The profile of ANZ Bank's credit card business in Australia has undergone a significant shift over the last nine months, with spending down heavily as ANZ's converted "transactors" to the ANZ Diners Club co-brand, or customers have changed their payment preferences in response to ANZ's decision to cap points earned on its credit card reward schemes from November 2003.The presentation pack for twin investor and media briefings on the bank's personal financial services business by ANZ today shows that:• ANZ's share of credit card spending declined to about 19.5 per cent at June 2004 from about 23 per cent at June 2003, following the points cap and introduction of the ANZ Diners co-brand. ANZ described this as "a conscious market share trade off, with a lower spend but a significantly more attractive profile."• The revolve rate on ANZ's credit card portfolio improved from late 2003 to June 2004.• ANZ said the attrition from its ANZ frequent flyer card was "well below budget", and that the annualised attrition rate of their highest t value customer segment decreased by 15 per cent. This sound like it may mean that Diners Club did not pick up as many card holders through the ANZ Diners co-brand as ANZ and Diners expected.In a profile of the cumulative profit from ANZ's cards business, the bank said that:• 30 per cent of spending was by 65 per cent of account holders on which customers spend up to $1,500 per year. • And 52 per cent of spending came 32 per cent of accounts, with spending of up to $5,000 per years.• And 18 per cent of spending from three per cent of accounts with spending in excess of $5,000 per year.• The cost to income ratio in ANZ's merchant acquiring business fel to 49 per cent in 2004 from 96 per cent in 1999. ANZ now has only one terminal type *(down from 16 types), and the bank says that growth in new merchants in the last year exceeded 20 per cent.• Credit card fraud losses fell to 3.5 basis point sin 20-04 from 4.2 basis points in 2003 and from 4.8 basis points in 2003.