Westpac Hotpoints MasterCard Credit Card

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The Westpac Hotpoints MasterCard Credit Card is a rewards credit card that allows you to earn 1 Hotpoint for every $1 spent on your card up to (and including) $3,500 then 0.5 Hotpoints for every $1 spent on your card each month. Other benefits of the Westpac Hotpoints MasterCard Credit Card include a balance transfer offer of 5.95% p.a. for the life of the balance transferred. This card might be suitable for you if you plan to use your credit card often enough accumulate enough Hotpoints to more than make up the annual fees charged each year.

An alternative to this credit card with no annual fees is the Amex Airpoints credit card which charges no annual fee and allows you to earn Airpoint rewards on purchases. We encourage you to compare all the credit cards with rewards on our website before picking a rewards credit card.

Rewards Points Cash Equivalent

Up to $3,500 spend:

Every $100 spend earns you $0.55 cash-equivalent^.

Over $3,500 spend:

$100 spend earns you $0.27 cash-equivalent^.

^ To help you compare reward points across different credit cards and rewards programs, we provide an estimate of the cash-equivalent of the reward points that you will get back for every $100 you spend on eligible purchases with your card. The cash equivalent value given is an estimate only based on a specific redemption example. In some cases reward points cannot be redeemed for cash directly. See below to find out how the estimate was calculated.

Points Cash Equivalence Calculation

If $1 spend earns you 1 Hotpoints then $100 spend earns you 100 Hotpoints (up to $3,500 spend). If $1 spend earns you 0.5 Hotpoints then $100 spend earns you 50 Hotpoints (above $3,500 spend). We know that 18,000 Hotpoints gets you a $100 Bunnings Gift card. Which means 100 Hotpoints equal (100x100/18,000) = $0.55 cash-equivalent and 50 Hotpoins equals (100x50/18,000) = $0.27 cash-equivalent.

Key Features

Purchase Rate: 20.95% p.a.
Cash Advance Rate: 22.95% p.a.
Balance Transfer: 5.95% for life of balance transferred
Annual Fee: $40 p.a.
Interest Free Days: 55 days
Minimum Repayment:
Card Reward Details: Earn 1 hotpoint for every $1 spent on your card up to (and including) $3,500 then 0.5 hotpoints for every $1 spent on your card each month
Credit Limit:
Other Fees:

IMPORTANT NOTE: please review the credit card details on the provider's website again before applying.

Westpac Hotpoints MasterCard Credit Card Review

Pros and Cons

We've compiled below the pros and cons of the Westpac Hotpoints MasterCard Credit Card to help you decide.

Pros

Earn 1 hotpoint for every $1 spent on your card up to $3,500 then 0.5 hotpoints for every $1 spent on your card each month
Life time balance transfer rate that does not revert to a higher rate after a fixed period

Cons

Lower Hotpoints earn rate the more you spend
Limited Benefits compared to other reward credit cards

What we like about Westpac Hotpoints MasterCard Credit Card

We like that fact that this card offers a balance transfer rate that does not revert to a higher rate after a fixed term. You also earn 1 hotpoint for every $1 spend but this drops to 0.5 hotpoints for every $1 spend after $3,500

What is not so great about Westpac Hotpoints MasterCard Credit Card

The Hotpoins earn rate drops the more you spend over $3,500. We also think that the amount of benefits offered for this card seems limited.

Is the Westpac Hotpoints MasterCard Right for me?

Deciding whether the Westpac Hotpoints MasterCard suits your needs involves considering several factors. Here are some key points to help you make an informed decision:

Spending Habits

Evaluate your monthly spending. If you frequently use your credit card for purchases, the Hotpoints system can be beneficial. However, remember that the earning rate drops after a certain spending threshold.

Travel Frequency

If you travel often, this card does not offer any travel perks and charges a foreign transaction fee.

Alternative Options

Consider other reward programs like Airpoints or cashback options. Each has its own set of benefits and limitations, so compare them to see which aligns best with your lifestyle and spending habits.

We recommend comparing all credit cards on our website to help you make an informed decision.

