NZ Reward Points Compared: Which Loyalty Schemes Actually Pay You Back?

Are you getting a good deal on your loyalty rewards program?

Almost every store in New Zealand has some form of loyalty reward points. It brings people in the door so it's great for the retailer, but how many of us have actually considered if it's good value for us?

The actual cash-back value hidden inside these schemes can vary enormously. They make us think we're getting a deal, when actually, we're often not. Some pay back less than half a cent for every dollar you spend, while others pay back as much as 9 cents on the dollar! Once you work out the real earn rate behind each scheme, you'll make better decisions with your spending. That's what this blog post sets out to achieve.

New World Clubcard

Quick verdict: A straightforward supermarket rewards programme, returning up to 0.75% back on your spending.

How it works: You earn Club Dollars when shopping at New World and Four Square. One Club Dollar is worth $1 when redeemed. New World earns at the full rate, while Four Square earns considerably less.

The maths:

The catch: New World's earn rate is 0.75%. Four Square's earn rate drops to around 0.38%. Pak'nSave lets you spend Club Dollars but doesn't let you earn them. Where you choose to shop matters!

Best redemption: Using Club Dollars to reduce the cost of your groceries.

Best for: New World shoppers.

Brent's rating: 6/10 - it's okay, but 0.75% isn't anything to yahoo about

Woolworths Everyday Rewards

Quick verdict: Woolworths' Everyday Rewards programme gives you at least 0.75% back on standard spending. Using boosts can increase this earn rate.

How it works: You earn one Everyday Rewards point for every $1 spent at Woolworths or BP. Once you accumulate 2,000 points, you can redeem them for a $15 voucher.

The maths:

The catch: You have to accumulate 2,000 points before receiving your $15 reward, so the programme isn't as intuitive as earning rewards directly in NZ$ equivalent terms.

Best redemption: There's only one, the $15 voucher!

Best for: Woolworths and BP customers.

Brent's rating: 7/10 - the ability to increase the earn rate via boosts edges out the Club Card

Air New Zealand Koru (formerly Airpoints)

Quick verdict: Airpoints can offer much better value than supermarket rewards, but how you earn and redeem them makes a huge difference.

How it works: Airpoints Dollars can be earned through Air New Zealand, participating partners (e.g. Doordash, AIA) and eligible credit cards. Airpoints can be redeemed both on flights or through their Airpoints Store.

The maths (using the American Express Airpoints Platinum Card as an example):

The catch: Earn rates vary considerably between partners, and partial Air New Zealand redemptions (Flexipay) can come with an additional fee when paying with Airpoints.

Best redemption: Personally, I think gift cards are particularly attractive because you can exchange 50 Airpoints Dollars for a $50 Mitre 10 voucher, with no usage fee (like Flexipay above, which I despise).

Best for: Those that already purchase from participating partner stores, and can get a double benefit from credit card rewards.

Brent's rating: 8/10 - I like the flexibility of Airpoints Dollars and the scale of their partner network to earn points from various stores.

OneNZ / Dosh Phone Dollars

Quick verdict: A respectable 1% reward rate on spending, but the value is heavily dependent on whether you actually want to spend money with One NZ.

How it works: When you spend using the Dosh Visa Debit card, you earn one Phone Dollar for every $100 spent.

The maths:

The catch: Phone Dollars can only be used towards eligible phones and plans through One NZ. If you're not a customer, or don't intend to be, they're not worth collecting.

Best redemption: The only, an eligible One NZ phone or plan.

Best for: Existing One NZ customers or people planning to buy their next phone through One NZ.

Brent's rating: 1/10 (if you're not a One NZ customer). 8/10 (if you're a OneNZ customer it can help you save money, and the Dosh card doesn't have annual fees)

Farmers Club

Quick verdict: Farmers Club can be surprisingly rewarding, with an effective return ranging from around 0.8% all the way up to 8%, depending on what you buy.

How it works: The number of points you earn depends on the department. Beauty earns one point for every $1 spent. Home and Stevens purchases earn one point for every $10 spent. You can exchange 250 points for a $20 voucher.

