HomeView 2015 Media ReleasesCOBA ready to engage on pro-consumer agenda for credit cards

Today’s Senate Committee report on the credit card market delivers a positive set of recommendations, including some that can be implemented quickly.

Today’s Senate Committee report on the credit card market delivers a positive set of recommendations, including some that can be implemented quickly.

“We strongly support measures to empower consumers in the credit card market, subject to a sensible cost-benefit analysis,” COBA CEO Mark Degotardi said.

“The Committee has adopted COBA’s recommendation for government to consider expanding financial literacy programs.

“We welcome the Committee’s cautious approach to more complex measures such as account number portability and customer-specific data records.

“Recommendations 1 and 2 on disclosure of rates and fees will help steer consumers towards the most competitively-priced credit card products.

“Recent COBA-commissioned polling from Essential Research found almost a third of people surveyed didn’t know their card interest rate, while more than half didn’t know who offered the best deals.

“Customer-owned banking institutions are already offering highly-competitive credit card products and better informed consumers will drive an even more competitive market,” Mr Degotardi said.

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

According to Canstar, on average the customer-owned sector is 5.20% lower than the major banks, with the big four average rate at 18.06% and the customer owned banking sector average rate at 12.85%.*

* Figures calculated using standard personal credit card (unsecured) data sourced from Canstar Online Database on 04 December 2015, with gold, platinum and premium cards excluded.

Media Relase92.51 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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