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594,000 Aussies cut up their credit cards in one month



Credit cards offer 0% on purchases to compete with Debit and Buy now, Pay later

MEDIA RELEASE

Wednesday 13 November 2019


Almost one million Australians ditched their credit card in the 12 months to September, the Reserve Bank reported yesterday. The number of personal credit card accounts declined 594, 289 in September alone.

There are now 13, 906, 927 personal credit card accounts in Australia, down from a peak of 15 million in 2018. The average personal credit card balance accruing interest is now $1,994, down 1% in 12 months.

“The credit card market is under pressure from transaction accounts with great debit cards, Apple Pay, Google Pay as well as Buy Now, Pay Later schemes,” said Vadim Taube CEO of financial comparison website InfoChoice.com.au.

“Now credit card issuers are hitting back with some amazing deals to entice customers back.

“Suncorp and Virgin are both promoting 14 months of no interest on credit card purchases,” said Vadim Taube.

“Other cards have 100,000 QFF promotions, cash back offers, no annual fee, even free global WiFi.”

Suncorp Bank Clear Options Platinum Visa credit card is currently promoting a special offer of 14 months interest-free on purchases and 14 months interest-free on balances transferred.

Virgin Money’s Velocity Flyer Visa lets cardholders choose from three major promotional offers - a 70,000 Velocity points offer, a 22-month zero interest balance transfer deal or a 14-month zero interest on purchases deal.

 

Latitude’s 28 Degrees Mastercard has free global WiFi in many of the places travellers like to go, plus no international transaction fees on purchases.

 

Vadim Taube said: “A great Christmas credit card could be the Latitude Low Rate Mastercard credit card which has a 30-day price drop guarantee.

 

“If the price drops on an eligible purchase you make within 30 days, Latitude will refund you the difference (conditions).”

 

Ten top Low-Rate Credit Cards listed on InfoChoice 13/11/2019).

 

 

Institution Title

Product Title

Rates - Purchase Rate

1

G&C Mutual Bank

G&C Mutual Bank Low Rate Visa Credit Card

7.49

2

Auswide Bank

Auswide Bank Low Rate Visa

8.7

3

Community First Credit Union

McGrath Pink Visa Credit Card

8.99

3

Move Bank

Low Rate Credit Card

8.99

4

Bank Australia

Bank Australia Low Rate VISA

9.39

5

Bank First

Bank First Visa Platinum Credit Card

9.84

6

Latitude Financial Services

Latitude Low Rate Mastercard

9.89

7

Bankwest

Bankwest Breeze Platinum MasterCard

9.9

7

Commonwealth Bank

CommBank Essentials

9.9

8

Bank of us

Bank of us Visa Credit Card

9.99

8

BankSA

BankSA Visa Business Card

9.99

8

Credit Union SA

Education Community Credit Card

9.99

8

First Option Bank

Low Rate Visa Credit Card

9.99

8

St.George

BusinessVantage Visa Card

9.99

9

Heritage Bank

Heritage Visa Business Secured

10.4

10

Credit Union SA

Visa Credit Card

10.49

10

Endeavour Mutual Bank

Credit Card

10.49

10

SCU

SCU Low Rate Visa Credit Card

10.49

 

For more information on other credit card offers and the credit card market outlook, please contact:

 

Jason Bryce, Media Manager on 0428 777 727 jason.bryce@infochoice.com.au

 

For more comments, please contact: Vadim Taube, Chief Executive on 0403 580 794

 

Compare credit cards from 145 Australian banks, credit unions and other credit card issuers

 

Go straight to the latest rates information from individual banks and other institutions here.

 

* listed on InfoChoice’s database of 1800 home loans and 145 institutions in Australia.

InfoChoice compares financial products from 145 banks, credit unions, authorised deposit-taking institutions, non-bank lenders and other financial product providers in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.

 

The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements.

InfoChoice is a leading Australian comparison website for retail banking and personal finance products. We’ve been helping Aussies find great offers on credit cards, home loans, savings accounts, term deposits, personal loans and car loans for over 25 years. Our mission is to help consumers make an informed purchasing by bringing together the most comprehensive list of financial products on the market today.

 

At InfoChoice, we strive to be:

•           Comprehensive. We compare more than 3500 individual products from 145 providers within Australia to offer you the best value.

•           Informative. We know how important it is for you to crunch the numbers before buying. Our calculators help you understand the cost of different products over the long term and show you the potential savings.