YOUR GUIDE TO PRODUCT EXCELLENCE BUSINESS CUSTOMERS MISSING OUT ON RATE CUTS TOO uch has been written about the lack of rate cuts being passed on to personal credit card customers, but what about business customers? Since the GFC many businesses have found it more difficult to access traditional funding facilities and have had to rely on their business credit card as an overdraft to cover any shortfall in their business cash flow. However this has resulted in a double blow for small business as the margins paid for business credit cards has increased despite significant drops in the official cash rate. Prior to the GFC, the margin between the cash rate and the average standard business credit card was creeping up above 10%. When the cash rate plummeted during early 2009 this margin began to widen. In this period the RBA cut official interest rates by 4.25% yet only 0.75% of interest rate cuts were passed on to business customers. By July 2009 business credit card margin had blown out to 13.57% above the official cash rate. The margin remained stable, hovering just above 13%, as the cash rate rose from 3% in October 2009 to 4.75% November 2010. Fast forward to the start of the recent cash rate movements in November 2011, the cash rate has since dropped by 1.75%, in the same time business credit card rates haven’t budged at all. In fact, some of them have even increased their rate. This margin is now at its highest level since 2007. At 14.69% above the cash rate it an expensive way to fund short term cashflow shortfalls and it is no wonder small business owners are crying poor. So what can businesses do to reduce their interest costs? If you can’t pay your debt off in full each month then you might consider a business low rate card. As at the time of writing, Heritage Bank is offering the lowest rate in the market for an unsecured business card at 12.95%. Another option is to put up security against the debt. Obviously this means paying extra establishment, application and security documentation fee but it does mean you will receive a much lower interest rate. Should neither of these options suit your business then you should investigate other forms of borrowing money such as overdrafts and Loans. These types of loans are generally longer term and come with lower rates, however they are also more difficult to obtain and come with additional fees. Whatever your businesses situation, it is important to keep an eye on your interest rate. M Report No. 14 January 2013 IN THIS REPORT: We research & rate: • 42 credit cards offered by • 16 financial institutions
Transcript
YOUR GUIDE TO PRODUCT EXCELLENCE
BUSINESS CUSTOMERS MISSING OUT ON RATE CUTS TOO
uch has been written about the lack of rate cuts being passed on to personal credit card customers, but what about business customers? Since the GFC many businesses have found it more difficult to access traditional funding facilities and have had to rely on their business credit card as an overdraft to cover any shortfall in their
business cash flow. However this has resulted in a double blow for small business as the margins paid for business credit cards has increased despite significant drops in the official cash rate. Prior to the GFC, the margin between the cash rate and the average standard business credit card was creeping up above 10%. When the cash rate plummeted during early 2009 this margin began to widen. In this period the RBA cut official interest rates by 4.25% yet only 0.75% of interest rate cuts were passed on to business customers. By July 2009 business credit card margin had blown out to 13.57% above the official cash rate. The margin remained stable, hovering just above 13%, as the cash rate rose from 3% in October 2009 to 4.75% November 2010. Fast forward to the start of the recent cash rate movements in November 2011, the cash rate has since dropped by 1.75%, in the same time business credit card rates haven’t budged at all. In fact, some of them have even increased their rate. This margin is now at its highest level since 2007. At 14.69% above the cash rate it an expensive way to fund short term cashflow shortfalls and it is no wonder small business owners are crying poor. So what can businesses do to reduce their interest costs? If you can’t pay your debt off in full each month then you might consider a business low rate card. As at the time of writing, Heritage Bank is offering the lowest rate in the market for an unsecured business card at 12.95%. Another option is to put up security against the debt. Obviously this means paying extra establishment, application and security documentation fee but it does mean you will receive a much lower interest rate. Should neither of these options suit your business then you should investigate other forms of borrowing money such as overdrafts and Loans. These types of loans are generally longer term and come with lower rates, however they are also more difficult to obtain and come with additional fees. Whatever your businesses situation, it is important to keep an eye on your interest rate.
