HomeView 2017 Media ReleasesBest value credit cards much lower than big 4

Latest analysis of credit cards has revealed that the customer owned banking sector is the market leader on value, despite moves from others to lower some rates.

Latest analysis of credit cards has revealed that the customer owned banking sector is the market leader on value, despite moves from others to lower some rates.

“ANZ’s move to cut rates on two of its credit card products is welcome news for ANZ customers but it’s only a small part of the credit card story,” COBA CEO Mark Degotardi said.

“Customer owned banking has an even better story to tell consumers.

“Our low rate cards provide the best opportunity for Australians to get a better deal.

“Analysis from the Canstar Online Database shows 11 credit cards issued by customer owned institutions with rates below the lowest rate ANZ card currently available, including some rates as low as 8.99%.

“Australians looking for a better way to manage credit card debt should explore the opportunity offered by the customer owned banking model, where customers come first.

“Our sector is a market leader, with standard credit cards that are on average 5.7% lower than the big 4*.

“We look forward to a well-informed debate about more competition and consumer awareness in the credit card market.

“We were surprised to learn this year in polling we commissioned that a third of young Australians think the major banks offer the lowest interest rates.

“As the Canstar figures show, this is far from the case.

“Customer owned banking credit cards are the better choice for Australian consumers hungry for the best deal.”

*Figures sourced from Canstar Online Database, for standard credit cards (unsecured), excluding premium cards and special offers, 20 February, 2017.

Media Release129.86 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 www.customerownedbanking.asn.au

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Media Contacts

Mick Gibb
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