Customer owned value in credit cards highlighted

13 October 2015

A new credit card offering announced yesterday is a further signal to consumers to shop around in the low-rate credit card market. Community First Credit Union, a BCCM member, now has a rate of 6.99% p.a. for the first 12 months through a partnership with One Big Switch.

Commenting on the development, COBA CEO Mark Degotardi said that this was another example of the benefit to consumers of the customer owned banking model.

Last month, comparison website Mozo announced that nine of the top ten low-rate credit cards are offered by customer-owned banking institutions.

“Community First Credit Union has a proud history through its McGrath Pink Visa of not only offering great value, but supporting one of Australia’s leading charities – the McGrath Foundation.”

COBA said the credit card market is a hot topic right now for consumers and the subject of a Senate inquiry. “It’s important that consumers are better informed so they know the risks and benefits of using credit cards, where to find the best products, and how to access information,” Mr Degotardi added.