Bank of New Zealand (BNZ) is expanding its rewards options for customers, unveiling a new loyalty scheme today.
Under the new scheme customers can earn BNZ Points at the same rates they earn Cash Rewards today, but BNZ is taking rewarding customers a step further, introducing new ways to earn and spend.
BNZ Executive, Customer Products and Services, Karna Luke, says, “We are thrilled to be unveiling BNZ Rewards, a whole new approach to rewarding our customers for choosing to be with BNZ.
“With BNZ Rewards, we are moving beyond points for spending on credit cards, focussing instead on recognising the relationship we have with our customers and providing broader benefits.
“Alongside their spend, we’ll be rewarding customers with BNZ Points for their activity, like activating their online rewards dashboard, the products they have with us, and much more,” says Luke.
Luke says the changes have come about by focussing on what customers want.
“Over the past couple of years we’ve watched a lot of changes in the credit card rewards market as earn rates were adjusted. We decided we’d spend this time talking to our customers about what they want and designing a new scheme to suit.
“Our customers were clear – they wanted to be rewarded for more than just spending, they wanted more ways to spend, and they wanted more travel options.
“So that’s what we’ve done,” says Luke.
New ways to earn
BNZ currently offers two options for rewards on credit cards – Flybuys and Cash Rewards.
BNZ Advantage Visa Platinum customers earn Flybuys at 1 point for every $15 spent or Cash Rewards at $1 for every $90 spent, BNZ Advantage Visa Classic earns 1 Flybuy for every $40 spent or Cash Rewards at $1 for every $150 spent, and BNZ Advantage Visa Business earns 1 Flybuy for every $15 spent or Cash Rewards at $1 for every $75 spent.
“We know many of our customers love their Flybuys points, so we’re keeping that option while introducing BNZ Points alongside,” says Luke.
Customers currently on Flybuys will continue to earn Flybuys points at the same rate unless they opt into earning BNZ Points
Customers on Cash Rewards will be automatically migrated over to BNZ Rewards and will begin earning BNZ Points at the Cash Rewards rate.
BNZ will also be announcing exciting new ways to earn additional rewards over the coming months.
More ways to spend
As customers earn points, they can browse BNZ’s online rewards marketplace and choose from a wide range of different ways to spend their BNZ Rewards.
BNZ Points can be spent on travel, with BNZ partnering with many leading frequent traveller programmes, and on gift vouchers for over 20 household brands. Customers can also simply choose to take the points as cash at the same rate they have now.
“They don’t need to spend it all in the same way either. If they want to take some as a voucher for a gift, some as airline points for their next holiday, and some as cash, they can. Customers are completely in charge,” says Luke.
BNZ will continue to add more options and ways to spend to the marketplace over time.
“We’re not standing still on this. We know our customers want more options and we’re working to find more ways to reward them for choosing to be with us,” says Luke.
Available to customers in November
More information about the programme, options for migration, and how rewards are earned will be coming to customers in early October.
BNZ Rewards will be accessible by customers on mobile and web from November.