Credit card

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Traditional credit cards have continued to decline in popularity over the course of the pandemic.

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Buy Now, Pay Later continues to eat away at the appeal of traditional credit cards, but it might not be the biggest factor behind recent trends.

According to data released by Experian, the number of open credit card accounts has steadily declined since the outbreak of COVID-19 in Australia.

Experian director of client advisory and credit services Nicholas Gudde said that border, hospitality, and retail closures had left Australians with more disposable income than usual.

“This has naturally led to borrowers paying down high-interest debt, which can include credit cards, to get themselves into a stronger financial position,” he said.

The credit bureau tracked a 4 per cent decline over the last 17 months. However, that decline was mostly driven by a downward trend among Australians aged over 35.

When it came to Aussies aged between 18 and 34, the number of open credit card accounts slightly increased during the pandemic.

Mr Gudde said that this data bucks the trend that assumes young consumers are turning their back on traditional forms of credit in favour of Buy Now, Pay Later apps like Afterpay and Zip.

“There’s also the possibility that young people have used COVID-19 lockdowns to reassess their financial goals,” he said.

According to a report released by ClearScore earlier this year, Australians missed 30 per cent fewer payments on loans than they did in 2021 compared to the previous year.

The report also found that those with the lowest credit scores experienced the strongest improvements over the past 12 months.

“The reduction in defaults over the last 12 months of COVID has had a dramatic impact therefore on improving the average credit scores of people who were classified as Poor credit score last year,” the report said.

The evidence here suggests that Australian consumers didn’t just take the chance to save money during lockdown but also the opportunity to recalibrate their thinking when it came to credit. 

“With travel off the table, young Australians may be considering taking out a home loan earlier than expected and wanting to build a stronger credit profile, utilising credit cards to demonstrate responsible borrowing behaviour,” Mr Gudde suggested.

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Traditional credit cards have continued to decline in popularity over the course of the pandemic.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(81) "/borrow-money/credit-card/credit-cards-slip-4-per-cent-but-bnpl-isn-t-the-culprit" ["image"]=> string(47) "images/article-826x550/credit-card-swipe-ne.jpg" ["image_alt"]=> string(12) "Credit cards" } [1]=> object(stdClass)#8122 (57) { ["id"]=> int(17689) ["title"]=> string(59) "BNPL isn’t the only reason to reconsider your credit card" ["alias"]=> string(57) "bnpl-isn-t-the-only-reason-to-reconsider-your-credit-card" ["introtext"]=> string(201) "

An analysis of Australia’s credit card sector has revealed that many premium cards are charging almost 50 per cent more than the average in interest. 

" ["fulltext"]=> string(2748) "

Even as international travel returns, the perks associated with premium credit cards might be hard to justify against the benefits of changing to a lower rate.

An analysis of Australia’s credit card industry by Mozo has suggested that a mass switch by Australians from high-rate to low-rate credit cards could reduce the national level of credit card debt by $1.66 billion each year.

“At a time when travel linked rewards on high interest rate credit cards are still struggling to take off, it can be hard to get value through this premium card category,” Mozo spokesperson Tom Godfrey said.

Mr Godfrey said that the conditions of the pandemic have made it difficult to get access to the benefits that typically come attached to the premium card category, leaving consumers with the sting of a high-interest rate and little else to show for it.

“Although it might change as international travel becomes widely available, at the moment it’s still hard to justify paying skyhigh interest rates on premium credit cards,” he said.

When it came to the cost of premium credit cards, Mozo’s analysis of the playing field found that the highest interest rate was 24.5 per cent, the lowest was just 7.49 per cent, and the average was around 17 per cent.

In addition to the lack of access to the perks that usually come with a premium credit card, Mozo also called out the rising prominence of Buy Now, Pay Later apps among consumers.

Recent months have seen more and more traditional Australian banks put their own spin on zero-interest and instalment-based credit.

“With many Australians switching to buy-now-pay-later, paying down debt and unable to get as much value through rewards programs, credit cards are not getting the workout they have previously,” Mr Godfrey said.

As the holiday season approaches, he called on consumers to think about how changing their credit cards might help them get on top of outstanding debt sooner rather than later.

“If you’re carrying a balance forward on your premium credit card, something as simple as switching to a leading low rate card may reduce your monthly interest repayments and could help you pay down your debt sooner,” he said.

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• Yes

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An analysis of Australia’s credit card sector has revealed that many premium cards are charging almost 50 per cent more than the average in interest. 

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(83) "/borrow-money/credit-card/bnpl-isn-t-the-only-reason-to-reconsider-your-credit-card" ["image"]=> string(40) "images/article-826x550/AfterPay-2-ne.jpg" ["image_alt"]=> string(13) "BNPL Afterpay" } [2]=> object(stdClass)#8121 (57) { ["id"]=> int(17699) ["title"]=> string(69) "What the rest of the world can learn from Australia’s BNPL breakout" ["alias"]=> string(67) "what-the-rest-of-the-world-can-learn-from-australia-s-bnpl-breakout" ["introtext"]=> string(143) "

Australia has proved fertile ground for BNPL, but is it an anomaly or a sign of things to come?

