How to reduce the frustration of a misplaced credit card
We look into the nation’s credit card mishaps, and show how you can reduce the frustration with our new temporary lock feature.
Ever misplaced your credit card? You’re not alone. In fact, the majority (55%) of Australian credit card holders have cancelled their card at some point in the past 12 months. Delving into the issue, we caught up with 1,000 Australians who shared their experiences with misplaced credit cards and the most common places they were hiding in.
Some of the key insights include:
- Of the nearly 11.5 million credit cards that are reported lost or stolen each year in Australia, 61% (seven million) of these are recoverable or turn up down the track, according to our research.
- The majority (89%) of Australians say they feel nervous when their credit card is out of their care.
- Australians are spending 4.6 million hours a year updating the details of cancelled credit cards that later turn up, such as direct debits and other regular payments.
- The most common places Australians are losing their cards are at home or work (61%), followed by shops or malls (49%) then bars or restaurants (37%).
- Men are more likely to lose cards on a night out (31%, compared with women 22%), while women are more likely to lose cards in a shop or department store (52% compared with men 45%).
What’s more, to give you extra peace of mind if your card is permanently lost or stolen, it can now also be cancelled and reordered online via the CommBank app and NetBank.
The study was conducted by Lonergan Research among 1,244 Australians aged 18 years and older. Fieldwork commenced on Wednesday 17 September and was completed on Saturday 20 September 2014. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics.
This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.
Excludes transactions flagged as recurring (e.g. direct debits) and transactions not sent to us for authorisation. Other Terms & Conditions apply.