Card issuers try to find their niche

As competition in the credit card market intensifies, some banks are teaming up with smaller lenders and retailers to capitalise on well-known brands. HSBC issues branded cards with retailers such as Bing Lee and Bang and Olufsen, while GE Money provides cards through Myer and Harvey Norman. Westpac backed Virgin Money's low-rate card which, since it was introduced in 2003, has attracted around 800,000 customers for a 6 per cent market share. Virgin will have to find a new partner for its credit card after Westpac said that it would terminate the agreement from May this year. There are currently around 250 different cards on offer in Australia.

By The Australian Financial Review