The maths:

The catch: A high rewards rate doesn't automatically mean you're getting a good deal, if you're paying more than Chemist Warehouse for the same items. Also, make sure to check the points expiry as Reddit users have complained they're short-dated.

Best redemption: The only, a $20 Farmers voucher.

Best for: Beauty shoppers.

Brent's rating: 5/10 - the earn rate is definitely good, but unless you're a big spender at Farmers they'll probably expire before you have a chance to redeem them.

American Express Membership Rewards

Quick verdict: One of the more flexible rewards programmes. The value of your points can range from ~1% to 2% depending on how you redeem them.

How it works: Eligible American Express cards earn Membership Rewards points when you spend. The Gold Rewards card, for example, earns two Membership Rewards points for every $1 spent.

The maths (using the American Express Gold Card as an example):

The catch: There isn't one fixed value for an Amex Membership Rewards point. Choosing the wrong redemption can significantly affect the value you're getting from your spending.

Best redemption: Luxury hotels and Amex travel bookings.

Best for: Those that pay close attention to redemption offers and travellers.

Brent's rating: 7/10 - great earn rate but you have to watch the card fees to ensure your spending is sufficient to get enough value out of them.

Westpac Hotpoints

Quick verdict: Westpac Hotpoints are highly flexible, but the effective return is fairly modest at around 0.5% to just under 1%, depending on your card.

How it works: Eligible Westpac credit cards earn Hotpoints on your spending. The standard Mastercard earns one point per $1 spent, the Platinum earns 1.5 points and the World Mastercard earns two points.

The maths:

The catch: Why is the conversion rate so obscure? In finance, the harder an offer is to understand, generally the worse value it offers. Also, your effective rewards rate changes depending on which card you hold.

Best redemption: Hotpoints Pay, which allows you to use your points towards eligible purchases.

Best for: Westpac customers.

Brent's rating: 5/10 - I cannot take a points system seriously when the conversion rate is NZ$1 = 202.43 hotpoints. After the maths it's not bad, but definitely not great.

ASB True Rewards

Quick verdict: ASB True Rewards are easy to understand once converted back into dollars, offering an effective return of around 0.67% to 1% depending on your card.

How it works: ASB's Visa Rewards card earns one True Reward Dollar for every $150 spent, while the Platinum Rewards and Business Rewards cards earn one True Reward Dollar for every $100 spent.

The maths:

The catch: Some purchases available through ASB's rewards platform can offer worse value than simply redeeming your points for gift cards.

Best redemption: Gift cards.

Best for: ASB customers.

Brent's rating: 7/10 - clear system to understand, good earn rate for a bank, and flexible to redeem.

BNZ Points

Quick verdict: BNZ has, by far, the most complicated rewards system. With an effective return of roughly 0.78%, increasing to around 0.92% with some gift card redemptions, it doesn't need to complicate things.

How it works: The BNZ Advantage Visa earns 1.67 BNZ Points for every $1 spent. Around 200 points can be converted into approximately 94 cents of value.

The maths:

The catch: It's unnecessarily difficult to work out what BNZ Points are actually worth, and the value changes depending on how you redeem them.

Best redemption: Gift cards.

Best for: BNZ customers.

Brent's rating: 7/10 - a solid earn rate, but geez, I feel I could sit NCEA Level 2 maths all over again after calculating their effective value!

Z Rewards

Quick verdict: Z Rewards gives you 0.8% to 1.6% back, depending whether you purchase fuel or convenience items.

How it works: You earn one Z Point for every $1 spent on eligible fuel. This increases to two Z Points for every $1 spent on eligible conveninece items. or food at Z. Accumulate 2,500 points and you can exchange them for 20 Airpoints Dollars.

The maths:

The catch: The value of your points varies depending on how you earned them.

Best redemption: Voucher or convenience items e.g. Pie, Drink, Coffee.

Best for: Z customers.

