Australian Consumer Credit Card & Banking Survey 2009 – Report Results & Statistics

Information verified correct on October 22nd, 2016

Sydney, NSW (FOR IMMEDIATE RELEASE) August 31, 2009

With credit card debt hitting so many people, Australian’s are still not shopping around to get the *best deal on their credit card. It’s a wonder why Australian’s aren’t switching their credit cards to better offers, as it is so easy to compare credit cards and swap.

Nearly 60% (58.8%) of respondents in a recent conducted by Credit Card Finder just applied to their existing bank when shopping for a credit card. With a small number (4.5%), of people applying for the first offer they saw. Only 6% used comparison websites like Credit Card Finder.

These results could be because 72.7% were happy or very happy with their bank’s service. They were also very loyal (or lazy) with the majority having their current card for 4 years or more and 44.5% having not switched their credit card for 11 years or more. Two thirds of respondents banked with the big four banks and nearly half (43.4%) had two credit cards or more.

Interestingly, despite not shopping around, respondents cited having access to the *best deal as the most important factor in choosing where to apply for a credit card.

They were also concerned about the annual fees, the interest rate, the rewards program, and the size of the credit limit. Although nearly a third (26.7%) wanted to know their credit card application would be accepted, again supporting the comfort factor in choosing a card from their existing bank.

Respondents predictably named high interest rates, high annual fees, and other fees as their pet hates, but overall they were satisfied, with over 50% happy to very happy with their card.

However, nearly 80% thought it unfair the recent series of Reserve Bank cuts to interest rates were not passed on to credit cards and 57% think the Australian Government should create a ‘˜people’s bank’ to rival the dominance of the big four.

Although 23% said the opportunity to take out a 0% interest balance transfer was important to have in a card, many did not know about, felt unsure, uninformed or were skeptical about this feature. And 38.3% said it didn’t even interest them. This could be the case because on the whole respondents were very financially responsible, with 50.5% saying they hardly ever have credit card debt because they always pay their balance off in full. It was even higher if they owned a rewards credit card with 66.1% paying no interest on their card.

For the other 49.5% of mere mortals, the worry factor about their credit card debt ranged from ‘yes I have a fair bit but tend not to think much of it’ (13.9%) to just over 10% who can’t pay more than the minimum repayments.

The survey which attracted 4,832 responses with a bias towards women (60.8%) was also revealing. There are those it seems who are very style conscious. The colour and brand of the card does matter, with 13.9% citing these as factors in their choice.

Data Visualisation:

Survey Graph - how long have you had your current credit card?

Survey Graph - Do you know aht a credit card balance transfer is?

Survey Graph - How often do you switch credit cards?

Media Coverage

SkyNews Feature:

About Credit Card Finder:

Credit Card Finder is Australia’s most highly trafficked credit card comparison website. The Credit Card Finder website features over 500 articles aimed to help Australians reduce their credit card debt and maximise their savings.

Contact for Interviews:
Jeremy Cabral, Spokesperson
Credit Card Finder
Direct: +61 410 319 212

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Credit Cards Comparison

Rates last updated October 22nd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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