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 - last updated 29 March 2024
-
NAB Low Rate Card - Balance Transfer Offer
Spend with confidence with a low 13.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).
Purchase rate
13.49% p.a.Balance transfer rate
0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)Annual fee
$59 $0 in the first yearRewards program
-CompareCompareLow Rate Card - Balance Transfer Offer
Spend with confidence with a low 13.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).
- Purchase rate
- 13.49% p.a.
- Balance transfer rate
- 0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
- Annual fee
- $59 $0 in the first year
- Rewards program
- -
- Purchase rate
- 13.49% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $59 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 3%, Min $3
Read our Mozo Review to learn more about the NAB Low Rate Card - Balance Transfer Offer
-
American Express Platinum Edge Credit Card
Enjoy $0 Annual Card Fee (usually $195) in the first year when you apply online and are approved. T&Cs apply. New Card Members only. Offer subject to change without notice.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$195 $0 in the first yearRewards program
Membership RewardsCompareComparePlatinum Edge Credit Card
Enjoy $0 Annual Card Fee (usually $195) in the first year when you apply online and are approved. T&Cs apply. New Card Members only. Offer subject to change without notice.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $195 $0 in the first year
- Rewards program
- Membership Rewards
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $195 $0 in the first year
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Platinum Edge Credit Card
-
G&C Mutual Bank Platinum Visa Credit Card
Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.
Purchase rate
19.99% p.a.Balance transfer rate
No current offerAnnual fee
$299Rewards program
Qantas Frequent FlyerCompareComparePlatinum Visa Credit Card
Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.
- Purchase rate
- 19.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $299
- Rewards program
- Qantas Frequent Flyer
- Purchase rate
- 19.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 50
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $299
- Late payment fee
- $15.00
- Cash advance fee
- $5
Read our Mozo Review to learn more about the G&C Mutual Bank Platinum Visa Credit Card
-
Apply By 2 Apr 2024
American Express Qantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 2 April 2024 , are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$450Rewards program
Qantas Frequent FlyerCompareCompareQantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 2 April 2024 , are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $450
- Rewards program
- Qantas Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $450
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Qantas Ultimate Card
-
American Express Explorer® Credit Card
Receive 50,000 bonus membership rewards points when you apply online, are approved, and spend $4,000 on eligible purchases on your new card within the first 3 months (T&Cs apply). New Card Members only. Complimentary domestic & international Travel Insurance (T&Cs apply). Up to 55 days interest free on purchases. $395 annual fee.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$395Rewards program
Membership RewardsCompareCompareExplorer® Credit Card
Receive 50,000 bonus membership rewards points when you apply online, are approved, and spend $4,000 on eligible purchases on your new card within the first 3 months (T&Cs apply). New Card Members only. Complimentary domestic & international Travel Insurance (T&Cs apply). Up to 55 days interest free on purchases. $395 annual fee.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $395
- Rewards program
- Membership Rewards
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $395
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Explorer® Credit Card
-
Apply By 15 May 2024
American Express Velocity Platinum Card
Earn 100,000 bonus Velocity Points when you apply online by 15 May 2024, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$375Rewards program
Velocity Frequent FlyerCompareCompareVelocity Platinum Card
Earn 100,000 bonus Velocity Points when you apply online by 15 May 2024, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $375
- Rewards program
- Velocity Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $375
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Velocity Platinum Card
Your selected credit cards
Your selected credit cards
Your selected credit cards
Your selected credit cards
Your selected credit cards
Your selected credit cards
^See information about the Mozo Experts Choice Credit Card Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.