Too many Kiwis captured by their cards

But many people placing large sums on credit are using cards that cost them more than they should, according to Cannex, which has launched a free service to help consumers pick the card that suits them best - without trawling around the banks. That leaves more time for the beach.

Cannex NZ managing director Steven Anderson says there's no doubt credit cards are profitable business for the banks.

But careful card-users can come close to turning a profit on their cards and let the "less financially astute" deliver the returns the rapacious banks seek.

Unfortunately, there is every indication that many of those sharing New Zealand's huge outstanding balance on credit cards - tipped to top $4 billion by Christmas - have little idea what they are paying, either in annual fees or in interest rates.

Read More - Opens in a new window