Australias Top Five Credit Card Providers

With over 14 million credit cards in circulation in Australia

, it remains one of the worlds most competitive and lucrative credit card markets. Whilst there may be dozens of providers offering credit cards, there are five major players in the Australian credit card market.

Heres our guide to the countrys top five card companies.

1. Commonwealth Bank (19.7% market share)

From its formation in 1912, Commonwealth Bank has grown to be the most recognised financial services provider in Australia. It now has over 700,000 shareholders and 38,000 employees.

Commonwealth is the leader in Aussie credit cards with a market share of almost one fifth. With a range of cards including low fee cards, low rate cards and an excellent Awards rewards program, Commonwealth Bank continues to offer a great range of card options.

2. ANZ (18.2% market share)

ANZ is one of the largest companies in Australia and New Zealand and is among the top fifty banks in the world. It first opened as the Bank of Australasia in Sydney in 1835 and in Melbourne from 1838 where its world headquarters remain located.

ANZ offers a great range of credit cards including low rate and low fee cards. They also offer a range of Frequent Flyer credit cards as well as cards affiliated to their ANZ Rewards program.

3. Westpac (17.6% market share)

Westpac has a long and proud history as Australia's first and oldest bank. It was established in 1817 as the Bank of New South Wales under a charter of incorporation provided by Governor Lachlan Macquarie. In October 1982 it changed its name to Westpac Banking Corporation following the acquisition of the Commercial Bank of Australia.

Westpac offer one of the largest ranges of credit cards of any Australian bank with over a dozen choices of card. Their range includes cards with a low annual fee and with a low balance transfer rate as well as a selection of gold and platinum cards. They also offer reward programs including their Altitude, Earth and Singapore Airlines schemes.

4. NAB (12.1% market share)

National Bank Limited was formed in 1893. Up until 1 October 1981 it continued to trade as The National Bank of Australasia Limited, and only after the merger with the Commercial Banking Company of Sydney Limited did it become known as National Australia Bank.

NAB is ranked 17th largest bank in the world measured by market capitalisation.

NAB offers cash back benefits through their Visa Mini credit cards and rewards through their Qantas and Velocity affiliated cards. They also offer a good low rate Visa card.

5. Citibank (9.8% market share)

Citibank is, to some degree, the new kid on the block. Part of the global Citi group, Citibank has ambitious plans for its credit card business in Australia and is seeking to end the dominance of the big four.

As well as low rate, cash back and business credit cards, Citi also offer several cards affiliated to their excellent Citi Rewards program.

by: rhys cooper

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