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More and more Australians are choosing interest-free instalments over credit cards, but the jury is still out as to whether this formula can work elsewhere.

Zafin SVP for APAC Nicholle Lindner told nestegg that Buy Now, Pay Later (BNPL) is less disruptive than it might appear. It’s not a new concept, even if it has resonated with consumers particularly loudly this time around.

“With BNPL having little to no fees attached to purchases, combined with minimal credit checks needed to get approved, BNPL has emerged as an attractive way to make purchases for consumers of all wealth brackets,” she said.

As a short-term lending option, she said that BNPL allows consumers to make more purchases “without the fear of having sky-high interest rates that can be attached to traditional credit cards”.

According to one report by Marqeta, Australia is at the front of the pack when it comes to BNPL adoption.

Sixty per cent of Australians surveyed said they had used a BNPL, compared to 47 per cent seen among US and UK-based consumers.

Ms Lindner said that there’s no reason this success can’t be replicated overseas. While BNPL is already replacing legacy financing options in the United States, she said that the biggest potential hurdle for BNPL adoption remains regulation.

“Will one country be more restrictive than another? Or will there be similarities across the board that will enable consistency for BNPL firms to enter new markets with ease?” she said.

Noting the recent arrival of giants like PayPal and traditional banks into the BNPL sector, Ms Lindner expects that the market will level off.

“I expect there to be more moves over the coming months as larger corporations try to grab a portion of the market, and then once the dust settles, we should have a better idea of what to expect from BNPL firms,” she predicted.

Regardless, Ms Lindner said that the emergence of BNPL has already and will continue to disrupt traditional flows of revenue for both banks and credit unions.

“While credit cards have historically generated massive revenue for banks through interest rates and fees, BNPL is offering a new way for consumers to bypass these costs,” she said.

However, signs suggest that traditional banks are quickly learning to adapt to this paradigm shift.

“They’ve quickly learned to partner with fintechs who can help monitor BNPL transactions from the initial purchase point as well as create a consolidated view of the bank’s BNPL debt,” Ms Lindner said.

Looking forward, Ms Lindner predicted that the emergence of BNPL services would lead to further disintermediation in the payments space, particularly when it came to younger demographics.

“I think there will be room in the market for firms like Afterpay, Klarna and Zip to continue operating because they were first on the scene and have been building credibility with consumers,” she predicted.

However, as BNPL becomes more regulated, that advantage could erode.

“Banks have had more staying power over the years,” Ms Lindner acknowledged.

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Australia has proved fertile ground for BNPL, but is it an anomaly or a sign of things to come?

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The company is looking to broaden its focus from cashback to credit.

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ShopBack is getting into the business of Buy Now, Pay Later (BNPL), with the company announcing it will be acquiring the Singapore-based hoolah.

ShopBack Australia general manager Angus Muffet said that the move promises to position the company as a one-stop solution for demand generation and user engagement for merchants across the Asia-Pacific.

“Hoolah, combined with ShopBack’s position as the market-leading publisher and shopping companion across the Asia-Pacific, will transform the shopping experience for shoppers,” Mr Muffet predicted.

Following its launch in 2018, hoolah has expanded across south-east Asian markets. Today, the company works with over 2,000 merchants and offers an instalment-based alternative to credit to consumers across Singapore, Malaysia, and Hong Kong.

Hoolah CEO Arvin Singh said that the two companies complemented one another.

“Hoolah and ShopBack coming together is a natural fit given our similarities in exceptional brand recognition, user demographics, and an aligned vision of placing the customer at the heart of everything,” he said.

Nevertheless, those expecting ShopBack’s acquisition to pave the way for an Australian expansion may want to hold their breath.

Mr Muffet insisted that the acquisition of hoolah would need to be completed before any consideration could be given to the possibility of launching the BNPL platform in new markets like Australia.

Regardless of if or when hoolah does arrive in Australia, the intent of acquisition is less to do with eating away at the market share of major league BNPL platforms like Afterpay and more to do with the way that ShopBack itself generates revenue.

ShopBack CEO Henry Chan framed the partnership as a win for both consumers and merchants.

“Shoppers get the best deals and rewards, and more flexible payment options, on a single platform. Merchant partners can access a large pool of high-intent shoppers and achieve higher conversions and basket sizes,” he said.

In the twelve months prior to the end of September 2021, Australian consumers helped ShopBack gross $610 million in total online transactions value.

The company said that registered Australian membership also grew by over 50 per cent to 1.5 million in the 12 months to the end of June 2021.

Looking forward, Mr Chan predicted that the acquisition and integration of ShopBack and hoolah would only accelerate these growth curves.

“Our best-in-class technology and rich transaction data will enable us to further accelerate the development of the BNPL sector across the Asia-Pacific.” 

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• Yes

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The company is looking to broaden its focus from cashback to credit.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(57) "/borrow-money/credit-card/shopback-buys-itself-a-bnpl-app" ["image"]=> string(44) "images/article-826x550/ShopBack_phone_ne.jpg" ["image_alt"]=> string(31) "ShopBack buys itself a BNPL app" } [4]=> object(stdClass)#8119 (57) { ["id"]=> int(17624) ["title"]=> string(57) "Consumers less keen on BNPL once they know the real costs" ["alias"]=> string(57) "consumers-less-keen-on-bnpl-once-they-know-the-real-costs" ["introtext"]=> string(117) "

The more successful BNPL becomes, the greater the risk of regulation.

