Australian Model Megan Gale Launches David Jones Credit Card
With so many credit cards available in Australia you should probably know who the top five credit card providers are and a little bit about their products. Australia is one of the most competitive and profitable credit card markets in the world. That makes sense considering there are almost 15 million credit cards in use there. There are lots of providers; it could make your head spin trying to get to know them all, so learning about the top five is a good place to start.
Top Five Australian Credit Card Providers
Commonwealth Bank
- Founded in 1912 and is one of the most noted financial institutions in Australia.
- They have over 700,000 shareholders and employ 38,000 people.
- It has a 19.7% percent market share.
- It has a market share of nearly one-fifth of the credit card market.
- They offer a range of credit cards from low rate to low fee and rewards cards.
- The Commonwealth credit card rewards program is has a good range of cards that will reward you for everyday spending.
ANZ
- ANZ began as the Bank of Australasia in 1835 in Sydney and in 1838 in Melbourne.
- They remain one of the largest companies in Australia and New Zealand.
- It has a 18.25% market share.
- Ranks in the top fifty banks in the world.
- ANZ has consistently received recognition for having the best customer satisfaction.
Westpac
- Australia’s first bank. Started in 1817 as the Bank of New South Wales.
- Their name changed to Westpac in 1982 after they purchased the Commercial Bank of Australia.
- Has a 17.6% market share.
- Westpac is a great credit card provider with many card choices. These include low annual fee, Gold, Platinum, and balance transfer cards.
- They are known for their Altitude, Earth, and Singapore Airlines rewards programs.
NAB
- NAB began in 1893 as the National Bank of Australasia Limited.
- In 1981 it merged with The Commercial Banking Company of Sydney Limited and began being called the National Australia Bank or NAB.
- It has a 12.1% market share.
- They are the 17th largest bank in the world according to market capitalization standards.
- Credit cards offered by NAB include the Visa Mini credit card line and a rewards card through Velocity and Qantas.
Citibank
- Citibank is part of the worldwide Citi group and is relatively new to the Australian market.
- They claim to have plans to end the domination of the big four banks previously listed here.
- They offer a wide range of personal and business credit cards as well as access to the much applauded Citi Rewards program.
Credit card providers come in many different shapes and sizes. It pays to know a little bit about each company before you decide which bank to give your valuable business.
What to look for in an Australian Credit Card Provider
Choosing your credit card provider is not an easy decision. The market is flooded with so many cards and offers so many choices that it can be easy to get lost in them. Many people just go with a brand name, rather than wading through the card offerings to find one that really fits their finances. The better way to make a decision is to look at specific options and determine how they will affect you.
First, the bank must be accessible to you.
Most card issuers have websites that allow you to do most of your transactions and account reviews. Make sure the one you choose has a site that is easy for you to use and gives you any options that you find important. You might want to consider whether or not there is a branch near you that you can visit if you have a problem or need to do something in person.
Second, they must have plenty of ATMs. Even with new regulations that require ATMs to display their charges it is still costly to do transactions at ATMs not affiliated with your bank. These foreign ATMs charge around $2 for each transaction, a cost you can easily avoid if your credit card provider has plenty of ATMs for you to use.
Third, they must have a good reputation. Keep in mind that just because a bank is big does not necessarily mean they have the best reputation. Some smaller banks weathered the financial meltdown perfectly and continued to offer great products and fair rates throughout. Consider what other people say about the banks you are looking at. Then ask yourself, what will it cost you to do your banking? Credit cards cost money; it is a simple but often overlooked fact. Not only will you have to pay interest if you carry a balance but there are usually application fees, annual fees, and all kinds of credit card penalties you could wind up paying.
Carefully examine the fee schedules of all card issuers to ensure you are getting the best deal possible. And, is there a rewards scheme? If you are going to use your card often you should get something in return. This is where rewards schemes become valuable so make sure you choose a card that has rewards you can and will use.
As you look at a credit card provider consider all of the things listed above so you can make the best choice for your budget. In addition, look into any other benefits a card offers like free insurance and security to help you make your final decision. Give yourself enough time to really evaluate the options and find the one that meets all of your needs, current and future and you will find the perfect bank for you. There is no doubt you will be able to find the perfect card.