Brent's rating: 7/10 - good earn rate and simple system to understand.

Living Rewards

Quick verdict: One of the strongest headline rewards rates in this comparison, returning around 6.67% on eligible spending.

How it works: You earn one Living Rewards point for every $1 spent at Unichem and Life Pharmacy. Once you've accumulated 150 points, you can exchange them for a $10 voucher.

The maths:

The catch: Same as Farmers above, just make sure you're not spending more for items you can find cheaper elsehwere.

Best redemption: Only one, the $10 voucher.

Best for: Unichem and Life Pharmacy customers.

Brent's rating: 8/10 - when I need medicine, I'm not shopping around. Great earn rate...but I don't know if I've ever spent $150 at a chemist!

McDonalds Maccas Rewards

Quick verdict: McDonald's has one of the highest effective reward rates in this comparison, with a Big Mac redemption working out at roughly 9.9% back.

How it works: You earn 100 points for every $1 spent at McDonald's. Different menu items can then be redeemed using your accumulated points.

The maths:

The catch: You need to enjoy eating McDonalds...I frequent the Britomart store and have 22,000 points (~2 Big Macs waiting for me)

Best redemption: Can't go wrong with the Big Mac.

Best for: McDonalds customers.

Brent's rating: 10/10 - great earn rate, and the app already gives lots of deals so it's an easy win.

Repco Rewards

Quick verdict: A surprisingly strong retail rewards programme, returning around 3.33% of your spending as reward value.

How it works: You earn one Repco Point for every $1 spent in store. Once you've accumulated 300 points, you can exchange them for a $10 gift card.

The maths:

The catch: Same as Farmers, there's a six-month expiry duration on these points, so you need to accumulate these points fast so you don't lose your points.

Best redemption: Only one, the $10 voucher.

Best for: Repco customers.

Brent's rating: 6/10 - good earn rate if you're a Repco customers, but I'm not as I drive a 2012 Toyota Aqua.

Sharesies Mastercard (Investback)

Quick verdict: A flat and uncapped 1% back on eligible spending. Unlike every other scheme, you're effectively paid in invested shares or KiwiSaver contributions, not cash or vouchers.

How it works: The Sharesies Mastercard (also called the Sharesies Spend card) pays "Investback" rewards of 1% of eligible purchases This "investback" gets invested weekly into an option of your choosing. The options include your KiwiSaver Scheme account, an advised portfolio, or any of the 10,000+ companies and funds available on Sharesies. If you don't pick one, it defaults to the Smart Global ESG ETF.

The maths:

The catch: The first is that the reward isn't cash or vouchers, it's instead directed towards an investment. The card is free for the first 30 days, then it costs $12 a year if you're on a paid Sharesies plan, or $25 a year if you're not. There's also a 0.5% currency conversion fee on overseas purchases. Over on Reddit, users confirm the 1% Investback has no cap, though some admit the reward has tempted them into spending more than they otherwise would just to keep topping it up.

Best redemption: There's only one, and that's investing in something.

Best for: Existing Sharesies investors who'd rather their rewards go towards topping up their portfolio or KiwiSaver, rather than earning cash back.

Brent's rating: 8/10 - a genuinely uncapped 1% is hard to beat on this list, though it only suits people who actually want their rewards invested rather than spent.

ANZ Loop

Quick verdict: A proper cashback programme, but there's no single earn rate. Live offers I've seen range from around 3% up to 10% depending on the retailer.

How it works: ANZ Loop is automatic for ANZ debit and credit card customers who use the goMoney app. There's no signup, activation or promo code needed. You check the Cards tab in goMoney for your personalised offers, spend with your card at a participating retailer (in-store debit purchases only, must be a contactless tap), and cashback is credited straight to your card account, usually within two to seven days. It stacks on top of any other credit card rewards you already earn.

The maths (using a sample of live offers):

Note: the above are just a few examples, but the app has a long list of offers available.

