Kiwibank Platinum Visa Credit Card

Roland Bleyer

Credit Card Expert with over 15 years card experience and the founder of Creditcard.co.nz. Ask Roland a Question about this card.

The Kiwibank Platinum Visa Card

The Kiwibank Platinum Visa Card offers a low purchase rate to cardholders looking for basic platinum features. For a modest account fee, the card provides overseas travel insurance, with a credit limit ranging between $8,000 and $20,000 depending on cardholder credentials. Cardholders can also take advantage of up to 55 days interest free on purchases and 1.99% p.a. on balance transfers for six months.

What we love...

One of the key attractions on the Kiwibank Platinum Visa Card is its low purchase rate. While most platinum cards apply interest on purchases within the realms of 22-23% p.a., this card works to keep interest costs much lower. This can make it an excellent option for cardholders who don’t always manage to pay off their balance each month, but still want access to platinum extras.

Before we go any further, it’s worth pointing out that these platinum extras are somewhat basic. While higher end platinum cards may offer awesome rewards and extravagant extras, such as airport lounge passes, flight upgrades and complimentary hotel stays, there are platinum cards on the lower end of the scale – such as the Kiwibank Platinum Visa Card – that have a much simpler offering.

So, why the difference between these similarly branded cards? Despite all being labelled platinum, what they offer can vary greatly. Typically, lower end platinum cards with fewer features tend to have a lower annual fee or account fee, and perhaps a lower purchase rate as well. The more you pay in annual fees and interest, the more you tend to get in features.

With that being said, the Kiwibank Platinum Visa Card does have a few nice platinum extras on offer. As a cardholder, you could benefit from the card’s complimentary overseas travel cover when you pay for your travel and/or accommodation before you leave New Zealand (other conditions apply).

This covers up to 40 days away, with protection offered for your spouse and dependent children if they’re travelling with you. You can also benefit from 24-hour worldwide emergency assistance, with cover offered on:

• Medical expenses if you’re injured or have an accident,
• Loss or damage to your belongings or travel documents,
• Unforeseeable cancellations, delays and loss of deposits,
• Kidnap and ransom,
• Rental vehicle excess.

Another platinum privilege offered on this card is its extended credit limit. While this may not be as high as certain other cards, it does allow for a credit limit ranging between $8,000 and $20,000 according to your creditworthiness.

What’s not so great...

We’ve pretty much covered the so-called bad bits on the Kiwibank Platinum Visa Card, having mentioned its basic platinum features. But this lack of features will really only be a drawback if you happen to want more from your card. If you want to earn rewards, or if you want perks such as airport lounge access included on your card, you may be best to look at other options.

Why should you choose this card?

If you want a low rate platinum card, the Kiwibank Platinum Visa Card could be worth looking into. With its low purchase rate, it could work well for you if you carry a balance once in a while, helping you to keep interest costs down as you work on paying off what you owe. As for account fees, this card charges a modest account fee every six months. If you have a home loan or deposits worth at least $150,000 with Kiwibank, this account fee will be waived.

In terms of other features that may interest you, you could benefit from up to 55 days interest free on purchases if you clear your balance by the due date each month. Or, if you want to pay down existing credit card debt, this card could help, with 1.99% p.a. on balance transfers for six months.

Overall Rating

A low rate platinum card, the Kiwibank Platinum Visa Card keeps things fairly simple, offering a nice low purchase rate, a modest account fee, complimentary overseas travel insurance and a credit limit ranging between $8,000 and $20,000.