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There is no perfect credit card company for everyone – a lot of it comes down to the actual features you want, rather than the name on the card. But if you want to factor credit card companies into your comparison, you can use this guide to learn more about the different providers in Australia, including the five biggest credit card providers (based on market capitalisation).
American Express
American Express was named the best credit card provider in the 2020 Finder Awards, based on its mix of cards. It also won the Best Low Rate Credit Card and Best No Annual Fee Credit Card awards categories – both for the American Express Low Rate Credit Card.
How we chose the winners
In Australia, you can get a credit card from a bank, credit union, co-operative, other financial provider or even a big-name brand such as Coles, Woolworths or Qantas.
Behind the scenes, there are different set-ups based on the credit card company you choose. Some of these providers – including banks and independent financial providers – are what's known as the "issuer". This means they are the financial organisation that is authorised to set up and provide a credit facility (i.e. your account).
Others – including Coles, Woolworths Money and Qantas Money – manage the day-to-day details of the cards they offer but also have a partnership with an issuer. This doesn't usually affect you unless you want to get a balance transfer between two cards with the same issuer.
If you're interested in the biggest banks or credit card companies, here are the five Australian credit card providers with the highest market capitalisation. This is the market value of each company's outstanding shares and is based on data for ASX-listed companies on 3 November 2020 (via Market Index).
As well as being one of the Big Four banks in Australia, CommBank has the highest market capitalisation value at $123.8 billion. The Commonwealth Bank Group includes Bankwest, Colonial First State and CommSec (online stock broking). Commonwealth Bank credit cards include a range of products, including low-rate, low-fee, rewards, premium and business options.
Another of Australia's Big Four banks, Westpac's credit card lending portfolio includes products from Westpac Banking Corporation, as well as St.George, Bank of Melbourne and BankSA. Its total market capitalisation is $63.93 billion. The range of Westpac credit cards include low rate, low fee, balance transfer and rewards options.
NAB is also a Big Four bank, with over 9 million customers in Australia, New Zealand and across the world. Its market capitalisation is $62.18 billion. NAB credit cards include low-cost, rewards, premium, business and corporate options.
Rounding out the Big Four banks on this list is ANZ, with a total market capitalisation of $55.3 billion.
ANZ credit cards offer a mix of products, including rewards, frequent flyer, low-cost and premium cards for both personal and business use.
While not one of the Big Four banks in Australia, Macquarie Bank makes the list with a total market capitalisation of $47.3 billion. Macquarie Bank credit cards include a range of offers such as rewards, low interest rates, and it also underwrites credit cards Woolworths, Myer and Jetstar.
If you're interested in other credit card statistics, you can learn more about how Australians use both credit cards and debit cards in this guide.
You can learn more about different credit card companies, as well as the cards they offer, by clicking on their names below.
If you're comparing different credit card companies, here are some of the key details to look at:
There are lots of different ways to find a credit card, including by looking at different credit card companies. But it's a lot easier if you focus on your values and goals.
Not sure where to start? You could do Finder's credit card quiz to get suggestions on cards that fit your goals, check out more credit card companies or compare some of the latest offers on Finder.
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