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 1 August 2021
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    Bendigo Bank Low Rate Credit Card

    0% p.a. balance transfer for 24 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
    11.99% p.a.
    0% p.a. for 24 months and then 11.99% p.a. (2.00% balance transfer fee)
    $45
    -
    Go to site
    Details
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    Bankwest Breeze Mastercard

    Enjoy 0% p.a on balance transfers for 26 months (2% BT fee applies) then 10.99% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Mastercard Breeze customers only.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    10.99% p.a.
    0% p.a. for 26 months and then 10.99% p.a. (2.00% balance transfer fee)
    $49 $0 in the first year
    -
    Go to site
    Details
  • Apply By 7 September 2021
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    Westpac Low Rate

    Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.74% p.a.
    0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)
    $59 $0 in the first year
    -
    Go to site
    Details
  • placeholder
    Defence Bank Foundation Credit Card

    Defence Bank Low Rate Credit Card offers a 3.99% p.a. 6 month introductory rate on balance transfers, purchases and cash advances. Up to 55 days interest free on purchases.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    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
    -
    Go to site
    Details
  • placeholder
    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 Annual fee may vary.
    -
    Go to site
    Details
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    St.George Vertigo

    0% p.a. for 28 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends September 28th 2021.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.99% p.a.
    0% p.a. for 28 months and then 21.49% p.a.
    $55
    -
    Go to site
    Details

^See information about the Mozo Experts Choice Credit Cards Awards

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