Credit cards offered by customer owned banking institutions have dominated the top 20 best deals in a survey by consumer group CHOICE.
The CHOICE review sees mutual banks, credit unions and building societies leading the way in the credit card market, well ahead of the big four banks.
The Police Bank Visa low rate credit card was rated in the top 20 CHOICE list, as well as previously winning a Gold Medal for the ‘Best Balance Transfer Credit Card’ and Highly Commended for ‘Best Low Rate Credit Card’ in Mozo’s 2014 Expert Choice Awards.
“This is further evidence of the better value and service offered by customer owned banking institutions,” Acting COBA CEO Mark Degotardi said.
“Our sector filled almost every spot in the top 20 best low rate credit cards in the CHOICE review.
“Consumers should look at the substantial discounts on offer for their household credit card bill. Consumers paying 20% interest or more on their credit card should ditch their provider and get a better deal.”
The CHOICE review finds the top nine best rates are from the customer owned banking sector and the top 20 is filled with great value, competitive rates for credit cards from the sector.
The latest Canstar figures also reveal customer owned banking credit cards are 4.9% lower than the big four banks, which represents a substantial saving.