Credit cards 'will remain a favourite payment option'

By Mozo ·

Aussies are unlikely to abandon debit and credit cards as their favourite methods of payment any time soon, it has been claimed.

Paul Arnold, Cannex credit card analyst, told new.com.au that people are becoming increasingly comfortable using plastic to purchase goods.

He noted that eftpos has some way to go if it wishes to combat the threat of online shopping, which he described as the "main gap" in its offering.

"People are becoming comfortable with debit cards and the flexibility and rewards of credit cards will keep them at the forefront of payment options," he stated.

Mr Arnold added that eftpos needs to adapt to the needs of Aussies if it is to survive as a way of transferring money.

Consumers may be even more tempted to compare credit cards in light of new laws passed by the lower house on June 22nd 2011 that will ban letters sent out by banks offering greater credit limits.

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