Media Release: Credit Card Finder

Credit Card survey reveals consumers want a better deal on their credit cards

An Australian Consumer Credit Card and Banking Survey conducted by Credit Card Finder (www.creditcardfinder.com.au) of over 4,800 consumers has found that nearly 80% thought it unfair the recent series of Reserve Bank cuts to interest rates were not passed on to credit cards by the banks.

Over half (57%) of those surveyed think the Australian Government should create a 'people's bank' to rival the dominance of the big four.

The survey also found that respondents predictably named high interest rates, high annual fees, and other fees as their pet hates.

Credit Card Finder Product Manager Jeremy Cabral said that even though credit card debt in Australia has reached an all time high of $42 billion, 50.5% of those surveyed saying they hardly ever have credit card debt because they always pay their balance off in full.

"On the whole respondents were very financially responsible and it was even higher if they owned a rewards credit card with 66.1% paying no interest on their card."

"For the other 49.5%, the worry factor about their credit card debt ranged from "yes I have a fair bit but tend not to think much of it" (13.9%) to just over 10% who can't pay more than the minimum repayments,"said Mr Cabral.

Australian's are still not shopping around to get the best deal on their credit card. Nearly 60% (58.8%) of respondents just applied to their existing bank when shopping for a credit card. With a small number (4.5%), of people applying for the first offer they saw. Only 6% used comparison websites like Credit Card Finder.

These results could be because 72.7% were happy or very happy with their bank's service. They were also very loyal (or lazy) with the majority having their current card for four years or more and 44.5% having not switched their credit card for 11 years or more.

Interestingly, despite not shopping around, respondents cited having access to the best deal as the most important factor in choosing where to apply for a credit card.

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For more information:

Phone: 02 9922 1063, Email: bron@cpcommunications.com.au

About Credit Card Finder:

Credit Card Finder (www.creditcardfinder.com.au), is Australia's most highly traffic credit card comparison website. The website features articles aimed to help Australians reduce their credit card debt and maximize their savings.

SOURCE: Credit Card Finder

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