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Top Five Credit Card Providers in Australia*

The five biggest credit card providers in Australia based on market capitalisation.

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The Australian credit card market is incredibly competitive, with a wide range of banks and other financial institutions offering different products. Some of these providers are household names, while others have more of a specialised niche in the industry.

Here, you'll find details for the 5 credit card providers with the highest market capitalisation, based on data from the ASX200 List on 1 June 2020.

Top Five Australian Credit Card Providers*

Commonwealth Bank

Commonwealth Bank is one of Australia's largest providers of banking services, and currently the largest credit card provider by market capitalisation. The Commonwealth Bank Group includes Bankwest, Colonial First State and CommSec (online stock broking).

  • Total market capitalisation: $113.1 billion
  • Types of cards available: Low rate, low fee, Awards and business credit cards
  • CommBank credit card rewards: Get rewarded with Commbank Awards when you spend using an Awards credit card. Commbank Awards is the largest rewards program of any bank in Australia.
  • Other features of CommBank credit cards: Depending on the card you choose, you could get access to additional features including international travel insurance, purchase protection insurance and extended warranty coverage.

Compare Commonwealth Bank credit cards

Westpac

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.

  • Total market capitalisation: $62.7 billion
  • Types of cards available: Low rate, low fee, balance transfer, and rewards credit cards make up the suite of Westpac credit cards
  • Westpac credit card rewards: The Westpac Altitude Rewards program allows you to earn points when you spend with a rewards credit card. You can convert Altitude Rewards to frequent flyer points with five different airline partners.
  • Other features of Westpac credit cards: Gold, platinum and black Westpac credit cards come with a range of perks, which could include complimentary insurance options and airport lounge passes depending on the card you choose.

Compare Westpac credit cards

NAB

NAB promotes a customer focus across its Australian and international network. It has over 9 million customers and more than 900 locations across Australia, New Zealand and around the world.

  • Total market capitalisation: $57.3 billion
  • Types of cards available: As well as cards for the budget-conscious, NAB offers a competitive range of frequent flyer and rewards options.
  • NAB credit card rewards: NAB features both Qantas and Velocity frequent flyer credit cards, and is the only one of the Big Four to also offer a card that earns Flybuys.
  • Other features of NAB credit cards: As well as rewards and complimentary insurance options, NAB features an extensive range of business and corporate credit cards.

Compare NAB credit cards

ANZ

The number-one bank in New Zealand, and one of the five largest publicly listed companies in Australia, ANZ traces its roots back to the early 1830s.

  • Total market capitalisation: $51.2 billion
  • Types of cards available: From student and low rate credit cards to top-tiered black credit cards, ANZ provides a mix of rewards, frequent flyer, budget and premium options to suit different budgets and needs.
  • ANZ credit card rewards: ANZ has its own rewards program for credit card customers, ANZ Rewards, which offers rewards including travel, merchandise and cashback. It also offers a range of frequent flyer credit cards that earn Qantas points for every $1 spent on eligible purchases.
  • Other features of ANZ credit cards: Premium ANZ credit cards come with a range of perks such as travel insurance, concierge services and more. ANZ also provides the Business Black account that features travel benefits and premium rewards on your business spending.

Compare ANZ credit cards

Macquarie Bank

Macquarie Bank was established in 1969 and has become one of the largest independent investment bank and financial services company, located in about 25 countries. It is part of the Macquarie Group which, as of March 2020, had total deposits of $63.9 billion, a home loan portfolio of $52.1 billion and funds on platform worth $79.1 billion.

  • Total market capitalisation: $39.1 billion
  • Types of cards available: Macquarie has a focus on credit cards that allow you to earn points with its own rewards program and save with low rates and low fees – including a no foreign transaction fee option.
  • Macquarie credit card rewards: The Macquarie Rewards program earns points for everyday spending that can be redeemed for a range of eGift cards at over 40 leading retailers. Redeeming your points for cashback into an eligible Macquarie account is also an option.
  • Other features of Macquarie credit cards: All Macquarie cards charges no international transaction fees on purchases when you shop overseas or on international online retailers. Other perks vary between cards but could include = international travel insurance and interstate flight inconvenience insurance.

Compare Macquarie Bank credit cards

Data is correct as of June 1, 2020. Source: ASX200 List


How to compare Australian credit card providers

A financial institution is only as good or bad as the products and services on offer. You can use our comparison tables to sort cards by fees and features so you can find the right credit card for you. Also keep in mind the following features when you're comparing credit card providers. A financial institution is only as good or bad as the products and services on offer. You can use our comparison tables to sort cards by fees and features so you can find the right credit card for you. Also keep in mind the following features when you're comparing credit card providers.