How to Maximise Your Hotpoints

Optimal Spending Strategies

To get the most out of your Westpac Hotpoints MasterCard, focus on using it for everyday purchases. This includes groceries, fuel, and utility bills. By doing so, you can accumulate points quickly. Additionally, consider setting up automatic payments for recurring expenses to ensure you never miss an opportunity to earn points but remeber to pay your balance in full each month to avoid paying interest.

Redeeming Points for Maximum Value

When it comes to redeeming your hotpoints, not all options offer the same value. Gift cards for popular retailers often provide the best bang for your buck. For example, a $100 Bunnings gift card might cost you 18,000 hotpoints, which translates to a rewards value of around 0.83%. Avoid using hotpoints for cash savings, as this typically offers the least value.

Application Process for the Westpac Hotpoints MasterCard

Online Application Steps

Applying for the Westpac Hotpoints MasterCard is straightforward and can be done entirely online. Follow these steps to get started:

Click the "Apply Now" button on this page to visit the Westpac website: Navigate to the credit cards section and select the Hotpoints MasterCard.
Fill out the application form: Provide your personal details, including your name, address, and contact information.
Submit financial information: Enter your income details and any other required financial information.
Review and submit: Double-check all the information you have entered and submit your application.

Approval Timeline

Once you have submitted your application, Westpac will review it. The approval process typically takes a few business days. You will be notified via email or phone about the status of your application.

Required Information

To complete your application, you will need to provide the following information:

Personal details: Full name, date of birth, and contact information.
Financial details: Income, employment status, and any other relevant financial information.
Identification: A valid form of ID, such as a driver's licence or passport.

Frequently Asked Questions

How many hotpoints do I earn per dollar spent?

For every $1 you spend using the Westpac Hotpoints MasterCard, you earn 1 hotpoint. However, if you spend over $3,500 in a month, the rate changes to 0.5 hotpoints per $1 spent.

How much is a Westpac Hotpoints worth?

1 Hotpoint = 0.55 cents NZD in Gift Cards.

The value of Westpac Hotpoints varies based on how and where you redeem your points. We have provided one example below to give you an indication of the value but for a more precise figure, you should check the specific redemption options available through the Westpac site.

18,00 Hotpoints = $100 Bunnings Gift Card

This means 1 Hotpoint = 0.55 cents NZD in Gift Cards.

How can I redeem my Westpac Hotpoints?

Westpac Hotpoints can be redeemed in several ways, including as gift cards, products, charity donations, KiwiSaver contributions or by using Hotpoints Pay which allows you to use your Hotpoints wherever MasterCard is accepted (essentially turning your Hotpoins into cash). You can find out how to redeem your Hotpoins on this site.

Are there any annual fees for the Westpac Hotpoints MasterCard?

Yes, the Westpac Hotpoints MasterCard has an annual fee of $40.

Is there a limit to the number of hotpoints I can earn?

There is no maximum limit to the number of hotpoints you can earn, but the earning rate changes after $3,500 in monthly spending.

Eligibility Criteria

Your eligibility for this card would depend on a few criteria listed below. When you apply for a Westpac credit card, Westpac would ask you a few questions about the following criterias to determine your eligibility.

Income
Expenses
Debts
Assets
Savings
Investments

**You have to be a New Zealand permanent resident, and have a good credit history to apply for a Westpac Credit Card.

Documents:

In general the following documents are usually required for credit card applications.

Proof of Income

One of the following:

your most recent payslip or salary notice
copies of bank statements that show your pay or salary deposits
a letter from your employer confirming your income
an Inland Revenue Department (IRD) “summary of earnings” notice.

If you’re self-employed, you must supply:

signed financial statements for the past two years
a signed personal Statement of Financial Position
your personal tax return.

Proof of Identity:

A copy of one or two items from List 1. If you provide only one item from List 1, you must also provide one item from List 2.

List 1:

Current passport
New Zealand drivers licence
18+ card
Photo Credit Card

List 2:

Most recent bank statement
Debit card
Credit card
Community services card
Club or society card.

Are you interested in a balance transfer? Compare ALL balance transfer credit cards on our Balance Transfer NZ page.

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What is the best credit card in New Zealand?

We've been asked this question a lot so we have compiled our pick of the best credit card in NZ but keep in mind that the best credit card for you depends on your personal circumstance and needs. To find the best credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by popular credit card types as shown below. Use the top menu of the page to select more credit card types.