The catch: Offers are personalised and have expiry dates, and most only apply online, in-store, or above a minimum spend. Transactions have to go through the Visa network, so don't insert your card and use the EFTPOS gateway by accident. Marketing expert Bodo Lang, quoted by RNZ, also flagged the risk of overspending just to hit a minimum-spend threshold, plus the use of customer data to personalise which offers you're shown.

Best redemption: You can only do cashback.

Best for: ANZ personal Visa Debit or credit cardholders who don't mind checking the goMoney app regularly for time-limited retailer deals.

Brent's rating: 7/10 - real cash beats points any day, but the offers are a bit of a lucky dip. You need the right retailer, at the right time, to actually cash in.

BK Rewards (Royal Perks)

Quick verdict: One of the highest headline rates in this list. Redeeming for a Hershey Pie works out to roughly 11.2% back, well above most bank or supermarket schemes.

How it works: You earn 10 BK Crowns for every $1 spent at participating BURGER KING NZ restaurants via the app. Crowns unlock tiered rewards (Bronze at 210 Crowns, Silver at 350, Gold at 490), plus individual app treats priced separately in Crowns, like a Hershey Pie for 500 Crowns.

The maths:

The catch: BK's published tier structure only goes up to 490 Crowns (Gold), so a 500-Crown Hershey Pie sits just above that as an individual app redemption rather than a listed tier, and in-app pricing can change without notice. Crowns are valid for 12 months from first purchase, and only one reward can be redeemed per transaction.

Best redemption: Smaller treats tend to offer better value per Crown than big-ticket items, so it's worth comparing the Crown cost against retail price before redeeming.

Best for: Regular BK customers who already order through the app.

Brent's rating: 8/10 - a strong effective return if you eat there often. In Auckland now there are very few stores so I couldn't tell you the last time I visited one.

Mobil Smiles

Quick verdict: Mobil Smiles pays back around 0.7% on fuel (at a $2.80/litre pump price), rising to 2% on eligible in-store items.

How it works: At standard Mobil stations you earn 1 Mobil Smiles point per litre of fuel (half that, 0.5 points/litre, at self-service Mobil Express sites), plus 1 point per $1 spent on eligible in-store items. Points redeem in fixed tiers that all work out to the same rate, e.g. 5,000 points = $100, or 2 cents per point.

The maths:

The catch: The fuel return moves with the pump price: a higher litre price means a lower percentage return for the same 1 point/litre, and vice versa. Self-service Mobil Express sites earn points at half the rate of full-service stations.

Best redemption: Fuel or in-store items, both redeem at the same 2 cents/point rate across all six voucher tiers ($3 up to $100).

Best for: Regular Mobil customers, especially for in-store purchases where the return doubles to 2%.

Brent's rating: 5/10 - fine if you already fill up at Mobil, but the return on fuel itself is thin and shrinks further as petrol prices rise.

Revolut RevPoints

Quick verdict: RevPoints scale with your plan tier, from a near-negligible ~0.1% on Standard/Plus up to ~1.4-2% on Ultra, and the point value itself also depends on what you redeem for.

How it works: Every Revolut plan earns RevPoints on spending, at a rate that improves with plan tier: 1 point per $16 on Standard and Plus, 1 point per $8 on Premium, 1 point per $3 on Metal, and 1 point per $1 on Ultra. Points are redeemed through the Revolut Rewards store; a $100 Amazon gift card costs 7,000 points ($0.0143/point), while $100 of "Experiences" rewards costs 5,000 points ($0.02/point).

The maths:

The catch: Plus, Premium, Metal and Ultra all charge a monthly plan fee (from $5.99 up to $79.99), so the improved earn rate needs to be weighed against that cost and against the plan's other perks, since points alone rarely justify moving up a tier.

Best redemption: "Experiences" rewards, which work out to a better rate (2 cents/point) than gift cards like Amazon (1.43 cents/point).

Best for: Ultra cardholders who were paying for the plan's other travel perks anyway - the points return is close to irrelevant on Standard or Plus.

Brent's rating: 5/10 - the RevPoints earn rate is only really worth mentioning on Ultra, and even then it's a small slice of what you're paying for.

