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The big four banks control nearly 80% of the credit card market. They make it difficult to find out exactly how much a card will cost, to switch and cancel cards. They use confusion to sell virtually worthless rewards points, excessively high interest rates and high fees.
They've used tricks and traps to charge consumers more. Since 2011, their costs have plummeted as the official cash rate has dropped but they've kept interest rates high which has meant consumers have paid an additional $2 billion interest. The big card providers just aren't competing to give you a better deal.