Woolworths' Everyday Money credit card drives HSBC market share

HSBC credit cards appear to be increasingly popular among Aussies.

In annual performance figures released by HSBC Australia, the financial services provider announced that it was able to increase its share of the Aussie credit card market over the course of 2008.

This growth, the firm reports, was mainly due to the issuing of the white-label Everyday Money credit card from Woolworths' in September 2008.

Meanwhile, the bank saw its high net worth customer base surge by some 76 per cent last year.

Stuart Davis, local chief executive, states that although it will come under pressure as credit quality depreciates, the bank remains committed to expand its presence in Australia over the next 12 months.

The news comes as full-year pre-tax profits for HSBC Australia increased by 42 per cent to stand at US $176 million ($273.4 million).

With branches in Melbourne, Syndey, Brisbane and other parts of Australia those on the search for a credit card may be interested to know HSBC offers a number of products including a Visa Low Rate card which comes with an interest-free period of up to 55 days.

Find out more on Everyday Money credit card from Woolworths'.
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