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 27 November 2021

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure
  • Apply By 28 Feb 2022
    Bendigo Bank Low Rate Credit Card

    0% p.a. on purchases for up to 18 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 18 months then 11.99% p.a.
    No current offer
    $45
    -
    Details
  • humm90 Mastercard

    With up to 110 days interest free on your spending, this card is pretty unique in the market, and great for managing your daily spend. Plus, no foreign transaction fees overseas or online. Plus $400 cash back when you spend $4,000 on eligible purchases within first 120 days (T&Cs apply).

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    23.99% p.a.
    No current offer
    $99 $0 in the first year
    -
    Details
  • Latitude Gem Visa

    Enjoy now. Pay later with Latitude. 0% interest for 6 months (purchases over $250). 0% interest payment plans at selected retailers. Up to 55 interest free days. Apply in less than 10 minutes. Must be over 18 to apply.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    19.95% p.a.
    No current offer
    $107 $8.95 monthly fee waived if outstanding balance less than $10
    -
    Details
  • Apply By 30 Nov 2021
    Mozo Expert Choice Badge
    American Express Explorer® Credit Card

    Receive 240,000 Bonus Membership Rewards Points when you apply online by 30 November 2021, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $395
    Membership Rewards
    Details
  • HSBC Platinum Credit Card

    0%p.a. on balance transfers for 36 months with no balance transfer fee. Terms and Conditions apply. Mozo Experts Choice Premium Rewards and Balance Transfer Platinum Credit Card Winner 2020.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    19.99% p.a.
    0% p.a. for 36 months and then 21.99% p.a.
    $129 $29 in the first year
    Rewards Plus
    Details
  • NAB StraightUp Card

    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
    -
    Details
  • St.George No Annual Fee

    0% p.a. for 12 months on APR requested at card application. The special promotional purchase rate applies from card approval, after the promotional period, the rate will switch to the variable purchase rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24th 2022.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 12 months then 20.74% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
    $0
    -
    Details
  • Mozo Expert Choice Badge
    American Express Low Rate Credit Card

    Competitive low rate with $0 Annual Fee. Offers purchase and refund protection. Customers need an annual income of $50,000 or more.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    8.99% p.a.
    No current offer
    $0
    -
    Details
  • Apply By 24 Feb 2022
    St.George Vertigo

    0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24th 2022.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 6 months then 13.99% p.a.
    0% p.a. for 32 months and then 21.49% p.a.
    $55 $0 in the first year
    -
    Details
  • Virgin Money Low Rate Card

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    11.99% p.a.
    0% p.a. for 15 months and then 21.69% p.a. (1.00% balance transfer fee)
    $99
    -
    Details
  • Mozo Expert Choice Badge
    American Express Cashback Credit Card

    Get 5% Bonus Cashback in the first 3 months and no monthly fee for the first 12 months. Additional 1.5% cashback with American Express Shop Small Campaign (conditions apply). Complimentary perks and insurances. Eligibility criteria and T&Cs apply.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $120 $0 in the first year
    Cashback Rewards
    Details
  • NAB Low Rate Card

    0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    12.99% p.a.
    0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)
    $59 $0 in the first year
    -
    Details
  • Apply By 24 Feb 2022
    Westpac Altitude Platinum

    Earn up to 75,000 bonus Qantas Points ($4k min. spend in the first 90 days on eligible purchases). 0% p.a. for 24 months on balance transfers requested at card application. 1% BT fee applies. $49 First Year Annual fee and Rewards fee. New cards only. Offer ends February 24th 2022. T&C's and exclusions apply.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.49% p.a.
    0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
    $200 $99 in the first year
    Qantas Frequent Flyer
    Details

^See information about the Mozo Experts Choice Credit Card Awards

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