M
Report No. 14 January 2013
IN THIS REPORT:
We research & rate:
• 42 credit cards offered by
• 16 financial institutions
YOUR GUIDE TO PRODUCT EXCELLENCE 2
HOW FAR WILL YOU GET WITH YOUR FLIGHT REWARDS?
light rewards are often looked at as being impossible to accumulate enough points to redeem a flight. This may be the case for most personal customers, but if you own a business and use your credit card for business supplies and expenses then you will probably accumulate points at a fairly rapid rate.
So how much do you need to spend to earn a flight? To answer this we will look at how many points you need to get a standard awards flight. There are thousands of possible flights with many flight rewards programs, but we will look at the 2 major frequent flyer programs in Australia; Velocity and Qantas Frequent Flyer. To compare the programs let’s look at 3 flight different routes of varying distances in the table below. This tells you how many points you need to redeem a flight.
Flight Qantas Velocity Sydney – Melbourne 16000 13800 Sydney – Hong Kong 60000 57800 Sydney – Los Angles 96000 94200
The next step is to work out the rate at which you earn the frequent flyer points. The points earned per dollar spent can be as low as 0.5 to as high as 3 points per dollar. Note: higher earn rate generally come with a higher annual fees. Also check if you earn Frequent Flyer points directly or do you have to convert them from your card points? If you do have to transfer them across be aware of how many points you need to earn each frequent flyer point. To calculate how many frequent flyer points you earn, take your points per dollar earned rate on your credit card and then multiply by the number of point required for 1 frequent flyer point. For example; you may earn 2 rewards points per dollar spent on your credit card and then you can redeem these at a rate of 2 rewards points for one frequent flyer point. This means that you will be earning 1 frequent flyer point for every dollar spent on your credit card. If you are earning 1 frequent flyer point per dollar you will need to spend $16000 dollars to get a return flight from Sydney to Melbourne. This works out to be $308 per week to receive a free flight each year. If you are putting say $120,000 per year through your credit card, or $2,500 per week, then you and someone else will be able to jet off to Hong Kong for a shopping trip each year. So if your business is able to put most of its expenses through either a business credit card or your personal card and pay it off in full each month then flight rewards maybe be right for you. Keep in mind that rewards points and any rewards that you claim are tax exempt, this can give an additional fringe benefit to hard working small business owners or employees. So why not take advantage of the benefit on offer? COMMONWEALTH NAMED MOST REWARDING FOR BUSINESSES
usiness rewards are big business and it is no surprise given the amount of cash that businesses can spend on their credit cards each month. CANSTAR does the hard work for you and scrutinizes the rewards programs available to businesses to determine which offer the best value.
Recognising the increasing importance of business rewards, CANSTAR has put business rewards programs under the microscope to determine the differences and find which gives the best value in two rewards areas; Cash and Flights. For flight rewards we looked at how far your points get you across six different flights routes, based on annual credit card spend levels of $60,000 and $120,000. For cash rewards, we measured the dollar value of cash earned minus the annual fee at both $60,000 and $120,000. For both profiles a range of features are assessed with the full details of the methodology used located at the end of this report. Commonwealth Bank proved to be the best program for business use, with its Business Platinum Awards delivering value for money in the areas of cash back and flight rewards. By using the companion Platinum American Express card you can earn up to 3 points per $1 spent. The competitive earn rate helps you earn back the $300 annual fee and more very quickly. For frequent flyers the Commonwealth Bank Business Platinum Rewards offers a choice of Velocity, Air New Zealand and Qantas Frequent Flyer programs. Offering 1.5 Qantas or Velocity Frequent Flyer points per $1 spent on your American Express you will be taking off in no time. We congratulate Commonwealth Bank on winning the award for providing Best Value across the country for business rewards.
