HomeView 2015 Media ReleasesLow rate credit cards highlight customer owned value

A new credit card offering announced today is a further signal to consumers to shop around in the low-rate credit card market.

A new credit card offering announced today is a further signal to consumers to shop around in the low-rate credit card market.

Community First Credit Union now has a rate of 6.99% p.a. for the first 12 months through a partnership with One Big Switch.

“This is another example of the benefit to consumers of the customer owned banking model,” COBA CEO Mark Degotardi said.

“We put the customer first and our low-rate credit cards are consistent industry leaders.

“Just last month comparison website Mozo announced that nine of the top ten low-rate credit cards are offered by customer-owned banking institutions.

“Community First Credit Union has a proud history through its McGrath Pink Visa of not only offering great value, but supporting one of Australia’s leading charities - the McGrath Foundation.”

COBA said the credit card market is a hot topic right now for consumers and the subject of a Senate inquiry.

“It’s important that consumers are better informed so they know the risks and benefits of using credit cards, where to find the best products, and how to access information,” Mr 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.

Media Release97.21 KB

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
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
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