HomeView 2015 Media ReleasesCustomer owned banking dominates low-rate credit card awards

Nine of the top ten low-rate credit cards are offered by customer-owned banking institutions, according to the Mozo Experts Choice Awards 2015.

Nine of the top ten low-rate credit cards are offered by customer-owned banking institutions, according to the Mozo Experts Choice Awards 2015.

Mozo compared 171 credit cards in its database to find the cheapest credit card for cardholders with an ongoing revolving balance and nine of the top 10 winners are COBA members.

The gold award winners are:

  • Quay Credit Union
  • Community First Credit Union
  • G&C Mutual Bank
  • Maritime, Mining and Power Credit Union
  • Teachers Mutual Bank
  • SCU
  • Bank Australia
  • Police Bank
  • Credit Union SA

“I congratulate these COBA members, but of course the real winners are consumers who can take advantage of such competitive credit card offerings,” said COBA CEO Mark Degotardi.

“Our model always puts the customer first, across all retail banking products and services. This very welcome recognition of our sector’s excellent low-rate credit cards is timely given the current Senate inquiry into credit card interest rates.

“The credit card market is delivering competitive products and choice to consumers, but the challenge is ensuring that consumers are informed and empowered to act in their own interests,” Degotardi said.

COBA is asking the Senate inquiry to:

  • support allocating resources to communications campaigns to inform and empower consumers in the credit card market;
  • support prompt implementation of the FSI’s recommendations to improve banking competition;
  • reject increasing the regulatory compliance burden on card issuers; and
  • support card issuers being able to continue to recover costs through interchange fees for benefits provided to merchants

For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for credit unions, building societies, mutual banks and friendly societies.  See coba3.nexusone.com.au

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Media Contacts

Mick Gibb
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