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While Afterpay continues to dominate the conversation around Buy Now, Pay Later (BNPL), new data suggests consumers are becoming more savvy about who foots the bill for the convenience of not-quite-credit.

According to UBS’ latest BNPL consumer survey, awareness of BNPL remains high. That being said, the research noted that consumers are also becoming more aware of the downsides involved.

UBS found that surveyed Afterpay customers said that they would not use it if the app charged them a 4 per cent fee.

Given the Reserve Bank of Australia’s (RBA) recent backflip around the exemptions afforded to BNPL apps when it comes to “no surcharge” rules, UBS flagged this as a potential risk for the sector.

“Under the previous rules, BNPL operators were able to force merchant partners to agree not to pass the cost of the transaction onto the consumer by inflating prices accordingly. For other credit cards, this kind of arrangement is not allowed due [to] the RBA’s existing ‘no surcharge’ rules,” UBS explained.

However, earlier this year, the RBA concluded that no-surcharge rules give BNPL providers an unfair competitive advantage over competing entities that are prohibited from imposing no-surcharge rules on merchants.

UBS found that consumers relying on BNPL were also generally unaware of its relative cost for merchants.

Once made aware of the high fees that platforms like Zip and Afterpay levy on merchants, as many as 30 per cent of surveyed consumers said that they would no longer use BNPL when shopping at small businesses.

“A significant portion of BNPL users would not use it once they know the true cost, even without surcharging,” the report found.

Another insight provided by UBS’ latest dataset is that BNPL users in 2021 tended to have average incomes that were 15 per cent higher than non-users.

While these consumers were more likely to be employed, they were also more likely to have debts and be declined for credit cards than those who didn’t engage with BNPL.

“We, therefore, see a risk ‘free-riders’ may use BNPL less if surcharged, causing adverse customer selection (higher credit risks) and lower sales volumes for BNPL businesses,” UBS noted.

UBS concluded that simplicity remains the greatest strength of BNPL platforms but warned that increased popularity would increase the likelihood of regulatory scrutiny.

“Most BNPL customers use it for reasons of budgeting, flexibility or convenience. However, a significant proportion of users appear to regard it as a line of credit,” the report found.

UBS flagged this widespread perception as a potent source of risk for the sector.

The fear here is that if consumers widely consider BNPL to be credit, this may encourage regulators to act.

“As consumers believe Afterpay is providing these services, the risk they are regulated as such is high in our view,” UBS said.

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• Yes

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The more successful BNPL becomes, the greater the risk of regulation.

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After months in lockdown, Australian consumers are rushing to make up for lost time with a flurry of credit card, mortgage, personal and car loan applications. 

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The numbers are beginning to suggest that Australia’s economy couldn’t have asked for better conditions when it comes to rebounding from recent lockdowns.

Data released by Equifax suggested that the first week of NSW’s reopening saw a 33 per cent jump in car loans, a 15 per cent increase in mortgages and a 10 per cent increase in personal loans. 

“With international travel soon to reopen, we can expect to see consumer credit demand grow, specifically the use of credit cards to pay for people’s overseas holidays,” Equifax general manager for advisory and solutions Kevin James predicted.

Mr James predicted that these trends will complement the boost in spending that is usually seen during this lead up to the end of the year, hastening Australia’s broader economic recovery.

Notably, BNPL demand dipped 12 per cent during NSW’s first week out of lockdown. However, Mr James expects that this will be temporary as typical holiday spending trends set in.

Overall, Equifax’s latest consumer credit demand index found that consumer credit applications rose 12.8 per cent in the quarter ending September 2021 compared with the September 2020 quarter.

Within that figure, credit card applications remained flat at -0.3 per cent while auto loan applications fell by 4.5 per cent.

However, personal loan applications were up by 20.3 per cent and BNPL applications grew by an impressive 31.4 per cent.

NSW and the ACT were the exceptions when it came to growth for the personal loan sector, with declines of 6.7 per cent and 9.1 per cent, respectively.

That being said, Equifax noted that overall consumer credit demand remains 20.8 per cent below pre-COVID levels.

“Mortgage and BNPL demand have remained strong in and out of lockdowns, but their gains haven’t been enough to offset the drop in other categories of credit,” Mr James explained.

Off the back of strong reopening figures, he expects that a resurgence in credit cards, auto loans and personal loans will begin to close the gap.

Another reason for the boom in credit demand might be related to the improvement in credit scores that

A recent report by ClearScore found that Australians with the lowest credit scores experienced the strongest improvements over the past 12 months.

“The reduction in defaults over the last 12 months of COVID has had a dramatic impact therefore on improving the average credit scores of people who were classified as Poor credit score last year,” the report said.

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After months in lockdown, Australian consumers are rushing to make up for lost time with a flurry of credit card, mortgage, personal and car loan applications. 

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