Call for better credit cards

Call for better credit cards

The big four banks control nearly 80% of the credit card market. They make it difficult to find out exactly how much a card will cost, to switch and cancel cards. They use confusion to sell virtually worthless rewards points, excessively high interest rates and high fees. 

They've used tricks and traps to charge consumers more. Since 2011, their costs have plummeted as the official cash rate has dropped but they've kept interest rates high which has meant consumers have paid an additional $2 billion interest. The big card providers just aren't competing to give you a ...

The big four banks control nearly 80% of the credit card market. They make it difficult to find out exactly how much a card will cost, to switch and cancel cards. They use confusion to sell virtually worthless rewards points, excessively high interest rates and high fees. 

They've used tricks and traps to charge consumers more. Since 2011, their costs have plummeted as the official cash rate has dropped but they've kept interest rates high which has meant consumers have paid an additional $2 billion interest. The big card providers just aren't competing to give you a better deal.  

Join CHOICE in calling for the card providers to compete on costs and be transparent about the real value of 'special offers' and rewards points. 

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Call for better credit cards

Join CHOICE in calling on the banks to compete on costs and be transparent about the real value of 'special offers' and rewards points.

Dear ANZ, CBA, NAB and Westpac,

We want you to be honest about the real cost of credit cards.

For years you have been charging more while your costs have dropped. This means that Australian consumers have paid more than $2 billion in unnecessary interest payments and even more in fees.

The big banks can do better. We want them to start competing on the real cost of cards, fees and interest. We're calling for:

- Advertising to include a dollar figure to let us compare the average monthly cost of interest and fees.
- A simple online process to cancel credit cards.
- A simple online process to transfer direct debits to make it easy to switch between credit cards.
- The industry to invest in changes to make portable account numbers possible.
- Card providers to tell their customers about their cheaper products and to switch customers, with their permission, from expensive legacy products.