Borrow
The credit card providers giving Australians the most grief
In an eight-month period, Aussies complained about credit cards more than 3,500 times – so which providers left customers feeling most in need of airing their grievances against them?
The credit card providers giving Australians the most grief
In an eight-month period, Aussies complained about credit cards more than 3,500 times – so which providers left customers feeling most in need of airing their grievances against them?
According to the Australian Financial Complaints Authority, a total of 3,570 complaints were lodged to the independent body between 1 November 2018 and 30 June 2019 that dealt with credit cards.
Credit cards made up nearly a quarter (24.5 per cent) of all product complaints directed at the banking sector, the largest proportion of any product type.
Here are the top five most complained about credit card providers, as laid out by the authority:
1. Citigroup
Citigroup looks after the Citibank and Citigroup cards, as well as Coles MasterCard, CUSCAL/Card services, Qantas credit cards, Virgin Money and Virgin Saver.
The group had 682 complaints progressed about its cards, and resolved 306 of them by agreement.
A further 50 were resolved in favour of the complainants, while 70 were resolved in favour of Citigroup.
2. American Express Australia
American Express and Amex alone saw 406 complaints progressed against it, giving the large credit provider a ranking of second place.
A total of 406 complaints were progressed against it, with 197 of them resolved by agreement.
A further 27 were resolved in favour of the complainant, and 33 were resolved in favour of American Express.
3. Latitude Finance Australia
The only medium-sized credit card provider in the top five complaints-wise, Latitude Finance Australia is also known to customers by various names that include Creditline, GE Capital, GE Money and Go MasterCard.
It saw 392 complaints progressed under each of the above-named brands, and resolved 122 of them by agreement.
Just 13 complaints were resolved in favour of the complainant, and the same figure was reported for complaints resolved for the financial provider.
4. Commonwealth Bank of Australia
The biggest organization to make the list, the Commonwealth Bank of Australia credit card product suite received just 288 complaints, with 282 of them closed by AFCA in the time frame.
More than 120 of the complaints were resolved by agreement, with just six complaints resolved in favour of complainants.
A further 16 were resolved in favour of the Commonwealth Bank.
5. Australia and New Zealand Banking Group
The big four bank is responsible for branded credit cards including Aussie credit cards, One Direct and Origin Investment, as well as its own umbrella-branded suite of ANZ offerings.
It saw 281 complaints progressed against it in the time frame, with 141 of them resolved by agreement.
Out of the top five, ANZ saw the third most complaints resolved against it in favour of the complainant at 18, with a further 17 resolved in favour of the financial service provider.
nestegg previously reported on Australia’s most complained about super funds.
About the author
About the author
Credit card
CBA launches new no-interest credit card
As younger Australians continue to choose buy now, pay later services over debt-accruing products, Australia’s largest bank has launched a no-interest credit card. ...Read more
Credit card
Interest-free credit cards hit Australia
One of the big four banks will now offer the first-ever no-interest credit card targeted at younger Australians who are ditching credit for buy now, pay later services. ...Read more
Credit card
Personal and business credit cards: What’s the difference?
With more Australians taking on contract and gig work in the COVID-19 downturn, more people are likely to be tossing up whether or not to use a personal or a business credit card, so what’s the diff...Read more
Credit card
9 tips to stop the credit card debt cripple
With debt levels expected to rise in the coming months due to COVID-19-related financial pressures, one expert has offered up some handy tips to stop Australians from being inundated by crippling cred...Read more
Credit card
Aussies face debt crisis following COVID-19
The sharpest economic downturn since the Great Depression is seeing the number of Australians struggling to pay down their debt rise, new research has found. ...Read more
Credit card
Are you holding the right credit card?
Australians are relying on credit more than ever, but most have chosen the wrong card for their personal situation, new research has found. ...Read more
Credit card
The pros and cons of ‘buy now, pay later’
Gen Zers and Millennials are the biggest users of “buy now, pay later” services in the 12 months leading up to September 2019, according to Roy Morgan’s research. ...Read more
Credit card
Paying off debt like it’s 2006: Aussies clear $2.45bn deficit
In 2019, Australians slashed credit card debt to its lowest level in almost 13 years, with balances accruing interest on personal credit cards plummeting more than $2.45 billion year-on-year. ...Read more
Credit card
CBA launches new no-interest credit card
As younger Australians continue to choose buy now, pay later services over debt-accruing products, Australia’s largest bank has launched a no-interest credit card. ...Read more
Credit card
Interest-free credit cards hit Australia
One of the big four banks will now offer the first-ever no-interest credit card targeted at younger Australians who are ditching credit for buy now, pay later services. ...Read more
Credit card
Personal and business credit cards: What’s the difference?
With more Australians taking on contract and gig work in the COVID-19 downturn, more people are likely to be tossing up whether or not to use a personal or a business credit card, so what’s the diff...Read more
Credit card
9 tips to stop the credit card debt cripple
With debt levels expected to rise in the coming months due to COVID-19-related financial pressures, one expert has offered up some handy tips to stop Australians from being inundated by crippling cred...Read more
Credit card
Aussies face debt crisis following COVID-19
The sharpest economic downturn since the Great Depression is seeing the number of Australians struggling to pay down their debt rise, new research has found. ...Read more
Credit card
Are you holding the right credit card?
Australians are relying on credit more than ever, but most have chosen the wrong card for their personal situation, new research has found. ...Read more
Credit card
The pros and cons of ‘buy now, pay later’
Gen Zers and Millennials are the biggest users of “buy now, pay later” services in the 12 months leading up to September 2019, according to Roy Morgan’s research. ...Read more
Credit card
Paying off debt like it’s 2006: Aussies clear $2.45bn deficit
In 2019, Australians slashed credit card debt to its lowest level in almost 13 years, with balances accruing interest on personal credit cards plummeting more than $2.45 billion year-on-year. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
