AMEX hits a 20-year high market share

It comes as no surprise that the usage of credit cards has surged amidst the rising cost of living. 

However, new data published by the Reserve Bank Australia (RBA) shows that American Express and Diners Club card market share has risen, now making up 21.8% of all credit card purchases–which hasn’t happened since 2002. 

This is a massive contrast from 2020, when Amex’s market share was at its lowest at only 14.8%. 

As per a recent article published by Banking Day, AMEX card holders have an average annual spend on each card reaching around $50,000. On the other hand, Visa and Mastercard combined only have an average annual spend of about $17,000 on each credit card. 

Banking Day's article cites research company QI Insights as its source for this credit card break down, which used RBA data to draw its conclusions.

If you’re looking to get a credit card, check out the Mozo Experts Choice Credit Card Awards, where AMEX has won Best Credit Card Provider for six consecutive years. 

When it comes to credit cards, it’s essential to make sure you’re getting a deal that works for you (e.g. rewards you use, useful perks) and that you aren’t paying for benefits that you don’t use. 

Don’t know which credit card is for you? Use our credit card comparison table below to find one that fits your needs.

Mozo is reporting this information as a subject of interest and cannot confirm the exactness of the figures cited by Banking Day.