Finance News - News Home Credit Card News Banking News Loans News Insurance News Investments News News Archive Finance News Search
Advertisment
click here

Featured Credit Cards for July

American Express Platinum Card

  • Rate : %
  • Balance Transfer :
    % N/A

 

St George Vertigo MasterCard

  • Rate : 11.89 %
  • Balance Transfer :
    0% (for first 6 months)

 

BankSA Vertigo MasterCard

  • Rate : 11.89 %
  • Balance Transfer :
    0% (for first 6 months)

 

Citibank Clear

  • Rate : 11.99 %
  • Balance Transfer :
    0% (for first 6 months)

 

Aussie MasterCard

  • Rate : 11.99 %
  • Balance Transfer :
    0% (for first 6 months)

 

Advertisments
Allianz Insurance - click here     HSBC Serious Saver - click here

RAMS Home Loans - click here

St George rides out crunch with credit card boom

St George rides out crunch with credit card boom

Related articles

Date Published : Thursday, May 08, 2008

One of Australia's largest banks has put its recent good fortunes down to the success of its credit card division.

Amid St George's financial results, the Sydney-based bank has admitted that the nation's credit card market is helping it pull itself - and other banks - through the credit crunch crisis.

Marketing of credit cards to bank customers has paid off for the major financial institutions throughout the country, with one in four customers now having a credit card - up from one out of every five customers two years ago.

The amount the bank earned from credit cards increased by 16 per cent during 2007 to $1.6 billion, the Sheet reports.

Despite the current uncertainty in the financial markets, St George's mortgage book - including all home loans taken out for residential use - decreased by $15 million during 2007. The bank also revealed that 56 per cent of its mortgage lending remains in its New South Wales heartland, despite recent nationwide growth.

St George chief executive Paul Fegan said: "Retail deposit growth is now running at the same rate as our asset growth. That is, the retail bank is actually match funded.

"This is the first time this has occurred in over a decade at St George and we expect that to continue."

At the end of last month, St George altered its relationship with mortgage brokers over how they earn commission. A number of other banks have changed rules over commission amid tightening lending conditions.

Compare your current credit card rates with Australia's top providers.ADNFCR-1411-ID-18584852-ADNFCR

 

 

 

Latest Money News from Money-Au.com.au

  • Finance News
  • Credit Cards
  • Banking News
  • Loans News
  • Insurance News
  • Investments News
  • Buy now, pay later deals 'can have sting in tail'
    Buy now, pay later deals that come with an interest-free 'honeymoon' period can be extremely tempting to shoppers - but if they fail to manage the debt or do not pay it off before interest starts to accrue, consumers could end up paying a lot more than they bargained for.
  • Australia 'needs 1m new homes'
    Australia's "booming" population and continuing demand for homes means the country will require one million new homes to be built by 2013, new figures from the Housing Industry Association (HIA) show.
  • Household wealth of Australians 'up 50%'
    The average net wealth of Australian households increased by around a half between 2002 and 2006, a new report has found.
  • Groups suggests loans for maternity leave
    Parents exploring ways of remaining a home while their children are babies should be able to apply for a loan to provide them with paid leave.
  • Cash rate held
    The board of Australia's national bank has announced that it has decided to leave the official cash rate unchanged at 7.25 per cent for another month.
  • Household wealth of Australians 'up 50%'
    The average net wealth of Australian households increased by around a half between 2002 and 2006, a new report has found.
  • Report: Credit card and bank fraud numbers top 380,000
    Credit card and bank fraud figures in Australia numbered above 380,000 during the second half of 2007, making them the most popular ID scams in the country.
  • Government advised to control credit
    The Australian Bankers Association (ABA) has warned that the government needs to control consumer's access to credit if it wants to tighten up controls in the financial industry.
  • NAB-HBOS bid rumours continue
    Rumours that the largest bank in Australia is preparing to make a bid for Halifax Bank of Scotland's business in the country have stepped up a gear after insider information regarding the affair has come to light.
  • Court could beckon for eBay case
    Internet auction site eBay could be set for a court date with the competition regulator over the website's limitation of payment methods for Australian consumers, according to reports.
  • Cash rate held
    The board of Australia's national bank has announced that it has decided to leave the official cash rate unchanged at 7.25 per cent for another month.
  • Aussies stay on rich list
    The number of people in Australia who can officially call themselves millionaires increased last year, new statistics have revealed.
  • Budgeting for baby
    The impending arrival of a new baby brings with it a seemingly unending list of things to do, so much so that financial matters are often shifted to the back-burner - but experts warn that this approach can be "very dangerous", as bankrolling junior's early years requires careful planning.
  • Budgeting for baby
    The impending arrival of a new baby brings with it a seemingly unending list of things to do, so much so that financial matters are often shifted to the back-burner - but experts warn that this approach can be "very dangerous", as bankrolling junior's early years requires careful planning.
  • Australians 'putting less away for rainy day'
    The number of Australians that are putting some of their household income away in savings accounts has fallen as economic pressure forces some families to break open their nestegg, new research shows.
  • Buy now, pay later deals 'can have sting in tail'
    Buy now, pay later deals that come with an interest-free 'honeymoon' period can be extremely tempting to shoppers - but if they fail to manage the debt or do not pay it off before interest starts to accrue, consumers could end up paying a lot more than they bargained for.
  • Australia 'needs 1m new homes'
    Australia's "booming" population and continuing demand for homes means the country will require one million new homes to be built by 2013, new figures from the Housing Industry Association (HIA) show.
  • Groups suggests loans for maternity leave
    Parents exploring ways of remaining a home while their children are babies should be able to apply for a loan to provide them with paid leave.
  • Consumers take lodgers 'to help pay mortgage'
    Lodgers are being utilised as one solution to easing the financial burden felt by homeowners in Australia as mortgage repayments continue to squeeze consumer spending.
  • More homes needed, says HIA
    One million new homes need to be built in the next five years if Australia's growing population is to be housed, according to the Housing Industry Association (HIA).
  • Budgeting for baby
    The impending arrival of a new baby brings with it a seemingly unending list of things to do, so much so that financial matters are often shifted to the back-burner - but experts warn that this approach can be "very dangerous", as bankrolling junior's early years requires careful planning.
  • Budgeting for baby
    The impending arrival of a new baby brings with it a seemingly unending list of things to do, so much so that financial matters are often shifted to the back-burner - but experts warn that this approach can be "very dangerous", as bankrolling junior's early years requires careful planning.
  • Rise of the Kippers
    Difficulties in securing a home loan and the increasing cost of living in many Australian cities are fuelling an explosion in Australian Kippers - Kids In Parents Pockets Eroding Retirement Savings - according to reports.
  • Rise of the Kippers
    Difficulties in securing a home loan and the increasing cost of living in many Australian cities are fuelling an explosion in Australian Kippers - Kids In Parents Pockets Eroding Retirement Savings - according to reports.
  • How the Westpac-St George merger affects you
    As the dust settles on one of the largest changes to the Australian financial sector for decades, consumers across the country are pondering how the events at Westpac and St George will impact on them.
Advertisments
St.George Bank - click here   iSelect - click here   1Cover Insurance - click here