BurgerFuel VIB Club

Quick verdict: One of the highest effective returns in this list. BurgerFuel's Miles Per Burger scheme works out to roughly 10% back in Burger Bucks.

How it works: You earn 1 mile per burger (mpb) for every $1 spent at BurgerFuel. Once you've clocked 200 mpb, you get 20 Burger Bucks (worth $20) added to your Club Goods Dashboard.

The maths:

The catch: Burger Bucks are single-use only, one per transaction, and can't be combined with any other BurgerFuel offer, voucher or Club Goods reward. If you don't spend the full $20 in one visit, there's no cash back or mpb refunded on the difference.

Best redemption: There's only one, the $20 Burger Bucks credit itself.

Best for: Regular BurgerFuel customers who spend enough in one sitting to use the full $20 without leaving value on the table.

Brent's rating: 8/10 - a genuinely high earn rate, but the single-use, no-change rule means you need to plan your order around using the full $20 (go large and buy a big burger or add all the additions!)

Supercheap Auto Most Loyal Loyalty Club

Quick verdict: A rare flat-rate scheme. Supercheap Auto's Spend & Get gives you a straightforward 5% back in store credit, one of the highest rates in this list.

How it works: Membership is free. You earn $5 credit for every $100 spent on eligible purchases in a calendar year, on top of exclusive Club Prices and other member perks.

The maths:

The catch: The $5 credit expires just 28 days after it's issued, so it's easy to let it lapse if you're not back in store soon after. Eligible purchases are also tallied per calendar year, so your progress toward the next $5 resets annually.

Best redemption: There's only one, in-store or online credit towards your next Supercheap Auto purchase.

Best for: Regular Supercheap Auto customers who shop there often enough to use the credit inside the 28-day window.

Brent's rating: 8/10 - a genuinely high, easy-to-understand return, let down slightly by how quickly the credit expires.

Farm Source Rewards

Quick verdict: Farm Source Reward Dollars (F$) are worth a flat $1 each, but the earn rate varies hugely by purchase type and whether you're a Fonterra supplier, from as little as 0.1% up to 2%.

How it works: You earn F$ automatically on purchases through your Farm Source account, in-store, online, via the Rewards card, or through billing partners like power, phone, fuel and insurance. Fonterra suppliers earn at a better rate than other account holders in every category.

The maths:

The catch: Non-supplier account holders earn at roughly half the rate of Fonterra suppliers across every category, and services, fertiliser and card spend earn at the lowest rate of all, even though the Rewards card also gives you separate per-litre fuel discounts (e.g. 16c/L at Mobil, 12c/L at BP, Z and Caltex) on top of whatever F$ you earn.

Best redemption: More farm supplies in-store or the Farm Source Rewards Store, both redeem F$ at face value ($1 = F$1). Dream Rewards can be put toward almost anything, arranged through their concierge service.

Best for: Fonterra suppliers doing regular non-discounted in-store purchases, where the return is highest.

Brent's rating: 6/10 - flat dollar-for-dollar redemption is refreshingly simple, but the earn rate is thin unless you're a Fonterra supplier buying non-discounted goods in-store.

Health 2000 Rewards

Quick verdict: A clean flat-rate scheme. Health 2000 pays back 5% in reward vouchers, one of the higher rates in this list.

How it works: You earn 1 point for every $1 spent, and every 100 points earns you a $5 reward. Points can be earned and spent on all products, including sale and clearance items, and up to four rewards ($20) can be redeemed in a single transaction.

The maths:

The catch: Points expire after 24 months, and only four rewards ($20) can be redeemed per transaction, so a big spend-up can't cash in everything you've banked in one go.

Best redemption: Straightforward, $5 off for every 100 points, stacking up to $20 per transaction.

Best for: Regular Health 2000 shoppers, especially since points work on sale and clearance items too.

Brent's rating: 8/10 - a clean, high, easy-to-understand flat rate, and unusually generous in letting you earn and redeem on discounted items.

