Bankcard - Cultural Impact

Cultural Impact

Bankcard was the first widely available credit card issued by Australian banks for general consumption. Banks actively sought to educate consumers on how to use credit cards and it "revolutionised" the way Australian consumers paid for goods and services. According to Gregory Melleuish, the introduction of Bankcard helped accelerate the process of establishing consumerism in Australia. On the withdrawal of Bankcard in 2006, retailer Gerry Harvey stated that the credit card had "inspired, or enabled, more people to buy on credit and all retailers' sales improved." Supriya Singh, a professor at RMIT, argued that the introduction of Bankcard marked the beginning of Australia's transformation to "virtual money". The availability of credit cards in Australia after 1974, together with wider financial deregulation, resulted in significant increases in household indebtedness.