Comparison of Australian Credit Card Companies
Australia seems to have credit card companies around every corner. As one of the most profitable and competitive markets in the world every financial institution seems to want to get in the game here. The first thing you have to do when you choose a credit card is identify your needs and find a card that suits those needs.
The second thing to do is to look at the company profile of each bank and determine if one of them gives you enough peace of mind to trust with your finances. The right card issuer not only offers you great rates, rewards, and benefits but comes from a company that you do not hesitate to give all of your personal data, one that you know has good financial practices, and excellent customer service.
To make the choice between credit card companies a little easier you should learn about the leading Australia card providers. According to market share the companies noted here have the most customers and control most of the market. Getting to know each of their company profiles can help you make that final decision about which card you put in your wallet.
Choose a Credit Card Company:
Commonwealth Bank credit cards – Commonwealth has the largest share of the financial market at 19.7%. It was founded in 1912 and has more then 700,000 shareholders and 38,000 employees. They are one of the most popular banks in Australia, due in part to their large array of credit cards and a good rewards program.
Low Rate Credit Card
The ANZ Low Rate credit card is a great credit card, currently offering a solid balance transfer deal plus a low standard rate on purchases
- $58 p.a. annual fee
- 13.49% p.a. on purchases
- 0% p.a. for 16 months with 2% balance transfer fee on balance transfers
- Cash Advance Rate of 21.74% p.a.
- Up to 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
Rates last updated March 2nd, 2015
ANZ credit cards In 1835 the Bank of Australasia began in Sydney with another branch opening three years later in Melbourne. This bank would go on to become ANZ, one of the biggest credit card companies in Australia. In fact ANZ is one of the top fifty banks in the world and one of the largest companies in Australia and New Zealand. ANZ is well known for customer satisfaction which is probably why they have an 18.25% market share.
Westpac credit cards – Starting in 1817 as the Bank of New South Wales, Westpac is Australia’s oldest bank. They became Westpac in 1982 after purchasing the Commercial Bank of Australia. They hold a 17.6% market share and are well known for the Altitude, Earth, and Singapore Airlines rewards schemes. As of 18 November 2014, Earth and Singapore Airlines cards are no longer offered in the market.
NAB credit cards – The National Australia Bank was borne out of a 1981 merger between the Commercial Banking Company of Sydney and the National Bank of Australasia Limited. The latter bank began in 1893. NAB is the 17th largest bank in the world by capitalism standards and has a 12.1 market share in Australia. One of their most popular offerings is the NAB Visa Mini credit card.
Citibank credit cards – Citibank is the newest to Australia of the banks listed here. However, as part of the worldwide Citi Group they are able to offer many different credit cards for both business and personal use and a valuable rewards program.
Each of the credit card companies listed here is unique, just as every credit card is unique. Once you have narrowed your search you should evaluate the company profiles and decide which one you trust with your finances.
Financial Crisis on Australian Credit Card Companies
The global financial crisis has caused credit card companies to evaluate the way that they do business. They realise that they need to work harder then ever to keep their customers and gain new ones as people world wide start to tighten their financial belts.
If you have good credit this difficult period is actually a good time to manage your credit cards and get new ones as the credit card companies try to woo consumers back with some truly great offers.
If you currently have a credit card you will probably be able to get your interest rate lowered. Credit card companies would rather lower the rate of a good customer then lose their business all together. In most cases a simple phone call to your credit card company is all you need to do to get your interest rate lowered. You might be surprised at how easy it is to save money this way. For those who have defaulted on their credit card accounts it is also a good time to try to negotiate on those accounts. Now that credit card companies are also dealing with large losses due to the financial crisis they are much better off negotiating a payoff deal with you then they would be if you filed bankruptcy. If customers file bankruptcy the credit card company gets nothing, if they negotiate they get some money while saving you from going to bankruptcy court.
For new customers the news is also hopeful. Credit card companies are offering excellent rewards and interest rates to their new customers. Many people are eschewing credit cards right now, so the companies are trying hard to make credit card use beneficial to the owners as well as the credit card companies. Unfortunately for those consumers with low credit scores it is harder to get a credit card. The credit card companies are simply unwilling to do business with anyone whom they consider a risk. If you fall into this category you should take it as an opportunity to rebuild your credit and simply stop overspending.
The financial crisis has made everyone evaluate their credit card companies. Most people now understand how the companies make money and refuse to fall victim to high interest rates and fees anymore. The credit card companies also know that to stay competitive they have to work hard to keep your business.
Low Interest Credit Card
The St.George Vertigo Visa offers a low interest rate on balance transfers and purchases with a low annual fee.
- $55 p.a. annual fee
- 0% p.a. for 3 months (reverts to 13.24% p.a.) on purchases
- 0% p.a. for 18 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- Up to 55 days interest free