ASB Visa Platinum Rewards 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 Big Review: ASB Visa Platinum Rewards Card

Offering cardholders a way to earn more points per dollar on ASB’s True Rewards programme, the ASB Visa Platinum Rewards Card offers straightforward points earning and a wide range of redemption options. With a relatively low account fee, the card keeps extras to a minimum to focus on rewards, providing access to complimentary overseas travel insurance and 0% p.a. on balance transfers for six months.

• Earn 1 True Rewards dollar for every $100 spent
• 1 True Rewards dollar = NZD $1
• Access to ASB’s flexible True Rewards programme
• Complimentary overseas travel insurance
• Compatibility with Apple Pay, Google Pay, Fitbit Pay and Garmin Pay
• 0% p.a. on balance transfers for six months

• Account Fee: $40 charged every six months
• Joint Accountholder Fee: $27.50 charged every six months
• Additional Cardholder Fee: $15 charged every six months
• Purchase Rate: 19.95% p.a. (variable)
• Cash Advance Rate: 22.95% p.a. (variable)

This Card: The Lowdown

As a platinum card, the ASB Visa Platinum Rewards Card offers higher points earning than the bank’s classic rewards card, making it a worthy choice for those who want to earn more points per dollar on their everyday spending. As long as you meet the bank’s minimum income requirement – and spend enough on it so that you get more back in rewards than you pay out in account fees – this card could offer a good return in terms of value.

One thing you may notice about this card, however, is its lack of extravagant features. Compared to some other platinum cards, which offer extras such as airport lounge access and complimentary hotel stays, the ASB Visa Platinum Rewards Card is pretty minimal. How much does this matter? That will depend on how much you would use those extras. If you wouldn’t use the extras offered, then there’s no point paying more for them in the form of higher account fees.

The ASB Visa Platinum Rewards Card focuses on rewards. So instead of worrying about endless small print and extras you don’t use, you can opt for a simple option that lets you earn points on a flexible rewards programme. Of course, it offers the basics, such as security features and tech compatibility with Apple Pay and Google Pay, alongside overseas travel insurance. So, if that’s all you need, this card could be for you.

Digging Deeper

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

This Card: As a Rewards Card

In terms of points earning, the ASB Visa Platinum Rewards Card has one earn rate to remember: for every $100 you spend on eligible purchases, you will receive 1 True Rewards dollar. No points cap to think about, no tiered points earning, and no points shaping after spending a certain amount per month. It’s just one earn rate, all the time.

While it is worth pointing out that there are transactions that are not eligible for points earning (such as gambling transactions and the purchase of foreign currency), for all eligible transactions, it remains a simple system to remember.

What about a joining fee? Unlike certain other rewards programmes that have a membership joining fee, this is not something you have to worry about with True Rewards. When you apply for your ASB Visa Platinum Rewards credit card, you'll automatically be enrolled in the True Rewards programme, with no joining fee required.

Want to maximise your points earning potential? You can boost your points earning in a number of ways. For example, you could set up regular payments on your card, covering costs such as your mobile phone bill or your gym membership. Using your card for all those little payments can also increase your points earning, on everything from your morning coffee to your weekly magazine splurge.

Another way to increase your points earning is to add another cardholder to your account. The ASB Visa Platinum Rewards Card charges a fee for joint accountholders and additional cardholders, so you’ll need to make sure the points those cardholders earn outweigh the cost of adding them to the account. But, with more cardholder spending, it could certainly help to boost your points total, especially with no cap on points on this card.

Redeeming Points

Again, the ASB Visa Platinum Rewards Card keeps it simple with its redemption rate, with 1 True Rewards dollar equalling NZD $1. So, what can you spend those True Rewards dollars on? Happily, the True Rewards programme is seriously flexible, providing cardholders with an enticing array of redemption options.

Travel

Like many rewards programmes, True Rewards offers cardholders the option to redeem points for travel. However, unlike most frequent flyer options, True Rewards is somewhat more flexible. Through House of Travel and Mix&Match, you can redeem your True Rewards dollars for flights on any airline, for any seat, to any destination, or to cover accommodation, cruises, car hire and complete holiday packages.

Shop with Partners

When shopping with True Rewards partners, you can use your True Rewards card just like you would your EFTPOS card. Allowing you to redeem points instantly in-store, this is an easy way to cover the things you want without being tied down to a rewards catalogue. Check out these partners for awesome redemption options:

• Shop at big names such as Farmers, Mitre 10, Noel Leeming, BP and Smith + Caughey’s.
• Book your next adventure at Webjet or House of Travel.
• Stock up on sports and outdoor adventure gear at Torpedo 7 and Rebel Sport.
• Enjoy a night at the movies at Hoyts and Berkeley Cinemas.
• Sample mouth-watering food and drink at Fine Wine Delivery Co, Burger Boy, Harbourside Ocean Bar Grill, White and Wong’s, Botswana Butchery, Sardine, Bardeaux, Harry’s Pool Bar, DirtyLaundry and Barmuda.
• Peruse essentials for the home from Città, Stevens, and BoConcept Urban Design.
• Pick up books, stationery, and arts and crafts from Whitcoulls and Milk Handcrafted Photo Books.
• Invest in something gorgeous from Pascoes the Jewellers or Stewart Dawsons.

