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.
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