Who Are The Best Providers in Australia?
With so many credit cards available in Australia you should probably know who the top five credit card providers are and a little bit about their products. Australia is one of the most competitive and profitable credit card markets in the world. That makes sense considering there are almost 15 million credit cards in use here. There are lots of providers, it could make your head spin trying to get to know them all, so learning about the top five is a good place to start.
Top Five Australian Credit Card Providers
- Commonwealth has a 19.7% percent market share.
- This bank was founded in 1912 and is one of the most noted financial institutions in Australia.
- They have over 700,000 shareholders and employ 38,000 people
- Commonwealth has a market share of nearly one-fifth of the credit card market.
- They offer a range of credit cards from low rate to low fee and rewards cards.
- The Commonwealth credit card rewards program is has a good range of cards that will reward you for everyday spending.
- ANZ has a 18.25% market share
- ANZ began as the Bank of Australasia in 1835 in Sydney and in 1838 in Melbourne.
- They remain one of the largest companies in Australia and New Zealand.
- ANZ ranks in the top fifty banks in the world.
- ANZ has consistently received recognition for having the best customer satisfaction.
- Westpac has a 17.6% market share
- Westpac was Australia’s first bank. The bank started in 1817 as the Bank of New South Wales.
- Their name changed to Westpac in 1982 after they purchased the Commercial Bank of Australia
- Westpac is a great credit card provider with many card choices. These include low annual fee, Gold, Platinum, and balance transfer cards.
- They are known for their Altitude, Earth, and Singapore Airlines rewards programs.
- NAB has a 12.1% market share.
- NAB began in 1893 as the National Bank of Australasia Limited.
- In 1981 it merged with The Commercial Banking Company of Sydney Limited and began being called the National Australia Bank or NAB.
- They are the 17th largest bank in the world according to market capitalisation standards.
- Credit cards offered by NAB include the Visa Mini credit card line and a rewards card through Velocity and Qantas.
- Citibank is part of the worldwide Citi group and is relatively new to the Australian market.
- They claim to have plans to end the domination of the big four banks previously listed here.
- They offer a wide range of personal and business credit cards as well as access to the much applauded Citi Rewards program.
Credit card providers come in many different shapes and sizes. It pays to know a little bit about each company before you decide which bank to give your valuable business.