Westpac hotpoints Platinum Mastercard

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 Big Review: Westpac hotpoints Platinum Mastercard

Offering uncapped points earning on Westpac’s hotpoints rewards programme, the Westpac hotpoints Platinum Mastercard provides 2 hotpoints per $1 spent, with a huge range of rewards options to choose from. In terms of platinum perks, the card offers insurance cover on overseas travel and retail purchases, as well as access to a variety of Mastercard Platinum Privileges, including a Platinum Concierge.

• Earn 2 hotpoints for every $1 spent on your card, uncapped
• Access to Westpac’s flexible hotpoints programme
• Complimentary overseas travel insurance (up to 35 days per trip)
• Complimentary retail cover on purchases
• Access to Mastercard Platinum Privileges, including Platinum Concierge
• Up to 55 days interest free on purchases
• 5.95% p.a. on balance transfers for the life of the balance(s) transferred
• Account Fee: $119 per year (paid in two 6-monthly instalments of $59.50)
• Additional Cardholder Fee: $15 per year
• Purchase Rate: 20.95% p.a. (variable)
• Cash Advance Rate: 22.95% p.a. (variable)

This Card: The Lowdown

With the entry-level hotpoints Mastercard below it, and the black-level hotpoints World Mastercard above it, the Westpac hotpoints Platinum Mastercard is Westpac’s mid-level hotpoints earner for those with an above-average card spend. With uncapped points earning and a decent earn rate, this card could be a great little earner, especially for cardholders who want to break away from the Airpoints-earning mould.

Why choose hotpoints? As Westpac’s own rewards programme, hotpoints is a well thought out offering, with plenty of variety on the table. In terms of travel, cardholders are not tied to redeeming rewards on one particular airline, and can instead choose any seat on any airline by booking direct through partner Flight Centre. Other hotpoints options include gift cards and merchandise, credit towards past purchases, credit towards a Westpac KiwiSaver, and donations to charity.

In terms of features, the Westpac hotpoints Platinum Mastercard does provide some nice platinum perks, but they are minimal. As a platinum Mastercard, it offers access to Mastercard Platinum privileges, including a concierge service. It also offers complimentary overseas travel insurance, and retail cover in the form of extended warranty and purchase protection. More features are offered on Westpac’s World hotpoints earner, but that comes with a much higher annual account fee.

Digging Deeper

With the basics covered, it’s time to dig a little deeper into what’s on offer with the Westpac hotpoints Platinum Mastercard, so you can decide whether this card is right for you.

This Card: As a Rewards Card

While it may offer a somewhat minimal selection of extras, the Westpac hotpoints Platinum Mastercard does step it up with points earning.

Earning hotpoints

With the Westpac hotpoints Platinum Mastercard, you will earn 2 hotpoints for every $1 spent on your card, with no points cap in place. This is good news for bigger spenders looking to rack up a large points balance, with points offered on spending not just at home, but overseas as well.

In terms of what is eligible for points earning and what is not, Westpac outlines cash advances, charges, interest, cash substitutes, business expenditure and balance transfers as transactions excluded from points earning. There doesn’t seem to be any obvious exclusion for government spending.

Redeeming hotpoints

With its earn rate of 2 hotpoints for every $1 spent, the Westpac hotpoints Platinum Mastercard offers an effective rate of 1% cashback on everyday spending. This is based on a redemption rate of 200 hotpoints for $1 when redeemed towards travel gift cards with Flight Centre, helloworld, House of Travel and YOU Travel.

Opting to redeem your hotpoints for store gift cards, to gift them to charity, or to credit them to Westpac KiwiSaver schemes offers a slightly better cash value. With these options 180 hotpoints are worth $1.

So, how do you go about redeeming your hotpoints? You can check your hotpoints balance by logging into Westpac One, to then access the hotpoints website. From there, you can check out the various rewards options and redeem your points. If you want to use your points to pay for travel at Flight Centre, you can do so by calling them or stopping in at a branch.

What if you don’t have enough points to cover the reward you want? You can use Points + Pay to cover the difference with your Westpac hotpoints Platinum Mastercard. This allows you to choose how many hotpoints you want to put towards the reward you want, to then pay the difference on your card. Points + Pay will automatically work out the dollar value difference you need to pay.

You’ll also earn up to 10 bonus hotpoints for every dollar you spend with Points + Pay on selected merchandise rewards.

Redemption Options

Let’s take a closer look at your rewards options.

Merchandise: On the hotpoints website, you can find a huge range of merchandise to choose from, from health and beauty to homewares and home appliances.

Gift Cards: If you fancy some retail therapy, you can redeem your hotpoints for gift cards from hundreds of New Zealand’s leading retailers.

