Nearly 20% of charge and credit card spend 'is on Amex and Diners'

A report has revealed that Amex and Diners are taking away custom from Visa and MasterCard.

Amex and Diners nearly take up 20 per cent of the charge and credit cards spend, according to one organisation.

The MWE Consulting payment card report revealed that the two companies have been leading the Aussie credit custom away from Visa and MasterCard, Banking Day reports.

Mike Ebstein, principal of MWE Consulting, said the companion products have clearly made an impact in the Australian credit card market.

A recovery in credit and charge card spend that was reported earlier this year was brief as the total expenditure increased by 15 per cent to $20.9 billion in March but fell back to $17.9 billion in April.

With Platinum Amex cards Commonwealth Bank and Westpac customers can receive three points per dollar spent.

This news comes after David Potts, writing for the Sydney Morning Herald, noted that people should keep their credit card statements to increase the reductions on their tax return.

By Joe Letts