personal data in the purple coloured cells.
Best credit card rewards grid
This grid requires no entries on your behalf. It is a quick visual representation of the top five credit cards based on various levels of annual spend, ranging from $10,000 to $60,000. If your credit card spend is less than $10,000 a year, most credit cards are going to cost more than they are worth. If your credit card spend is more than $60,000 a year, the same top five applies from the $60,000 a year results.
Then on the right there is also a couple of grids showing the top five credit cards for cashback rewards only. Some people don’t care for points, but would rather the cash. We have included the results for $30,000 and $40,000 annual spend. Spend less than $30,000 already has enough cashback results in the ALL REWARDS grids to the left, and spend more than $40,000 has the same top five as at the $40,000 level.
Just note that the American Express gold rewards card provides $200 a year in fine dining. $100 every six months. I haven’t included that in the spreadsheet as some people don’t live near the selected restaurants, and others don’t spend out at restaurants. But if you are going to be eating out and live near one of the selected restaurants, then just make sure you add that to your rewards. The danger with this reward is that you go out of your way (do something that is not typical) to cash in your reward, and then spend more than the cost of the reward by spending more than $100.
Two of the American Express cards (gold rewards and airpoints platinum) also currently offer $200 and $400 respectively, if you spend $1,500 in the first three months. Again, I haven’t included this in the sheet. The reason being is you are likely to hold onto a credit card for several years, so are more interested in credit card rewards in a typical year. However, if you want to consider either of these cards for the first year, then don’t forget to add this benefit to the results too, as long as you meet the spend criteria. The first year benefits can be found in the calculator below though.
BNZ offers BNZ point rewards and Westpac offer hot point rewards. These points can only be accepted at selected online retailers, so make sure you are OK with the restricted list of places you can spend your rewards. For the purposes of the spreadsheet, I have assumed that a BNZ point is worth $0.0064, and a Westpac point is worth $0.0049.
Finally, for the Dosh card, note that the maximum cashback is $10 a month. No other cards that offer cashback place a limit. Works ok for lower spend amounts, but not higher amounts.
The key result to look for in this spreadsheet is how much better off you may be by owning your preferred card. That is the difference between the rewards and the cost of the card.
When choosing a card, how much better off is only one key criteria though. You should also consider WHERE you want to use your rewards. If you are a frequent flyer then air points may be fine. Whereas, if you don’t fly much, then points or cashback may be best. With BNZ and Westpac point rewards, also be mindful of the retailers you are allowed to use the rewards and whether that is a list of places you would typically spend money at. If not, those cards may not be ideal for you.
It’s also important to consider other benefits a card has over other cards too. Some cards offer travel or phone insurance for example. Others offer apple pay. American Express also offer first year sweeteners such as $200 or $400 cashback if your first three month spend is greater than $1,500. This sheet should at least provide a useful starting point by eliminating several options from consideration.
Personally, I am not a big fan of credit cards in New Zealand. The rewards are pretty small relative to the level of spend. The risks are greater than the rewards in my view. People typically spend more with a credit card than they would without. The frictionless payments and the dopamine hit from earning rewards tends to lend itself to higher spend than you would otherwise. But, I do see a place for credit cards for SOME people that have control of their behaviours and spending habits.
I have posted this resource not as an endorsement for credit cards, but for those who are already disciplined and are weighing up the best credit card for their needs.
Credit card rewards comparison calculator
Much the same as the calculator above in terms of information so have a read of the blurb above and the assumptions used.
The main difference with this calculator is that it gives you exact results for your annual spend amount. You just need to enter how much you spend per year, and the numbers will update.
You can see detailed information of:
How much spend you need to receive $1 of rewards
How much the cards cost
If any cards have any bonus rewards. Just American Express at this moment in time offer first year bonuses. As in the description for the grid above, note that the $100 every 6 month dining cost reward is not included in the spreadsheet for the American Express gold reward card as that may not be relevant to some people. But do add this if it applies to your situation.
What your monetary reward will be per year
What your monetary reward will be for the first year (if different, i.e American Express)
What percentage of spend your rewards make up
How much you need to spend per year to recover the cost of the card (breakeven)
How much better (or worse) off you are for owning any card with the assumed level of spend
What type of rewards the cards offer, ie. hot points, cashback
I’ve left the calculator cells open for you to use freely and make your own formatting changes but there are some formulas in the table, so just be careful not to remove the formulas or the results will no longer be accurate. I’ve done it this way so you can easily filter the results by cost, breakeven point, reward type, or any other filter you choose.
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