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Date Published : Tuesday, August 26, 2008
The credit card market in Australia is set to be shaken up as a range of new cards are launched while old ones are given a makeover, the Australian Financial Review has reported.
Woolworths is set to launch its eagerly awaited Woolworths Everyday Money Mastercard in conjunction with HSBC on Tuesday and retailer David Jones is preparing to launch its own credit card by the end of next month.
According to research from MWE Consulting, credit cards have seen their share of total spending slip over the last two years from 70 per cent to 66 per cent.
In the meantime, debit cards have swallowed up this lost share and increased from less than 30 per cent to 34 per cent, the newspaper reported.
As a result, the source claimed banks are moving away from no-frills credit cards with low rates toward premium rewards cards.
The credit card from David Jones, Australia's oldest department store, will be released with the help of American Express.
Mark McInnes, the department store's chief executive officer, said: "We believe that the David Jones American Express card will not only capitalise strength of our brand and heritage but will also provide compelling value for customers, in particular through the offering of David Jones gift card rewards which can be earned by using the card."
The David Jones card will be launched in time for the group to capitalise on the money spinning Christmas trading period.
In related news, Citigroup is also said to be planning an overhaul of its Diners Club product and reports have stated it could offer its members a revolving debt facility on the card.
Compare credit cards.
Read more about the Woolworths Everyday Money Credit Card

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