https://www.nzx.com/announcements/399605
Potential bond offer to replace existing bonds maturing 28/10/22
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https://www.nzx.com/announcements/399605
Potential bond offer to replace existing bonds maturing 28/10/22
Kiwibank changing the Airpoints Credit card benefits - was 1 AP per $85 spend - now 1 AP per $115 spend.
I am not sure if this is a KiwiBank initiative or Air NZ tightening the belts and reducing Airpoint incentives. But thats quite a jump
I have just sent kiwibank a dirty email. I suggest all holders do the same!
The Government introduced legislation in 2021 to cap the interchange rates which are the fees charged by banks when customers use a credit card. This will officially take effect from 13 November 2022. KiwiBank and AirNZ will be relying on these relatively high interchange rates to subsidise the earning rates on the credit cards. Now that the rates have been capped, they've predictably responded by lowering the earning rate and increasing the annual card fees.
Although the most pain will be felt by those using rewards cards (AirPoints, Cash Bank etc.), IMO the annual card fee increases are likely to flow through to all card types eventually.
I note that KiwiBank will also not offer a lounge pass for every $30k spent on the card.
Sometime over the next couple of weeks I'll complete some modeling on our spend and see whether we're better off converting to a different rewards card, or just a standard non-rewards type card.
Let us know what you come up with. Be interesting to see a comparison
Yep I'd be interested too. Had a quick look earlier and there isn't a lot of choice. American express certainly gives the best reward. Double whammy in fee increases as well as reduction in earnings. We had 6 lounge vouchers but they expired over the lockdown. For some reason we have not earned any more while still spending same amount of dollars.
This might help
https://www.moneyhub.co.nz/best-credit-cards.html
I used to have a platinum AMEX card years ago but then changed to the Kiwibank one, which has been slowly falling behind in value ever since. The biggest problem with AMEX is that hardly anyone in NZ accepts it.
Amex Airpoints Platinum gives you one Airpoints dollar for every $59 spent - easily the best earn rate. You'd be surprised how many places accept it - all supermarkets, fuel stations, PayPal, many national retailers, any decent restaurant or hotel. They also do some really good cash-back promotions through the year (e.g., I recently spent over $100 at PB Tech and got $20 back. There's usually 4 or 5 of these sorts of events each year that I can take advantage of.) Customer service is excellent as well - the call centre staff are clearly well trained.
Amex is a huge cost for small businesses. I remember it being something in the vicinity of 5-6% of the purchase price in costs for the retailer and if you are signed up to an association similar to the retailers association. It is higher if you are not, from memory 8-10%and also not all banks do this. Kiwibank was offering 4-5% for Visa or Mastercard for the retailer. I believe They don’t have an association that can make it cheaper.
So back in good old 2001 I started a new job and that came with a corporate AMEX card.
When I realised that you could sign up for AIRpoints with them, [note the tenuous link to the thread subject] I duly did.
Much to my surprise a 2nd AMEX card arrived. I queried this and they told me to use the new one and cut up the old one. I duly did.
Next I came to use my AMEX it did not work and it transpired they had cancelled the new card instead of the old one.
So they then sent a replacement card....
....for both cards and then it went downhill from there.
Meanwhile AIR are quite the butt of a few jokes in aviation circles in that they are struggling to get their planes back from New York without regularly needing to leave something behind to save weight and fuel.
But I am sure they will get it sorted.
Disc: I have more AMEX and other credit card stories to bore you with if required.
Air New Zealand has always been an embarrassment but they may have outdone themselves this time:
https://www.newshub.co.nz/home/trave...francisco.html
If you want to be taken seriously as an analyst, which apparently you do from posting your various reports, you might consider refraining from emotional comments about the companies you report on. Keep it factual. Reputation is hard won but easily lost. This comment does you no favours.