  • The range of cards available. Not all credit card providers offer low rate and low fee credit cards. Large financial institutions give customers greater choice of credit card type.
  • Accessibility. This comes down to the branch network in your area and online access through Internet banking applications for your smartphone. The top credit card providers have large national branch networks in addition to state-of-the-art banking tech.
  • Customer service. Financial institutions that turn massive profits have the money to reinvest in customer service such as live Internet chat and call centres that may operate outside business hours. But that doesn't necessarily mean you will get the best customer service from a large provider. Be sure to shop around and find out how smaller lenders match up by reading reviews or contacting them directly.
  • Standard card features. Credit card annual fees, interest rates, value-adding features and hidden fees should be the basis of your comparison. For example, NAB and CommBank do not charge credit card overlimit fees, while Macquarie, Westpac and ANZ may apply these fees.
  • Introductory offers. Promotional deals for purchase rates, balance transfers and signup bonus points can add value to the card you choose in the short term, but it's important to consider how a card will work for you beyond the honeymoon period. Also, remember that almost all the credit card companies in Australia provide introductory offers from time to time, not just the top five providers, and terms and conditions could vary between them.
  • Complimentary extras. Unique perks like the Citibank Dining Program, flight vouchers and complimentary insurance can add to the value of your card if you use them. But remember to read through the eligibility requirements and consider how often you will be able to take advantage of these extras to decide if the are worth the other costs of a card.
  • Bundling banking products. You may be eligible for deals on other products if you already hold a credit card with the financial institution. For example, Commonwealth Bank credit card customers are eligible for a deal on the Commonwealth Bank Travel Card issue fee.

There are many different credit card providers in Australia. Look at credit unions, independent lenders and mutual banks as well as the mainstream banks. Smaller financial institutions such as credit unions can't compete with the Big Four banks in terms of the number of credit cards offered, but they may offer market-leading promotions and competitive ongoing rates and fees. Do your due diligence and look past the brand name when you're comparing credit cards so you can find a set of features that really works for you.

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6 Responses

  1. Default Gravatar
    MichaelMarch 27, 2015

    What about a bank like HSBC – what is their market share?

    • Avatarfinder Customer Care
      JonathanMarch 27, 2015Staff

      Hi Michael, thanks for your inquiry!

      HSBC’s market share varies depending on the type of financial product and market you are comparing it in. Was there a specific product you were inquiring about with HSBC?

      Cheers,

      Jonathan

    • Default Gravatar
      MichaelMarch 28, 2015

      I was referring to HSBC’s market share in Australia for credit cards

    • Avatarfinder Customer Care
      JonathanMarch 30, 2015Staff

      Hi Michael, thanks for your response.

      As of January 2015 the market share of HSBC for loans and advances on credit cards is 2%.

      Cheers,

      Jonathan

  2. Default Gravatar
    VictoriaMay 30, 2014

    In your article “Top Five Credit Card Providers in Australia”

    You estimated market share of the top five in credit cards. Is this share related to transactions, value spend or number of cards issued?

    • Avatarfinder Customer Care
      ShirleyJune 2, 2014Staff

      Hi Victoria,

      Thanks for your question.

      This is in relation to the value spend of cards issued, or rather the accounts receivable portion of the provider.

      Cheers,
      Shirley

Credit Cards Comparison

Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Citi Rewards Card - Exclusive Offer
21.49% p.a.
0% p.a. for 30 months
$49 annual fee for the first year ($149 p.a. thereafter)
Finder Exclusive
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee and Citi Rewards.
Coles No Annual Fee Mastercard - Exclusive Offer
0% for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
$0
Finder Exclusive. Ends 29 October 2020
Save on new and existing interest charges with 0% interest on both balance transfers and purchases for the first 12 months.
Qantas American Express Premium Card
20.74% p.a.
$249
Enjoy 100,000 bonus Qantas Points, 50 bonus Status Credits and 2 complimentary Qantas Club lounge invitations per year. Ends 4 November 2020.
Citi Rewards Card - $500 Voucher Offer
21.49% p.a.
0% p.a. for 12 months
$99 annual fee for the first year ($199 p.a. thereafter)
Get a $500 e-voucher to spend at Myer, JB Hi-Fi or Coles when you spend $3,000 in the first 90 days. Plus, earn points with the Citi Rewards Program.
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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