Paper Plus Rewards

Quick verdict: The same clean flat-rate structure as Health 2000, Paper Plus pays back 5% in reward vouchers, though the vouchers themselves expire fast.

How it works: Membership is free and cardless. You earn 1 point for every $1 spent on eligible products (books, stationery, art & craft, toys, games, puzzles, giftware, cards, gift wrap, magazines), and every 100 points converts to a $5 e-voucher stored electronically on your account.

The maths:

The catch: The $5 Rewards expire just 3 months after being earned, one of the shortest windows in this list. Points aren't earned on Lotto, NZ Post products and stamps, Kiwibank products, gift cards, newspapers, prescriptions and several other exclusions, and Rewards can only be redeemed in full $5 increments against a purchase equal to or greater than their value, with no change given. Inactive memberships (24 months) are closed and forfeit any accrued points and rewards.

Best redemption: Any eligible purchase, in $5 increments, spent promptly given the 3-month expiry.

Best for: Regular Paper Plus shoppers who spend often enough to use rewards inside the 3-month window.

Brent's rating: 6/10 - the flat 5% rate is solid, but the short reward expiry means it's easy to lose value you've already earned.

Whitcoulls Rewards

Quick verdict: The same 5% flat rate as Health 2000 and Paper Plus, but with an even shorter leash, the $5 Reward itself expires just 8 weeks after being earned.

How it works: You earn 1 point for every $1 spent (excludes Lotto, prepaid envelopes, stamps, gift card purchases and freight costs). Every 100 points becomes a $5 Reward, credited to your card automatically the day after you hit the threshold.

The maths:

The catch: Points themselves are valid for 6 months from when they're earned, but once converted, the $5 Reward expires just 8 weeks later. Rewards redeem only in full $5 increments (no change given), can't be used on Lotto, prepaid envelopes, stamps or gift cards, and even though you can redeem online, you must physically present your Whitcoulls Rewards card in store to redeem there.

Best redemption: Books, stationery, games, toys, puzzles and art & craft, most categories except the exclusions above.

Best for: Regular Whitcoulls shoppers who keep their card on them and use rewards quickly.

Brent's rating: 6/10 - a solid flat rate let down by one of the shortest reward-redemption windows on this list.

SkyCity Rewards Points

Quick verdict: SHOW by SkyCity Rewards Points return 1% back at SkyCity's hotels and participating bars and restaurants, and you can also turn your Rewards Points into play on a Gaming Machine, though SkyCity doesn't publish a specific points-per-dollar earn rate for gaming or table play itself.

How it works: You earn Rewards Points on your SHOW by SkyCity Rewards card by carding-in at a Gaming Machine, swiping in at a Table Game, or presenting it at SkyCity's hotels, bars and restaurants, the Sky Tower and other attractions. At hotels and participating bars and restaurants you earn 1 Rewards Point for every $1 spent, and every 100 Rewards Points is worth $1. You can turn your Rewards Points into play on a Gaming Machine, or redeem them for hotel and dining discounts, event access and attraction pricing.

The maths (hotels, bars & restaurants):

The catch: SkyCity doesn't publish how many points you earn per dollar of Gaming Machine or Table Game play, only that carding-in earns points, so the real return on casino floor spending is hard to pin down. Rewards Points also expire 6 months after they're earned.

Best redemption: Play on a Gaming Machine, or member discounts and pricing across SkyCity's hotels, restaurants and attractions.

Best for: Regular SkyCity visitors, particularly hotel, bar and restaurant customers where the 1% earn rate is confirmed.

Did I Miss Any?

I also looked into Hoyts Rewards and Event Cinemas CineBuzz points, but neither programme publishes what a point is worth or how fast you earn them. Since that value isn't made public, I'd assume they're not worth a lot, if you're a member and can show me the numbers, I'll add a proper breakdown for both.

If I've missed any other schemes, let me know through the 'Contact' option in the header and I'll constantly add to this list to make a definitive New Zealand list!