Myer One Credit Card Statistics

Information verified correct on October 27th, 2016

Myer, Australia’s largest department store chain, launched its own Visa credit card in 2007 in a bid to expand its already wide customer base and ramp up its older Myer One rewards program. The card, issued by Myer’s long-time partner Latitude Financial Services, aimed to have about 100,000 customers sign on during the first year. True enough, just five weeks into its release, 15,000 members had already applied for the card, half of them switching over from the previous store card.

Modest spending

Less than three years later, numbers showed that buyers were slowing down: the average spend on the Myer Visa card was $2,562 per customer for the year 2009, according to the company’s prospectus for that year. This paled beside the 2009 average spending on all other credit cards, which Banking Day reported at $13,000.

These don’t necessarily point to low sales. Superbrands Australia says about 3 million Australians, or 7 percent of the population, walk into a Myer’s every day, and that on Boxing Day some 1,200 purchases are made every minute. Demand for Myer stock even shot past the $2-billion mark in October 2009.

The big plan

Obviously, these reluctant shoppers don’t hurt the retailer as much as one would think. The slowdown is actually part of the plan: Myer expected to take a loss from their Visa operations in the first two years, according to the Australian Financial Review. Their immediate goal was to gain brand loyalty by offering incentives to people who would otherwise have gone for bank-issued Visa cards or store-issued cards from its rivals.

So far, it seems to be working. Over 35,000 shoppers signed up for the Myer Visa card last year. In its 2010 full year report, Myer said the Visa card played a key role in retaining customer loyalty by offering shopping credits, which gave them more incentive to shop at Myer. On average, customers spent 28% more at the stores when armed with the Myer Visa than just the Myer One membership.

Loyalty saves business

Myer may have been right to pursue customer loyalty. New figures show that its closest rival David Jones is catching up, thanks mainly to its stronger profit lines (such as owning, rather than renting, its Melbourne and Sydney stores) and growing credit card arm. Myer’s rewards program is keeping it afloat—69 percent of its 2010 sales were made to loyalty cardholders, while David Jones members only accounted for 25 percent. Most major retailers now offer retail rewards credit cards.

The Myer Visa credit card is a stronger tool mainly because of its scope and recognition. The David Jones credit card is basic at the moment, focusing more on in-store rewards than incentives to shop. Myer’s credit card, on the other hand, offers savings vouchers, up to 62 interest-free days, and collects shopping credits from more outlets.

Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

4 Responses to Myer One Credit Card Statistics

  1. Default Gravatar
    rachael | October 17, 2013

    Can you tell me how many Myer credit cards are on issue now?

    • Staff
      Jacob | October 17, 2013

      Hi Rachael.

      Thanks for getting in touch with us but we don’t have access to that information.

      Thanks for your question.

  2. Default Gravatar
    Kaye | May 21, 2013

    Need to update email address etc. with my Myer One Gold Card ?

    • Staff
      Jacob | May 21, 2013

      Hi Kaye. Thanks for your question. Can you please get in touch with the provider directly to update your details. Jacob.

Credit Cards Comparison

Rates last updated October 27th, 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.

Ask a question