Online shopping could make us cashless by 2021
In March, Aussies across the country were advised to ditch cash as a method of payment to prevent the spread of COVID-19. And according to new research by Buy Now, Pay Later (BNPL) provider, Zip, the COVID-19 pandemic may have been the final nail in the coffin for cash.
The BNPL platform found that ATM usage is at an all time low, down by 43% in May, while online spending has reportedly doubled compared to this time last year, up by 89%.
Zip co-founder Peter Gray says this preferred way to pay could even be the push many Aussie retailers need to take their business online.
“For businesses the move to online and creation of frictionless payment routes is crucial. Online will become the biggest battleground for Australian retailers,” he said. “At this rate, it’s not unreasonable to consider Australia could be almost cashless by 2021.”
Similar research by Mastercard revealed that 30% of consumers plan on making more online purchases in the future, while 51% plan to use less cash and 21% use contactless credit card payments as their preferred way to pay.
The vast majority (71%) of respondents even believe that contactless payments are here to stay while on a global scale, six out of 10 think digital payments will become a permanent part of everyday life.
“The digital economy is the future and there’s no doubt consumers and merchants are embracing this evolution. Now that people are experiencing and expecting the security, simplicity and seamlessness of digital commerce, there’s just no turning back,” said Mastercard products and innovation executive, Sandeep Malhotra.
3 quick tips for safer online shopping
As online shopping continues to grow in popularity, so does the opportunity for scam, fraud and nasty fees you didn’t expect. So if you’re thinking of taking your shopping purely online, here are three quick tips for a seamless experience:
Choose your plastic wisely - The last thing you want when shopping online is to cop a pesky foreign exchange transaction fee. What’s even more frustrating is that they can even occur when shopping at an online store in Australia. Research by the ACCC revealed that while a store may be Aussie, they might still process transactions internationally. So do yourself and your wallet a favour by opting to use a credit card that charges zero foreign transaction fees.
Trust your gut - If you come across an online store that doesn’t look quite right, leave the page. This could include things like typos or low resolution images on the page, no contact details or asking for payment in the form of gift cards or vouchers.
Read reviews - Before you give any online store a go, research previous customer reviews first. This will give you a bird’s eye view about the quality of the products or services and level of customer service.
Need a credit card that can keep up with your online shopping habits? The head on over to our credit card comparison tool to find your next plastic match!
Compare credit cards - last updated 20 April 2024
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Apply By 28 May 2024
American Express Qantas Ultimate Card
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for 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 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $450
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- 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
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- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Qantas Ultimate Card
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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
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- Annual fee
- $195 $0 in the first year
- Rewards program
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- 23.99% p.a.
- Intro purchase rate
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- Cash advance
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- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
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- $195 $0 in the first year
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- $30.00
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- 2%, min $2.50
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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
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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
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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
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- $15.00
- Cash advance fee
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Read our Mozo Review to learn more about the NAB Low Rate Card - Balance Transfer Offer
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