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
Credit card use hits record high as Australians spend smarter
Active credit card use in Australia has reached a historic high of 82 per cent, with 9.4 million active personal accounts now in circulation, according to new data from Money.com.au. Read more
Credit card
Top strategies for improving your credit score in 6 months
Maintaining a healthy credit score is essential for financial wellbeing, especially in Australia where credit scores significantly influence loan and credit card approvals. Read more
Credit card
Block announces first integration with Afterpay
Block’s acquisition of Australia’s buy now, pay later platform has been completed. Read more
Credit card
Afterpay v Zip: Which is better value?
The two biggest brands in BNPL may have more in common than you think. Read more
Credit card
BNPL to boom amid seasonal spending
There’s never been a better time to buy now, pay later than the holiday season. Read more
Credit card
Experts say BNPL data underutilised by credit sector
BNPL took off among Australian consumers so fast that credit bureaus are still trying to catch up. Read more
Credit card
Calls for online gambling ban intensify
A parliamentary committee has backed calls for a new ban on credit card gambling. Read more
Credit card
Afterpay looks to find foothold in subscriptions
Afterpay will let customers break their monthly bills into instalments from early next year. Read more
Credit card
Credit card use hits record high as Australians spend smarter
Active credit card use in Australia has reached a historic high of 82 per cent, with 9.4 million active personal accounts now in circulation, according to new data from Money.com.au. Read more
Credit card
Top strategies for improving your credit score in 6 months
Maintaining a healthy credit score is essential for financial wellbeing, especially in Australia where credit scores significantly influence loan and credit card approvals. Read more
Credit card
Block announces first integration with Afterpay
Block’s acquisition of Australia’s buy now, pay later platform has been completed. Read more
Credit card
Afterpay v Zip: Which is better value?
The two biggest brands in BNPL may have more in common than you think. Read more
Credit card
BNPL to boom amid seasonal spending
There’s never been a better time to buy now, pay later than the holiday season. Read more
Credit card
Experts say BNPL data underutilised by credit sector
BNPL took off among Australian consumers so fast that credit bureaus are still trying to catch up. Read more
Credit card
Calls for online gambling ban intensify
A parliamentary committee has backed calls for a new ban on credit card gambling. Read more
Credit card
Afterpay looks to find foothold in subscriptions
Afterpay will let customers break their monthly bills into instalments from early next year. Read more