2 x Points with Bonus Partners: Remember, when you shop with the programme’s bonus partners Città or the Fine Wine Delivery Co, either in-store or online, you earn twice the True Rewards dollars so you can stack up points even as you shop.

Get Online

If you’re looking to swap those points for something special but don’t want to leave the comfort of home, you can head online to the True Rewards online store. Here, you can redeem points for a huge range of rewards, including merchandise and gift cards. Keep an eye out for the Deal of the Week to get even more value from your points.

Alternatively, you can also shop online at selected partners using your True Rewards dollars. These partners currently include Farmers, Noel Leeming, Smith + Caughey’s, House of Travel, Torpedo 7, Fine Wine Delivery Co and Città.

Get Saving

If you’re more interested in saving than spending on rewards, you can choose to transfer your True Rewards dollars into any ASB KiwiSaver Scheme account. Whether you want to contribute to your own savings or someone else's, you can boost those savings with points from your everyday card spending.

Donate to Charity

Providing another worthy alternative, the True Rewards programme allows you to donate to partner charities by transferring your points to charitable organisations such as St John, KidsCan and the Starship Foundation. Check out the bank’s site for more charity options.

Gift your Points

Whether you’re feeling selfless and want to donate your points to someone else, or you want to pool your points together to redeem them for a bigger reward, you can choose to gift or transfer your True Rewards dollars to another member’s account via FastNet Classic internet banking.

Earn Fuel Discounts

If you have an AA Membership card or registered AA Smartfuel card you can switch from earning True Rewards dollars to earning cents off per litre using your ASB rewards credit card with AA Smartfuel. In doing this, every dollar you spend on your card counts towards your next AA Smartfuel discount (for every accumulated $50 you spend, you will earn one cent per litre).

Offering an easy way to save on fuel costs, this programme also allows you to accumulate even more fuel discounts when you shop at other participating AA Smartfuel partners. And, as a nice touch, you can switch between earning AA Smartfuel discounts and True Rewards dollars at any time. To switch, all you need to do is log in to FastNet Classic or the ASB Mobile app.

This Card: Extras on Offer

Before we check out the various extras on offer with the ASB Visa Platinum Rewards Card, it’s worth pointing out that platinum cards are not all created equal. Basic options such as this one tend to offer fewer features for a lower account fee than more complex cards with a much higher account fee. This is not necessarily a bad thing, though.

While some cardholders want and need lots of extras on their platinum card, other cardholders don’t. They may want the platinum option for its higher points earn, but don’t want to pay lots more in account fees for features they won’t use. This is where the ASB Visa Platinum Rewards Card excels. It focuses on points, keeping fees down, while throwing a few nice extras into the mix.

Overseas Travel Insurance

Like most platinum cards, the ASB Visa Platinum Rewards Card provides complimentary overseas travel insurance. This covers you as the cardholder (and your spouse and dependent children travelling with you) as long as at least 50% of everyone’s return travel tickets have been purchased using the card (or by another activation method).

Other activation methods include obtaining your return travel tickets with True Rewards dollars, Airpoints or any other frequent flyer points; using a cash advance from your card to cover at least 50% of your return travel tickets; or using another ASB account in your name to pay for at least half the cost of your tickets when your card is not accepted as a valid means of payment.

Cover includes:

• medical expenses,
• cancellation and changes to planned travel,
• personal belongings such as luggage, money and travel documents,
• legal expenses and personal liability,
• loss of income,
• rental vehicle excess.

As with any credit card travel insurance, it’s wise to read the PDS carefully before relying on cover from this card. For example, pay attention to any exclusions, eligibility and activation, and know that a $200 excess applies when making certain types of claim on this policy.

Balance Transfer Offer

If you have existing credit card debt you want to pay off, the ASB Visa Platinum Rewards Card could help you do just that with its 0% p.a. balance transfer offer. With this offer, you will pay 0% p.a. interest on balances transferred from store cards and other banks’ credit cards, giving you six months to pay down your balance.

However, it’s worth noting that payments made to this card go towards paying off the balance attracting the highest interest first. So, if you’re spending on the card, payments will go towards that new balance first, not your balance transfer. Unless you are putting in more than your new spending, you will find your transferred balance remains unchanged at the end of this intro period. This will then revert to the card’s substantial purchase rate.

Tech Compatibility

If you want access to faster payments at the checkout, you can sync your card and your device via Apple Pay, Google Pay, Fitbit Pay and Garmin Pay. ASB Virtual is also available, which allows you to tap and pay with Android, as well as an ASB PayTag sticker that turns almost anything into a mobile payment device.

This Card: The Essentials

One of the nice things about the ASB Visa Platinum Rewards Card is its relatively low account fee. With just you as the primary cardholder, you would need to spend at least $8,000 on your card each year to balance out that account fee, to then start earning rewards above and beyond that. Compared to certain other platinum rewards cards, that’s a low spend – however, you would also need to weigh up the points earn on those other cards to compare them properly.

As for interest, the purchase rate and cash advance rate on this card are quite high, as is often the case with platinum cards. To make the most of this card, you will need to clear your balance each month and avoid cash advances in order to get full value from the rewards and features on offer.

Decision Time

A simple rewards option, the ASB Visa Platinum Rewards Card offers a higher points earn and a few platinum perks. A relatively low account fee makes it easier to get value from points earned, as long as cardholders avoid interest accruing on their balance.