Happy with your credit card? 27% of Aussies aren’t during COVID-19

With social restrictions and business closures, Aussies are spending less on their credit card than they used to. 

In fact, according to the recent 2020 Australia Credit Card Satisfaction Study conducted by data analytics and consumer intelligence company J.D. Power, 42% of customers claim their credit card usage has gone down. 

As a result, it has caused over a quarter of cardholders (27%) to be dissatisfied with their current card, as it either no longer meets their needs (16%) or they need more credit (11%). 

The study also found that since the outbreak of COVID-19, almost one in five respondents (19%) can no longer make their minimum monthly credit card repayment.  

“People are relying on their credit cards to help cashflow, which makes it even more important that they are suitably matched to the right cards,” Bronwyn Gill, head of banking and payments intelligence at J.D. Power Australia said. 

“While a strong mismatch was occurring before the pandemic, the change in spending habits is heightening this disconnect, affecting reward accumulation and perceived value. Cardholders are evaluating the existing cards they hold, and issuers need to ensure they are creating value for their customers to weather this storm.”

While rewards programs play a crucial role in determining many credit cards’ value, in particular, 63% of airline associated credit card holders have spending habits that now don’t match the benefits available to them on their card. 

This is a result of the pandemic’s devastating impact on the airline industry, as both international and domestic travel remains restricted.   

RELATED ARTICLE: Virgin Australia on verge of collapse: What it means for your Velocity points

How do credit card providers stack up? 

As part of their 2020 Australia Credit Card Satisfaction Study, J.D. Power also asks Aussie credit card holders which providers they are most happy with. 

They compare 20 major credit card issuers and give them scores out of 1,000 based on customers’ experiences across six key factors: interaction, credit card terms, communications, rewards, benefits and services, and key moments.

Here's who came out as this year's top 10:

  • Bendigo Bank: 772 
  • American Express: 743
  • St George: 733
  • Bank of Queensland (BOQ): 732 
  • CommBank: 726 
  • HSBC: 721 
  • Westpac: 721 
  • Coles: 719 
  • Suncorp: 711 
  • Bankwest: 710 

As you can see, CommBank topped the big four coming in at fifth place this year, closely followed by Westpac in seventh place. 

However, not all of the big four made the top ten in 2020, with both NAB and ANZ coming in at 11th and 12th place with scores of 708 and 703 respectively.

RELATED ARTICLE: How to use your credit card effectively during COVID-19 

Thinking of making the switch to a more satisfactory credit card? Take a peek at the table below for some killer options or jump over to our credit card comparison tool for more!

Credit Cards 2020 - rates updated daily

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.
  • Apply By 2 August 2021
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    Kogan Money Black Card

    Kogan Money Black Card has no annual fee and no cap or expiry date on points. It comes with a 55 interest free days on purchases and a 0% balance transfer rate for the first 12 months. Earn up to $400 in Kogan.com Credit, $50 Credit on first eligible spend in 30 days and $350 Credit when you spend $1,500 on eligible purchases in 90 days from card approval.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.99% p.a.
    0% p.a. for 12 months and then 21.74% p.a.
    $0
    Kogan Rewards Points
    Go to site
    Details
  • Apply By 31 October 2021
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    Bendigo Bank Low Rate Credit Card

    0% p.a. on purchases for 12 months (Reverts to 11.99% p.a). Also 0% balance transfer for 12 months. Low annual fee of $45 and no fees for additional cardholders.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 12 months then 11.99% p.a.
    0% p.a. for 12 months and then 11.99% p.a. (2.00% balance transfer fee)
    $45
    -
    Go to site
    Details
  • Apply By 30 November 2021
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    St.George Vertigo - Cashback Offer

    $300 cashback when you take out a new Vertigo Credit Card and spend $4k on eligible purchases within 120 days of the new card approval. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.99% p.a.
    6.99% p.a. for 12 months and then 21.49% p.a.
    $55 $0 in the first year
    -
    Go to site
    Details
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    MoneyMe Freestyle Virtual Mastercard

    A virtual card that’s available to use instantly once approved (approvals typically within 60 minutes). Tap n Pay, transfer money to friends and get awesome credit back offers from over 1,400 stores.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    16.99% p.a.
    No current offer
    $209 $0 - $149 based on credit limit, $5/month for balances over $20.
    -
    Go to site
    Details
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    Mozo Experts Choice 2020
    American Express Qantas Ultimate Card

    Receive 55,000 bonus Qantas Points when you apply, are approved, and meet the minimum spend criteria of $3,000 in the first 3 months. T&Cs apply. Available to new Card Members only.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $450
    Qantas Frequent Flyer
    Go to site
    Details
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    NAB StraightUp Card

    $10/month - $1,000 Credit Limit

    Pay no interest and no late payment fees, just a $10 monthly fee for a $1,000 credit limit. Plus, if you don't make any purchases and have an outstanding balance of $0 during the whole statement period, the monthly fee will be reversed. Also pay no foreign currency fees when you shop online or overseas. Mozo Experts Choice Credit Card Innovation Winner 2020^.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a.
    No current offer
    $120 $10/month - waived if no spend & no balance owing
    -
    Go to site
    Details

^See information about the Mozo Experts Choice Credit Card Awards

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