Citibank’s Clear Platinum credit card is Australia’s favourite, according to banking comparison website InfoChoice.com.au.
The website also revealed that the most popular consumer banking products in Australia do not come from any of the Big Four banks, with consumers instead opting for smaller and more competitive financial institutions.
The results come from the website’s new Popular Products Awards Program, which compares the country’s leading home loan, credit card and savings account options in the market each month.
For the month of May, the most popular credit card was the Citibank Clear Platinum, which offers consumers a zero percent interest on balance transfers for the first six months as well as an extensive rewards program.
In the category of savings accounts, the UBank USaver piqued the public’s interest with its promotion of a new savings bonus rate of 0.36 percent for savers that establish a savings plan of at least $200 a month.
The USaver account also offers a very competitive 5.85 percent base rate, with the maximum rate ongoing as opposed to being only promotional.
CUA was declared the most popular home loan provider, an unsurprising result as at a time when banks were responding to the Reserve Bank’s increase in interest rates and CUA instead reduced its SVR Home Loan by 0.25 percent.
CEO of InfoChoice.com.au, Shaun Cornelius said that the market was beginning to truly expand beyond the traditional banking options.
“In analysing the most popular consumer banking products last month, we found that all represent very competitive propositions in the market however they were not offerings from the Big Four banks.
“What we’re seeing is that consumers are open and willing to look at options beyond the traditional big banks.”
The results were compiled from information gathered from the website’s 150,000 monthly visitors, subsequently presented back to consumers in the Popular Product Awards program.