Australian Credit Card Choices in 2010: Consumers with Debt, Shopper Savers and High Income Earners
Australian credit card comparison website, Credit Card Compare have released interesting insights into the personal finance choices that Australian consumers are making early in 2010.
Tuggerah, NSW, February 10, 2010 -- Australian credit card comparison website, CreditCardCompare.com.au, have released interesting insights into the personal finance choices that Australian consumers are making early in 2010.
According to Australian credit card comparison website, CreditCardCompare.com.au, the market can be understood by recognising the three basic groups of credit card applicants and holders currently at play:
* Consumers who are keenly aware of their levels of consumer debt - seeking to reduce it or keep a lid on their month to month balances,
* Shoppers looking for rewards and ways to save on necessary expenses such as food and petrol,
* Higher income earners who are going after the attractive rewards features of gold and platinum cards.
There has been a slide in the overall numbers of people taking up credit card and personal loans since 2008. In the last quarter of 2009 and going into the January to March quarter of 2010 the vast majority of Australian consumers are choosing to apply for balance transfer cards and/or credit cards with low ongoing interest rates. High income earners make up the other major segment of consumers who are instead opting for premium credit cards.
The premium card sector has really been holding up strong in the last quarter of 2009 and this trend looks to be continuing as we go into 2010. Demand for credit cards that offer a way to reduce minimum repayments and offer a way for consumers to get credit card debt paid off such as balance transfer credit cards is being driven by the renewed awareness to reduce personal debt levels.
However, the rewards offered by gold and platinum credit cards have not gone unnoticed. Premium cards that offer much sought after frequent flyer points, access to airport lounges, shopping vouchers, free international travel insurance and such like, are striking a chord with consumers who have a higher income and want the benefits and privileges.
Bigger Picture: Veda Advantage Credit Card Research October to December 2009 on Consumer Credit Demand
Veda Advantage reported (3rd Feb 2010) that the 2009 calendar year ended with combined credit card and personal loans down 14% on the 2008 calendar year. Credit card and personal loan enquiries continued to decrease year-on-year across every quarter of 2009, indicating the popularity of credit cards and personal loans remains below levels experienced across most of 2008.
The final quarter of 2009 ended with an 8% decrease in personal (credit card and personal loan) credit demand. This followed a 14% decrease in the July to September quarter, a 20% decrease in the April to June quarter of 2009, and a 13% decrease in the January to March quarter of 2009. All comparisons are compared to the same quarter of 2008.
Credit card enquiries declined for the sixth quarter in a row, falling by 13% year-on-year. This followed an 18% decrease in the July to September 2009 quarter compared to the same period in 2008.
Credit Card Compare started in 2008 with the objective of allowing consumers to compare credit cards online, review the options and apply directly and securely online from the bank or credit card lender. The website also has a blog, the Credit Letter where our writers regularly post useful money saving tips and interesting personal finance editorials. Consumers interested in receiving money saving tips can subscribe to 'the Credit Letter' blog via RSS or receive an email newsletter.
Credit Card Compare
PO BOX 3182
Tuggerah, NSW 2259
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: : Australian Credit Card Choices in 2010: Consumers with Debt, Shopper Savers and High Income Earners
Date Listed : Tuesday, February 09, 2010
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