To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR Pty Limited ABN 21 053 646 165 AFSL 312804 and does not take into account your individual investment objectives, financial circumstances or needs. Information provided does not constitute financial, taxation or other professional advice and should not be relied upon as such. CANSTAR recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser. A Product Disclosure Statement relating to the product should also be obtained and considered before making any decision about whether to acquire the product. CANSTAR acknowledges that past performance is not a reliable indicator of future performance. Please refer to CANSTAR’s FSG for more information at www.canstar.com.au
Credit Card Star Ratings
Spend to Waive Annual Fee
Rate (as at 08/01/13)
Free Days Annualised
Fee
Report Date: January 2013
Annual Fee ($)(as at 08/01/13)
Product Maximum
Credit Limit ($)
Minimum
Rewards Program Availabe
We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. This is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you
REVOLVER
Company
"outstanding value"ANZ 0 150.00 20000 1,000.00 No Max13.26%Business One - Low RateBankwest 45 39.00 N/A 5,000.00 5000013.25%Bus MasterCard Low RateNewcastle Permanent 44 55.00 N/A 500.00 No Max13.20%Business+ Credit Card
Commonwealth Bank 0 0.00 N/A 2,000.00 5000014.55%Business Credit Card Low RateHeritage Bank 40 35.00 N/A 1,000.00 5000012.95%Visa Business UnsecuredQueensland Country Credit Union 55 90.00 N/A 500.00 No Max13.20%Business Visa CardWestpac 45 75.00 15000 2,000.00 10000014.25%Business Choice Everyday Visa Card
ANZ 55 150.00 N/A 1,000.00 No Max18.19%Business One-Int Free DaysANZ 40 150.00 N/A 1,000.00 No Max19.70%Business One-Rewards OptionsBank of Melbourne 55 55.00 N/A 500.00 No Max13.88%BusinessVantage VisaBankSA 55 55.00 N/A 500.00 No Max17.15%Visa BusinessBankwest 55 69.00 N/A 5,000.00 5000017.99%Bus MasterCard LargeRwdsBendigo Bank 44 48.00 N/A 2,000.00 No Max16.64%Business Credit CardCommonwealth Bank 55 60.00 N/A 2,000.00 5000017.57%Business Credit Card Interest FreeHume Building Society 55 40.00 24000 5,000.00 No Max14.95%Business Credit Cards - Unsecurednab 35 108.00 N/A 5,000.00 No Max15.50%Business Charge Card Mastercard/Visanab 44 144.00 N/A 5,000.00 No Max18.50%Qantas Business CardSt.George Bank 55 55.00 N/A 1,000.00 No Max17.15%BusinessVantage Visa
Credit Card Star Ratings 2013 - page 1Report Date: 16/01/2013, (All information is correct as at January 8th, 2013)
your guide to product excellence
How we get paid: www.canstar.com.au/images/legals/fsg.pdf
Credit Card Star Ratings
Spend to Waive Annual Fee
Rate (as at 08/01/13)
Free Days Annualised
Fee
Report Date: January 2013
Annual Fee ($)(as at 08/01/13)
Product Maximum
Credit Limit ($)
Minimum
Rewards Program Availabe
We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. This is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you
REVOLVER
Company
Suncorp Bank 55 45.00 N/A 5,000.00 No Max18.45%Business Credit CardWestpac 45 150.00 N/A 2,000.00 5000018.99%Business Choice Rewards Visa Card
Commonwealth Bank 55 100.00 N/A 2,000.00 5000020.74%Business AwardsCommonwealth Bank 55 150.00 N/A 4,000.00 5000020.74%Business Gold AwardsWestpac 45 100.00 N/A 1,000.00 3000019.99%Altitude Business Credit CardsWestpac 45 150.00 N/A 5,000.00 5000019.99%Altitude Business Gold Mastercard/Visa
Commonwealth Bank 55 300.00 N/A 8,000.00 5000020.74%Business Platinum Awardsnab 55 149.00 N/A 5,000.00 No Max18.50%Velocity Business Amex
Not rated as additional customer margin applies to the published ratenab 0 60.00 N/A 5,000.00 No Max13.82%Bus Access (unsec) Mastercard/Visa
