MoneysaverHQ and SocietyOne credit card YouGov Galaxy poll

With nearly one million fewer credit cards now than one year ago, it’s tempting to conclude the credit card’s days are numbered.

But a YouGov Galaxy poll, commissioned this month by MoneysaverHQ in partnership with SocietyOne, found 71 per cent of Australians with personal or household debt have at least one credit card.

While it’s true different payment types are entering the market, most still use the same underlying technology — at least for now.

“You hear a lot about people paying with their phone, but it’s actually tied to your credit or debit card,” Emerging Payments Association director general – community Camilla Bullock said.

“Payment services need to provide more holistic services, not just the payment.”

Justin Huntsdale, vice president consumer cards at American Express, said rapid advances in payment technology and more sophisticated data use have put the cardholder in the driver’s seat.

“Consumers can expect more personalised and relevant benefits from their credit card provider in the future,” Mr Huntsdale said.

“It’s a shift away from the reliance on points-based loyalty, to providing timely and customised offers, experiences and benefits that meet individual needs.”

Sophie Pollitt and Alexia Spalding, founders of slow fashion label Good Day Girl, know all

about tailored offerings, using a made-to-order sustainable model that tips the popular profile of credit card users as impulse buyers on its head.

Customers in the Sydney salon or online store have a very limited window to order twice a year and wait a full eight weeks to receive their clothes.”/>
media_cameraSophie Pollitt with co-founder Alexia Spalding of Good Day Girl. Picture: supplied

Catering mostly to professional women reliant on a seasonal, durable wardrobe, Ms Pollitt said the credit card is still king.

“Credit cards are 98 per cent of the payment methods used by our clients. Many clients are using their mobile wallets,” she said.

Payment behaviour changes markedly for users online.

“PayPal is very popular and we are seeing more clients using Afterpay,” Ms Pollitt said. “It’s rare for clients to use their credit cards directly on the website.”

Mr Huntsdale said app offerings are just a taste of what’s to come.

“Choice and flexibility is the way of the future,” he said.

Originally published as What now for future the future of credit cards?

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