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

By Polly Fleeting ·

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 November 28, 2020

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.

  • Hot DealLimited time cashback offer

    Thumbnail icon for Westpac
    Westpac Low Rate

    13.74% p.a.

    0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)

    $59

    -

      Compare
    Details
  • Thumbnail icon for St.George
    mozo-experts-choice-2020
    St.George Vertigo

    13.99% p.a.

    0% p.a. for 24 months and then 21.49% p.a.

    $55 $0 in the first year

    -

      Compare
    Details
  • Thumbnail icon for CUA
    mozo-experts-choice-2020
    CUA Low Rate Credit Card

    11.99% p.a.

    0% p.a. for 20 months and then 21.74% p.a.

    $49 $0 in the first year

    -

      Compare
    Details
  • Thumbnail icon for ME
    ME frank Credit Card

    11.99% p.a.

    No current offer

    $0

    -

      Compare
    Details
  • Thumbnail icon for Defence Bank
    Defence Bank Foundation Credit Card

    3.99% p.a. for 6 months then 8.99% p.a.

    3.99% p.a. for 6 months and then 8.99% p.a.

    $45

    -

      Compare
    Details
  • Thumbnail icon for CUA
    mozo-experts-choice-2020
    CUA Platinum Credit Card

    19.99% p.a.

    0% p.a. for 20 months and then 21.74% p.a.

    $149 $0 in the first year

    CUA Platinum Rewards

      Compare
    Details

^See information about the Mozo Experts Choice Credit Cards 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.