Credit Card Star Ratings 2013 - page 2Report Date: 16/01/2013, (All information is correct as at January 8th, 2013)
your guide to product excellence
How we get paid: www.canstar.com.au/images/legals/fsg.pdf
Credit Card Star Ratings
Spend to Waive Annual Fee
Rate (as at 08/01/13)
Free Days Annualised
Fee
Report Date: January 2013
Annual Fee ($)(as at 08/01/13)
Product Maximum
Credit Limit ($)
Minimum
Rewards Program Availabe
We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. This is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you
TRANSACTOR
Company
"outstanding value"Commonwealth Bank 55 300.00 N/A 8,000.00 5000020.74%Business Platinum AwardsSuncorp Bank 55 45.00 N/A 5,000.00 No Max18.45%Business Credit CardWestpac 45 150.00 N/A 2,000.00 5000018.99%Business Choice Rewards Visa Card
American Express 51 169.00 N/A 0.00 No MaxN/ABusiness Gold CardANZ 40 150.00 N/A 1,000.00 No Max19.70%Business One-Rewards OptionsCommonwealth Bank 55 100.00 N/A 2,000.00 5000020.74%Business AwardsCommonwealth Bank 55 150.00 N/A 4,000.00 5000020.74%Business Gold Awardsnab 44 144.00 N/A 5,000.00 No Max18.50%Qantas Business Card
American Express 51 109.00 N/A 0.00 No MaxN/ABusiness CardAmerican Express 51 1500.00 N/A 0.00 No MaxN/APlatinum Business CardAmerican Express 51 299.00 N/A 0.00 No MaxN/AQantas BusinessCardAmerican Express 51 249.00 N/A 0.00 No MaxN/AVelocity Business CardANZ 55 150.00 N/A 1,000.00 No Max18.19%Business One-Int Free DaysBank of Melbourne 55 55.00 N/A 500.00 No Max13.88%BusinessVantage VisaBankSA 55 55.00 N/A 500.00 No Max17.15%Visa BusinessBendigo Bank 44 48.00 N/A 2,000.00 No Max16.64%Business Credit CardCommonwealth Bank 55 60.00 N/A 2,000.00 5000017.57%Business Credit Card Interest FreeCommonwealth Bank 0 0.00 N/A 2,000.00 5000014.55%Business Credit Card Low Rate
Credit Card Star Ratings 2013 - page 3Report Date: 16/01/2013, (All information is correct as at January 8th, 2013)
your guide to product excellence
How we get paid: www.canstar.com.au/images/legals/fsg.pdf
Credit Card Star Ratings
Spend to Waive Annual Fee
Rate (as at 08/01/13)
Free Days Annualised
Fee
Report Date: January 2013
Annual Fee ($)(as at 08/01/13)
Product Maximum
Credit Limit ($)
Minimum
Rewards Program Availabe
We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. This is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you
TRANSACTOR
Company
Diners Club Int 51 95.00 N/A No MaxN/ABusiness CardNewcastle Permanent 44 55.00 N/A 500.00 No Max13.20%Business+ Credit CardQueensland Country Credit Union 55 90.00 N/A 500.00 No Max13.20%Business Visa CardSt.George Bank 55 55.00 N/A 1,000.00 No Max17.15%BusinessVantage VisaWestpac 45 100.00 N/A 1,000.00 3000019.99%Altitude Business Credit CardsWestpac 45 150.00 N/A 5,000.00 5000019.99%Altitude Business Gold Mastercard/VisaWestpac 45 75.00 15000 2,000.00 10000014.25%Business Choice Everyday Visa Card
ANZ 0 150.00 20000 1,000.00 No Max13.26%Business One - Low RateBankwest 55 69.00 N/A 5,000.00 5000017.99%Bus MasterCard LargeRwdsBankwest 45 39.00 N/A 5,000.00 5000013.25%Bus MasterCard Low RateHume Building Society 55 40.00 24000 5,000.00 No Max14.95%Business Credit Cards - Unsecurednab 35 108.00 N/A 5,000.00 No Max15.50%Business Charge Card Mastercard/Visa
Heritage Bank 40 35.00 N/A 1,000.00 5000012.95%Visa Business Unsecurednab 55 149.00 N/A 5,000.00 No Max18.50%Velocity Business Amex
Not rated as additional customer margin applies to the published ratenab 0 60.00 N/A 5,000.00 No Max13.82%Bus Access (unsec) Mastercard/Visa
Credit Card Star Ratings 2013 - page 4Report Date: 16/01/2013, (All information is correct as at January 8th, 2013)
your guide to product excellence
How we get paid: www.canstar.com.au/images/legals/fsg.pdf
