Why is something wrong?

AirNZ and ANZ sat down and decided how they wanted it to work. None of the things people mention are weird edge cases, they all seem like common flows. So don't think any thing is an oversight and is not the customers finding weird combinations of hoops to jump through to trigger it.

I would say it is working as intended.

Does it seem sensible from the outside? No.

But I am sure ANZ sees something for them in the way it works. It may be as simple ANZ actually only paying for the SP when they are used to retain or move up a tier. SP only really get realised when retain or move up a tier. If the person doesn't tier up can give them out without much thought as are really worthless.

I would guess that currently that the other banks are paying for SP regardless of used or not. ANZ crunching the numbers may see this as cheaper. Particularly if flying SP and the other CC SP get "used" first.

I'm just guessing don't know anything. But feel seeing the customer facing part of very different, I would guess the AirNZ ANZ part is also very different, and this seems like something which would make the numbers and costs work.

Wonder how many new people are paying $150 a year to ANZ? And offset by only paying for used SP, I could see it coming out on top.