Money's Credit Card Issuer of the Year named
Commonwealth Bank has been named Money's 2023 Credit Card Issuer of the Year as part of the Consumer Finance Awards.
Widely accepted, highly portable and with opportunities to avoid interest charges, credit cards can play a key role in helping customers manage their money.
Commonwealth Bank stands out for the choice it offers across its credit card suite, taking out the gong for Credit Card Issuer of the Year.
"We believe our credit card range, including the choice of options and key features, offers good value to our customers," says Vibha
Singh Kanwar, CommBank's general manager, credit cards.
The bank's offerings span low-rate and low-fee, rewards-based and even interest-free cards with several new products.
"We think it's important to continue to build, review and refine our offering so we can continue to meet changing customer needs and preferences," she notes.
CommBank's Neo is a rethink of traditional cards. Instead of charging interest on the balance, the NEO comes with a flat monthly fee. Three credit limits are available - $1000, $2000 or $3000.
Neo's monthly fee ranges from $12, $18 to $22 depending on the credit limit. Cardholders who don't use the card and have a zero balance aren't charged the monthly fee.
"Customers are responding to the certainty that a product like CommBank Neo provides, with no interest ever and a flat monthly fee when you use it or carry a balance. It has proven to be particularly popular with customers aged under 35," says Singh Kanwar.
CommBank claims to offer the largest rewards program of any bank in Australia, and if you're chasing points, the Smart Awards card may be an option.
"Our new Smart Awards credit card helps to better reward customers for their everyday essential spend," says Singh Kanwar.
Key features of the Smart Awards card include the ability to earn 1.5 awards points per $1 spent on everyday essentials, such as groceries, petrol, utility bills, dining and department stores.
An additional two awards points can be earned for every dollar spent on the highest purchase for each month up to a maximum of 1000 points. CommBank offers a variety of ways to redeem rewards, including Qantas points.
With the exception of the Neo card, CommBank's credit cards offer up to 55 days interest free on purchases.
The CommBank website features a card selector to help consumers narrow down the choice.
If you sign up for a card and it's not entirely suited to your needs, it's no drama to switch via the CommBank app or NetBank.
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