Nearly 2 in 3 Aussies only have one credit card - so which one’s the right plastic for you?
While Aussies have a love affair with their plastic, new research has found most of us only ever carry around one credit card.
J.D. Power’s Australia Credit Card Satisfaction Study, released last week, shows the number of cardholders with a single credit card rose to 61% this year, up by 5% compared with 2018. In other words, most Aussies don’t take out multiple credit cards but prefer to stick with one.
And it’s the perks that catch our eye the most. Out of over 4,500 study respondents, 21% said their top reason for choosing their main or only credit card was for its benefits and services.
At the same time, an “overwhelming number” of people use less than three types of those benefits and services, said J.D. Power’s Head of Global Business Intelligence Bronwyn Gill.
This suggests that quality matters far more than quantity, she said.
Indeed, according to Mozo’s banking expert Peter Marshall, Aussies aren’t after a credit card with the most features, but the one with features that suit their situation and spending the most.
“For many Aussies who will own just one credit card in their lifetime, picking the right card is a crucial first step to making sure you get the most out of your plastic,” Marshall said.
“Depending on whether you are budget conscious or love to splurge, different types of cards could be a better fit.”
The study also ranked credit cards according to customer satisfaction, looking at factors like their terms and conditions, communications, rewards, as well as benefits and services.
Read on to see which three banks topped the rankings:
1. Bendigo Bank
Love a crowd favourite? Then look no further than Bendigo Bank, which collected a massive seven Mozo People’s Choice Awards this year, winning in categories including:
- Outstanding Customer Satisfaction
- Excellent Customer Service
- Customer Satisfaction Credit Cards
- Most Recommended
But it doesn’t stop there: Bendigo Bank has been among the Mozo People’s Choice Award winners every year since 2012 - that’s seven years in a row!
Bendigo Bank is Australia’s fifth largest retail bank with over 1.7 million customers nationwide. And if you love a socially conscious bank, you can also be reassured that Bendigo Bank gives back to Aussies - according to their website, they’ve returned more than $205 million to communities through local initiatives since 1998.
Check out Bendigo Bank's credit cards.
2. American Express
On the hunt for an award-winning credit card provider that offers loads of perks? American Express could be the way to go, having won the title of Mozo Experts Choice Credit Card Provider of the Year not once, but twice!
Last year, Amex snatched up 13 awards across 9 different credit card award categories, including those for Velocity and Qantas Frequent Flyer cards, Premium Rewards cards and Low Rate cards.
Whether you’re an avid traveller or a rewards lover, Amex cards come with heaps of benefits that suit different tastes and interests - including some that may not have even crossed your mind. Think everything from pre-sale concert tickets and dining experiences, to refund protection, lounge passes and complimentary travel insurance.
Check out American Express's credit cards.
3. Commonwealth Bank
If you prefer to stick with the big banks, Commonwealth Bank would be the pick.
As one of Australia’s oldest and most trusted banks, CommBank has been operating since 1912 with an aim of providing Aussies with great customer service and competitive banking products.
Commbank offer a wide range of credit cards, including low rate or low fee if you’re seeking budget-friendly options, and rewards or prestige if you love freebies and want something a little bit more fancy in your wallet.
And for the more tech-savvy, you can even manage your credit card with Commbank’s award-winning mobile banking app, which was recognised as the best banking app in Australia in the 2019 Mozo Experts Choice Awards.
Check out Commonwealth Bank's credit cards.
Want a credit card but curious about other providers in the Aussie market? For an idea of how they all stack up against one another, head over to our credit card comparison table and get started on finding the right plastic for you.