What are the CANSTAR business credit cards star ratings? CANSTAR business credit card star ratings involve a sophisticated rating methodology, unique to CANSTAR that compares business credit cards in Australia. CANSTAR star ratings provide a transparent analysis of a shortlist of business credit card star rating, enabling consumers to narrow their search to products that have been independently assessed and ranked. The results are reflected in a consumer-friendly 5-star concept, with 5 stars signifying outstanding value offered by the product. Rising stars are those products that would be rated 5-star or higher but have not been in the market for over six months. Rising star products will be formally rated in the next period once more historical data is available. What is the CANSTAR business rewards award? In conjunction with the business credit card star ratings, CANSTAR Best Value Australia Business Rewards is awarded to the institution that provides the best combination of products across the business rewards profiles. The award aims to give recognition to the institution that offers quality products with great service to small businesses. What types of products are evaluated in CANSTAR business credit card star ratings?
Profile Name Description
Revolver For businesses that revolve a debt from month to month, excludes charges cards and requires 6 months of historical interest rates to be rated.
Transactor For businesses that pay off their credit card balance in full each month. Includes charge cards
METHODOLOGY METHODOLOGY
Frequent Flyer
60%
Cash Rewards
40%
Frequent Flyer Score $60k spend ‐ 40%
Frequent Flyer Score $120k spend ‐ 60%
Cash Rewards Score $120k spend ‐ 60%
Cash Rewards Score $60k spend ‐ 40%
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Page 2 of 5
Business credit card star ratings To arrive at the total score CANSTAR applies a weight (w) against the P and F. This weight will vary for each customer behaviour profile and will reflect the relative importance of either costs or features in determining the best business credit card. This method can be summarised as:
TOTAL SCORE ( T ) = PRICING ( P ) + FEATURES SCORE ( F )
Unsecured business credit and charge cards are eligible to be included in the business credit card star ratings. All eligible cards are assessed against two distinct business consumer behavior profiles (REVOLVER & TRANSACTOR). Revolvers carry an outstanding balance on their card while transactors pay off their outstanding balance each month. As charge cards do not encourage revolving, they were only eligible to be assessed against the transactor profile. The star ratings consider PRICING & FEATURES to be the two components in the card user’s value equation. The contribution of each of these components to the value proposition for the business revolver and the business transactor are explained in the table below. Business credit card star ratings components
PROFILE PRICING SCORE FEATURES SCORE
Business Revolver 80% 20%
Business Transactor 20% 80%
Pricing score The pricing score for the revolver profile is based on a 6-month average historical interest rate and the current cost of revolving $5,000. 90% of the revolve amount is based on the purchase rate, with the remaining 10% based on the cash advance rate. For the revolver profile the cost score and the 6 month historical score are weighted evenly. The pricing score for the Transactor profile is based on the annual cost of keeping the card active. Cards that do not charge an ongoing fee automatically receive the maximum pricing score while other cards are awarded a score based on their annualised fees.
