Credit cards are ubiquitous and they have become a part and parcel of daily transactions. There is no exaggeration in saying they have replaced cash payments and debit card payments to a great extent. In the era of digital transactions, credit cards have a major part to play. If you happen to belong to Australia and wondering about the Credit Card Companies In Australia, you are on the right page. We are going to explore the credit card companies in Australia in detail.
You can find a plethora of credit card companies in every nook and corner of Australia. Each company offers a diverse range of credit card services to customers depending on their requirements. Whether you are seeking convenience in payments, emergency funds, a way to build a credit history, gain access to rewards, avail of travel benefits, an interest-free period, get online shopping security, cash advances, auto-pay options, or any other financial solution, you can confidently rely on a credit card. In this article, we are going to shed light on the credit card companies in Australia along the unique features they offer.
Table of Contents
- Credit Card Companies In Australia
- Difference Between Credit Card Networks and Credit Card Issuers
- List Of Credit Card Companies In Australia
- Credit Card Providers in Australia
- FAQs on Credit Card Companies in Australia
Credit Card Companies In Australia
Credit Cards business is a principal business in Australia as it is the go-to alternative for debit and cash payments. Credit Card Companies, credit unions, banks, credit card networks, credit card issuers, and other financial organizations run the business and hold the authority to issue credit cards. Credit cards are widely used for personal as well as business use. Let us first look into what credit card companies are before getting to know about individual credit card companies and their offerings in detail.
What are Credit Card Companies?
Credit Card companies are nothing but companies that offer or issue credit cards to consumers analyzing their needs. In Australia, there are a number of credit card networks that are ruling the roost of which, American Express, Mastercard, and Visa are the dominant ones in the market. Though there are numerous Credit Card Providers, their functionalities differ markedly. Let us look briefly into card networks and credit card issuers.
Card networks enable the transfer of funds from a cardholder to a merchant. When the cardholder makes a payment or transaction through a credit card, the payment processors relay the transaction information to the merchant’s bank and the card issuing company.
Credit Card Issuer
A credit card issuer, as the name suggests is a bank or a credit card union that issues credit cards to the consumer directly. Here, the consumer could be an individual or a business owner. Popular credit card issuers in Australia are Commonwealth Bank, NAB, Westpac, Macquarie, ANZ, etc.
Difference Between Credit Card Networks and Credit Card Issuers
Credit card networks are responsible for the transfer of information whilst credit card issuers provide credit cards to consumers. The card issuer is the one that looks into the matters of cardholders’ eligibility, rewards, charging fees, and more. It is the card issuer that the cardholder has to approach if he/she lost their card or has any complaints regarding their card. You will need to approach financial institutions like Commonwealth Bank or Westpac to apply for a Visa or Mastercard.
List Of Credit Card Companies In Australia
Australians have access to a plethora of credit card companies from which they can get credit cards. Down below you can find the Best Credit Card Providers In Australia.
American Express, shortly referred as Amex is a financial services company established in 19th century. The company is renowned for offering diverse financial services without compromising on quality. The company issues different types of cards, one being credit cards. Payment services have a strong footing in both personal and business finance. The corporation deals with small businesses to global businesses.
ANZ stands for Australian & New Zealand Banking Group Limited. It was established way back in 1835 and is a prominent financial institution in Australia. The corporation provides holistic services that include personal and business finance, insurance, etc. With myriad branches across Australia and New Zealand, the financial corporation is expanding its wings in Asia as well. It caters its services to millions of customers worldwide. The banking titan offers its customers a range of credit cards addressing their diverse needs.
Unlike other banks and financial institutions, which are run by banking officials, Bank Australia is owned by the customers. It was founded in 1957 and has expanded its services over the years. The best part about the bank is that each customer is considered a shareholder irrespective of their investment value. The bank promotes B Corporation credentials, which means it is highly involved in ethical banking practices. The for-profit organization offers its customers a wide variety of credit cards with cool interest rates.
The oldest and most trusted bank in Australia is Citi. The bank has over 200 years of history to boast about and is into banking and financial services ever since. Though credit card services were started not so long ago, they are admired by customers for their competitive interest rates and rewards offerings. The APR periods are also quite satisfactory for the customers.
Commonwealth Bank of Australia
Again, Commonwealth Bank of Australia, also referred as CBA is one of the four largest banks in Australia. The bank is catering its banking and financial services to more than 16 million customers across the country. The bank has emerged as an all-encompassing financial services organization, offering pervasive services like banking, finance, insurance, investment, etc.
It made its name shine in the digital banking world by adapting latest technologies in the industry. Coming to the credit cards, it offers extensive range of cards and options on the cards for its customers. One such popular card offered by CommBank is Neo card, which is given at 0% p.a interest rate.