Travel: You can redeem your hotpoints for flights, accommodation, car rental and more through Flight Centre, or by opting for travel gift cards or Holiday Credits.

KiwiSaver: Redeeming points doesn’t have to be about spending – you can use your hotpoints to save, by converting them into contributions towards an existing Westpac KiwiSaver Scheme account.

Donations and Gifting: An alternative option allows you to give back with your hotpoints, by donating them to charity or gifting them to friends and family.

This Card: Extras on Offer

Platinum cards can range from basic to extravagant, depending on the features on offer – as well as the account fee cardholders are expected to pay. With its ‘modest’ account fee, the Westpac hotpoints Platinum Mastercard offers a fairly basic selection of features, but that’s not to say they won’t offer value to you.

Balance Transfer Offer

Westpac is currently providing 5.95% p.a. on balance transfers for the life of the balance transferred.

What do you need to know before you transfer? You will not earn hotpoints on your balance transfer. You can transfer up to 95% of your approved credit limit. If you fail to pay off your transferred balance within the intro period, it will revert to the card’s purchase rate – which is not low. With that in mind, understand that payments go towards paying off balances accruing interest at the highest rate, so if you are using the card day to day, your payments will pay off those transactions before your balance transfer.

Overseas Travel Insurance

Buying standalone travel insurance can be time-consuming and tedious. Not only do you need to research the various options, you need to read the terms to make sure the cover suits your needs. However, if you have travel insurance included on your credit card, you can bypass this process, while also saving money.

The Westpac hotpoints Platinum Mastercard offers overseas travel insurance for up to 35 days per round trip, with no limit to the number of trips you can take each year. While it’s important to read the PDS to understand limits, exclusions and the terms for activation, this cover could save you time and money buying standalone cover for each trip you take.

With this cover, know that activation requires a minimum spend on your card for different travel regions, and a $200 excess applies for certain types of claim. Your family members travelling with you may also be covered when a minimum amount is pre-paid on your card. Cover includes:

• Cancellation of travel
• Overseas medical and associated expenses
• Unexpected travel and accommodation expenses
• Death of a relative and resumption of journey
• Luggage, personal effects and travel documents
• Travel delay
• Missed connection
• Funeral expenses
• Accidental death
• Loss of income
• Accidental death and disablement
• Hijack and detention
• Kidnap and ransom
• Rental vehicle collision damage and theft excess cover
• Personal liability

Retail Cover

Aside from travel insurance, the Westpac hotpoints Platinum Mastercard also provides extra cover on retail purchases made on the card. You could benefit from an extended warranty on eligible purchases, providing an extension on the manufacturer’s New Zealand warranty by up to 12 months. Meanwhile, purchase protection could offer a replacement on items lost, stolen or accidentally damaged within 90 days of purchase.

Mastercard Platinum Privileges

Mastercard offers a number of privileges to platinum cardholders, including access to Priceless Cities, Mastercard Global Services and a Platinum Concierge. With Priceless Cities, you can choose from a range of experiences and special offers around the world, exclusive to Mastercard cardholders. Mastercard Global Services gives you emergency assistance virtually anytime, anywhere and in any language, while the Concierge is available 24/7 to assist with anything from travel bookings to theatre recommendations.

Global ATM Savings

If you choose to use your card to withdraw money overseas, you will pay no international transaction fee (usually $2) when accessing a Global ATM Alliance ATM. It is worth mentioning that this type of transaction is a cash advance, which will accrue a higher rate of interest from the date it is made.

Assistance On Call

Aside from the platinum concierge service offered by Mastercard, the Westpac hotpoints Platinum Mastercard also offers on call assistance to cardholders when they need it. As a cardholder, you can take advantage of 24-hour emergency credit card assistance, as well as the Home Assist Service, which can help you arrange the services of a tradesperson 24 hours a day.

This Card: The Essentials

Is the Westpac hotpoints Platinum Mastercard the right choice for you? It may be. If you want to focus on uncapped points earning, while enjoying select platinum perks, it could offer great value for money. To give you an idea of value, use your estimated annual spend to calculate your hotpoints earn, then compare the value of those points to the card’s annual fee. Want to boost your points earning? You can add an additional cardholder for a small fee.

As for interest, this is not a card you want to carry a balance on. With a high purchase rate and cash advance rate, it’s best to avoid interest accruing altogether. You can do this by shunning cash advances, and by paying off your balance each month by the due date. This allows you to take advantage of up to 55 days interest free on purchases, keeping your interest costs at zero and maximising the value of your points earn.

Decision Time

Focussing on points earning, the Westpac hotpoints Platinum Mastercard offers a decent earn rate within the hotpoints rewards programme, with uncapped points on offer. Platinum perks are select, but can certainly provide value to those who need them, with access to Mastercard Platinum privileges and complimentary travel insurance and retail cover.