Pricing Score 20 - 80%
Feature Score 20 - 80%
Indexed Score Product with the best pricing or features will receive a full score
Cost over 12 months Includes current interest and annual Fee
How we get paid: www.canstar.com.au/images/legals/fsg.pdf
Page 3 of 5
Features score More than 100 individual features of each card are scored for positive traits and awarded a FEATURES scores. The table below highlights the contribution of the various groups of information to award the business credit/charge card FEATURES score. Rewards The rewards feature score is calculated based on the level of return as well as specific features relating to the programs. The methodologies used are in the trees below.
Frequent flyer rewards methodology
Features Components Revolver Transactor Specific Business Card Conditions 20% 20%
Late Payment/Interest Charged 5% 5% Repayment Capabilities 5% 5%
Rewards 10% 20%
Free Days 0% 5%
Total 100% 100%
Annual Fee Cost of obtaining a rewards
program: card fee plus frequent flyer program fee 20% for 120k 50% for 60k
Pricing Score 90%
Rewards Features
Based on 8 feature categories
Feature Score 10%
Flight Scenarios Based on portion of six
representative flight routes redeemed through two annual
spending levels 80% for 120k 50% for 60k
Sydney ‐ London
Sydney ‐ LA
Sydney ‐ Hong Kong
Sydney ‐ Melbourne
Sydney ‐ Perth
Sydney ‐ Brisbane
Frequent Flyer Score
Feature Categories WeightEarning Policies 15%Frequent Flyer Conditions 15%Frequent Flyer Partners 10%Instant Rewards Information 15%Travel Rewards 15%Customer Service Information 10%Top-Up Policies 10%Account Status Information 5%Point Expiration Policies 5%
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Page 4 of 5
Cash/Shopping voucher rewards methodology Where companions American Express /Mastercard/Visa programs exist the weighted score is used based on 60% Visa/Mastercard and 40% American Express
How are the stars awarded? The total score received for each profile ranks the products. The stars are then awarded based on the distribution of the scores according to the following guidelines. As you can see, only the products that obtain a score in the top 10% of the of the score distribution receive a 5 star rating.
The results are reflected in a consumer-friendly 5-star concept, with 5 stars denoting an outstanding product. Does CANSTAR rate all products available in the market? We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. However this process is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you.
Feature Category Weight (%) Earning Policies 30
Points Capping Information 20 Instant Rewards Information 20
Bonus Points Partners 15 Account Status Information 10
Points Expiration 5 Total 100
Pricing Score 80%
Feature Score 20%
Net Reward Return 100% Net return (dollar value of cash
back/Shopping Vouchers – card cost) based on specific spend levels
Cash Rewards Score
How we get paid: www.canstar.com.au/images/legals/fsg.pdf
Page 5 of 5
How often are products reviewed for star ratings purposes? All ratings are fully recalulated every six] months, based on the latest submissions from each institution. CANSTAR also monitors changes on an ongoing basis. Does CANSTAR rate other product areas?
CANSTAR researches, compares and rates the suite of banking and insurance products listed below. These star ratings use similar methodologies to guarantee quality, consistency and transparency. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at www.canstar.com.au if you would like to view the latest star ratings reports of interest.
DISCLAIMER: To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR Pty Ltd ABN 21 053 646 165 AFSL 312804 and does not take into account your individual investment objectives, financial circumstances or needs. Information provided does not constitute financial, taxation or other professional advice and should not be relied upon as such. CANSTAR recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser. A Product Disclosure Statement relating to the product should also be obtained and considered before making any decision about whether to acquire the product. CANSTAR acknowledges that past performance is not a reliable indicator of future performance. Please refer to CANSTAR’s FSG for more information at www.canstar.com.au. All information contained herein shall not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR’s prior consent. All information obtained by CANSTAR from external sources is believed to be accurate and reliable. Under no circumstances shall CANSTAR have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of CANSTAR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2012 CANSTAR Pty Ltd ABN 21 053 646.
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