Kiwibank now have Google/Apple pay, so you're out of excuses for banking with the Aussies.

[in_jesus_i_trust]

@wedinn Kiwibank's airpoints platinum offers 0.87% cashback ($1 air points per $115 spent)? And costs $180/year. You have to spend $21k just to break even on Kiwibank's offering.

ANZ (not sure if this is the best anymore) offer $1 air points per $110 spent ($150/year), so beats Kiwibank on both return AND annual fees, about $16.5k to break even. Or cashback card gives $1 cash back for every $120 spent (slightly worse than Kiwibank), fees only $80/year ($10k to break even).

Really have no idea where you're getting these numbers from. 1.5% to get 0.67% back?

Surcharges probably account for

 

[alleylehmann]

@wedinn BNZ gives me 1.67 points for each $1 spent, with a $90 annual fee.

Don't know what percentage cash back that is but I get around $50 - $140 cash back into my account every month depending on how much I'm spending.

Nothing Kiwibank can offer will give me close to the above.

 

[poppystar7]

@alleylehmann I think the BNZ one work out to be roughly $1 back for every $90 spend, with an annual fee of $90. Firmly trouncing Kiwibank’s $1 for every $115 spent, with a $180 annual fee.

I’m not sure OOP did any research at all before this post - it’s brutal to watch.

 

[hannahleahm]

@wedinn Kiwibank’s platinum airpoints card has a worse interest rate, $ spend per airpoint, and costs more than the ANZ platinum airpoints card. The travel insurance cover ANZ provides card holders is better too.
- ANZ platinum airpoints card: 19.95% interest rate, 1 airpoint per $110, $150 annual card fee
- KB platinum airpoints card: 20.95% interest rate, 1 airpoint per $115, $180 annual card fee

 

[claudiosm82]

@wedinn Their rewards credit card has twice the annual fee of asb's with a worse reward rate.

 

[terryjohn]

@wedinn I've been with Kiwibank since foundation. Was considering a switch because of no *Pay support and mortgage rate offerings.

Kiwibank's rates have usually been the best on offer at the times I needed to consider them.

I used to use their integration with Heaps way back when it was a thing. And I'm getting jealous of ASB's Spend Tracker, BNZ's equivalent, and WestPac's CashNav.

I was using MoneyBrilliant until WestPac (AU) bought them. Now I'm using Booster's MyBudgetPal.
Would rather a bank-integrated solution so its automatic ingestion is not via those scraper-login services (akahu, yodlee, etc).

 

[royalking]

@terryjohn What’s the catch/angle for Booster with MyBudgetPal? How do they get money/business from their offering? I once clicked something innocuous and ended up inadvertently migrating my entire KiwiSaver to them unintentionally. Was totally fucked!

 

[terryjohn]

@royalking idk, probably a marginal cost to them having it free and potentially bringing in new people to their KiwiSaver or other funds.

 

[polywog1152085]

@wedinn The government banks with Westpac, so my money is safer there.

 

[gracebro]

@polywog1152085 If you knew either government or westpac you would not agree.

I mean it doesn't stop me personally but that's just not true

 

[castaway5555]

@polywog1152085 Westpac have been fined etc for fully dodgy and immoral banking practices a number of times recently, there were cases in Aus of them foreclosing people's mortgages who were paying them and hadn't missed a payment.

Fuck Westpac.

 

[holywarrior4jesus]

@wedinn Found the Kiwibank employee

 

[amos_6eight]

@wedinn Nah, I like being with ANZ. I'll stay.

 

[wifenotslave]

@amos_6eight same here, find them great

 

[christellanf]

@wedinn It's not like these banks don't employ thousands of New Zealanders and contribute huge amounts of tax. People act like there's no service or benefit being provided. I know there's risks, is this mainly when shit goes down? Are there other issues?

 

[bpplee]

@wedinn People cry about “the money goes to Australia” not knowing that those banks are owned by American and HongKong institutions. NZ is the size of Melbourne, we’re lucky these banks even operate here to give us a choice.

 

[shiningstar]

@bpplee They're owned by shareholders which are all over the world.

Kiwis can have a piece of the pie if they want but this whole "going to Australia" rhetoric is just politically convenient distraction.

 

[lstump]

@bpplee The point isn't so much about Australia, it's that the money leaves New Zealand.

 

[scrish12]

@bpplee Warren Buffet has entered the chat

 

[my_name]

@bpplee With house prices the way they are here I’d say we’re basically a cash cow for Aussie banks. Low competition, easy money.