Money's 2024 Credit Card Issuer of the Year

Commonwealth Bank has been named Money's 2024 Credit Card Issuer of the Year as part of the Consumer Finance Awards.

Australia's credit card market is undergoing a revival. Following a downturn in card use between 2017 and 2022, cost-of-living pressures have seen growing numbers of Australians embrace credit cards.

Finder's 2024 Credit Card Report reveals that since April 2022 Australians have opened more than 356,000 new credit card accounts.

Increased use of credit cards can set off alarm bells, but when used wisely, credit cards have plenty of advantages. Pay off purchases within the interest-free period and it's possible to avoid interest charges altogether. Pick a low-rate or low-fee card, and ongoing costs can be minimised.

Commonwealth Bank makes all these options - and more - achievable through its extensive suite of credit cards. In fact, with six credit cards to choose from, it's fair to say Commonwealth Bank has a card for everyone.

Vibha Kanwar, general manager of credit cards, says, "We believe CommBank credit cards resonate with consumers for a few reasons."

The first is variety.

"We offer a wide range of cards to suit different customer needs and goals, from rewards to low-interest, low-fee and no-interest credit cards," says Kanwar. 
Commonwealth Bank also makes a point of giving credit card customers value for money.

"We strive to provide competitive rates, rewards programs and cardholder benefits that deliver real savings and perks," notes Kanwar.

She adds: "We lead the market in offering monthly card fees across all our cards, which can make them more affordable, especially when combined with fee-waiver options on our Low Fee, Smart and Ultimate credit cards."

Commonwealth Bank's credit cards offer SurePay, a feature that gives customers greater control of card repayments by allowing them to put eligible purchases or balances on a structured monthly repayment plan over a set term.

A range of tools including a spend tracker are also available to help Commonwealth Bank customers effectively manage their credit card while keeping a lid on interest costs. "Our integrated Spend Tracker automatically categorises your transactions, giving you clear insights into your spending habits," says Kanwar.

More broadly though, there is something for everyone. Commonwealth Bank's Neo card has a 0% purchase interest rate, and instead charges a flat monthly fee as low as $15. Cash advances aren't usually on the menu, but cardholders can also save with $0 international transaction fees.

At the other end of the spectrum, the bank's Ultimate Awards credit card lets cardholders earn up to three Awards points or 1.2 Qantas Points for every dollar spent on eligible purchases. The card rate is 20.99% but there are 44 days interest-free to take advantage of.

Commonwealth Bank's online card-selector tool that compares features and benefits makes it easier to pick the right card for your needs.

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