ING was founded in Australia in 1999. It is a multinational bank and financial service corporation that has its footprints globally. It has been always in the forefront with its unique ways of banking and financial offerings. It is very customer-centric bank to start with and has always derived solutions to grab the attention of the customer. At present, the bank majorly offers two types of credit card options. These include platinum card which is issued based on the credit card limit and Orange One Rewards Card that offers cash-back rewards.
Macquarie Bank is yet another top credit card companies in Australia with its customer base as big as the top banks in the country. The banking organization offers three types of credit cards to its customers which include Macquarie Black Card, Macquarie Platinum Card and Macquarie RateSaver card with different features each.
NAB stands for National Australia Bank and it has its business both in domestic and overseas markets. It is a complete financial organization offering wide variety of banking services to its customers that include individuals, businesses and institutions. It is one among the biggest four banks in Australia and offers eight different types of credit cards. The cards include rewards, low-interest, no-interest, low-fee, as well as Qantas credit cards.
Suncorp bank is a subsidiary of Suncorp Group which is a big name in the financial industry of Australia. The credit card company offers three types of credit cards to its customers that include standard, gold, and platinum. The company has different offerings in terms of rewards and interest rates compared to its peers.
The history of Westpac tracks back to 1817. It was the first ever bank in Australia, and is one of the four biggest banks in the country. It has grown to become one of the prominent financial organizations in the country with over 14 million customers worldwide. Currently, the credit card company offers around 10 types of credit cards to its customers depending on their needs.
The popular credit cards offered by Westpac include Altitude credit card, which is available in two options: Altitude Black and Altitude Platinum. These cards allow you to earn Altitude or Qantas points on the money spent through the card.
Credit Card Providers in Australia
Other than credit card issuers and credit card networks, there are a another set of credit card lenders called Credit Card Providers. We are going to talk briefly about credit card providers in Australia. The credit card providers in Australia are: banks, credit unions and online financial institutions. These companies are responsible to issue credit cards to the customers considering their credit score and all.
First, let us talk about banks. Banks are divided into small and big banks. As we mentioned earlier, there are four big banks in Australia and they are ANZ, CommBank, NAB, and Westpac. These are the common go-to banks for customers who are seeking trustworthy services.
Nevertheless, customers also look for diverse banking products with unique features, which are majorly offered by small banks. There are a number of small banks in Australia that offer customized banking products to the customers. Here are some of prominent smaller banks in Australia:
- Macquarie Bank
- Suncorp Bank
- Bendigo Bank
- Bank of Queensland
- Bank of Melbourne
- ME Bank
- St George Bank
- People’s Choice.
You can also find non-banking credit card companies called Credit Unions in Australia that offer credit cards to the customers. These unions are closely monitored by the members and offer lower interest rates and better features than banking credit card companies. The popular credit unions in Australia include:
- Heritage Bank
- Community First Credit Union
- Holiday Coast Credit Union
- Macquarie Credit Union
- My Credit Union
- North Inland Credit Union
- Sydney Credit Union (SCU)
- Woolworths Employees Credit Union
- Australian Unity.
Other than banks and non-bank options like credit unions, there are also online issuers of credit cards. Those who seek a digital way to perform transactions can opt to online issuers as they are flexible and offers a variety of features compared to regular credit card issuers. You can also go for no-card options or virtual credit card products if you like to perform transactions cardless.
FAQs on Credit Card Companies in Australia
Have a glance at few FAQs listed below to have more details on credit card companies that provide credit cards in Australia.
What are the four big credit card companies in Australia?
The four big credit card companies in Australia are namely, Commonwealth Bank, NAB, ANZ, and Westpac.
What are the rewards and benefits offered by Australian credit card companies?
Many Australian credit card companies offer diverse reward options, which customers can take advantage of through travel, gift cards, loyalty programs, retail items, etc.
What is the credit card limit on an Australian credit card, and how is it determined?
The average credit card limit on an Australian credit card is around $9800 as per the norms of the Reserve Bank of Australia. The credit card limit is determined by the issuer considering your finances and credit quality.
This is the list of Best Credit Card Companies in Australia. If you are looking to apply for a credit card or wondering what a credit card can offer in terms of features, you should give this article a thorough read. Take your requirements into consideration and go for the credit card that caters to your needs. If you are looking for trustworthy banking services, opt for the biggest banks in Australia. If you are seeking low-interest rate and high reward points on your purchases go for small banks. If you like to go cardless and perform all your transactions digitally, opt for virtual credit cards. No matter which card you choose for your credit loans, ensure timely payments to avoid incurring unnecessary interest rates. For more information on credit card companies and providers, stay in touch with moneycompass website.