Australian credit card and debit card statistics
Discover exactly how the average Australian uses their credit card with our comprehensive guide to credit card statistics.
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There are 13,169,787 credit cards in Australia as of November 2021, netting a national debt accruing interest of $18.5 billion. For many Australians, managing credit and debt through credit cards is a common element of their day-to-day money habits, while for others a few bad mistakes have resulted in a downward debt spiral. But what does the state of Australia's credit card use actually look like?
How many people have a credit card, and how much do they spend?
Number of credit cards in circulation: 13,169,787
Average balance per credit card: $2,877
Average balance costing interest per credit card: $1,360
Average number of purchases per credit card per month: 20
Average credit card purchase: $109
Could these Australians manage their finances without a credit card?
- Yes: 72%
- No: 28%
How many people have a debit card, and how much do they spend?
Number of debit cards in circulation: 36,251,887
Average number of purchases per debit card per month: 23
Average debit card purchase: $51
How many people have been rejected?
While 13.7 million Australians currently have a credit card, some have run into difficulties accessing this form of credit. Of those who have been denied, unsteady income (36%) is the top culprit, followed by having too much debt (22%) and having a bad credit score (21%).
Have you ever been rejected for the following?
- Credit card – 8%
- Personal loan – 6%
- Home loan – 4%
- Car loan – 3%
- Business loan – 3%
- None of the above – 83%
The future of credit cards
Finder's newest report, The future of credit cards, delves into the state of Australia's credit card market. We examine what the average credit card user looks like, how Australia's debt profile is changing, and the influence of digital wallets and buy now pay later services on the credit card industry. We also hear from Finder's credit card specialists on how they expect the credit card landscape to evolve in Australia over the coming years. The report uses a wealth of data from Finder's Consumer Sentiment Tracker, an ongoing nationally representative survey of more than 22,000 respondents.
You can download the full report here.
Australian credit and debit card statistics
Why do Australians take out a credit card?
Emergencies, rewards and big-ticket items among top reasons for taking out a credit card. What are the top reasons you got your most recent credit card?
- For emergencies – 41%
- Rewards/frequent flyer points – 38%
- Make a big purchase – 21%
- Establish my credit – 18%
- Pay off debt/do a balance transfer – 11%
- Manage a drop in income – 8%
Interest rates
According to the Reserve Bank of Australia, the average standard credit card rate is 19.94%.
| Year | Standard credit card rate | Cash rate |
|---|---|---|
| Aug-00 | 16.64% | 6.25% |
| Aug-01 | 16.01% | 5.00% |
| Aug-02 | 16.01% | 4.75% |
| Aug-03 | 16.01% | 4.75% |
| Aug-04 | 16.51% | 5.25% |
| Aug-05 | 16.80% | 5.50% |
| Aug-06 | 17.32% | 6.00% |
| Aug-07 | 18.12% | 6.50% |
| Aug-08 | 19.92% | 7.25% |
| Aug-09 | 17.97% | 3.00% |
| Aug-10 | 19.52% | 4.50% |
| Aug-11 | 19.69% | 4.75% |
| Aug-12 | 19.59% | 3.50% |
| Aug-13 | 19.55% | 2.50% |
| Aug-14 | 19.77% | 2.50% |
| Aug-15 | 19.77% | 2.00% |
| Aug-16 | 19.77% | 1.50% |
| Aug-17 | 19.77% | 1.50% |
| Aug-18 | 19.77% | 1.50% |
| Aug-19 | 19.94% | 1.00% |
| Aug-20 | 19.94% | 0.25% |
Comparing how we use credit cards and debit cards
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According to Finder's latest Consumer Sentiment Tracker data, 68% of Australians say they have a credit card, with younger generations slightly more likely to have additional cards.
How much do Australians put on plastic?
- Average credit card purchase – $109
- Average debit card purchase – $51
- Average credit card balance – $2,877
- Average balance accruing interest – $1,360
And how long does it take to pay off this debt?
- 6.5 months on average
By gender
- Female – 6.9 months
- Male – 6.2 months
By generation
- Baby boomers – 5.6 months
- Gen X – 7.8 months
- Gen Y – 6.7 months
- Gen Z – 4.9 months
Where do they turn if they can't pay it off?
Worryingly, only half of Aussies who find themselves buried under out-of-control credit card debt would be able to dig themselves out.
If you were unable to meet a repayment on your credit card where would you turn first?
- Emergency savings – 52%
- Ask family/friends for help – 18%
- I would call my bank/provider/issuer for help – 18%
- I would miss the payment – 5%
- Other – 4%
- Take out a small personal loan to cover it – 3%
Unfortunately, some have missed the due date and faced a late fee…
Have you ever paid a late fee on your credit card?
- Yes – 64%
- No – 25%
- I don't know – 11%
So how can Australians stay on top of their credit card debt?
What do the experts say?
Amy Bradney-George, credit card expert at Finder
- "You can use a credit card repayment calculator to work out a payment plan that's affordable for you. Some credit card providers (including CommBank, Westpac and American Express) also offer instalment plans that let you pay off some or all of your balance in equal instalments over a fixed period of time, which can make it easier to budget for them."
Taylor Blackburn, personal finance specialist at Finder
- "The best way to stay on top of your credit card debt is to only spend within your means. Credit cards aren't just free money, so be careful with your spending habits and avoid purchasing things you don't really need. If you do find yourself in debt, you can buy yourself some extra time by taking out a 0% balance transfer credit card and consolidating your debt. The less you pay on interest, the more you can put towards actually paying off your debt."
Graham Cooke, head of consumer research at Finder
- "There are two very different types of credit cards on the market in Australia - cards with low interest rates, and cards with rewards. Both are fantastic but both are aimed at very different customers. Start with a basic card, with a low rate. Only if you can successfully spend on this card and pay it off in full every month should you consider upgrading to a rewards card. If you do, however, the rewards can be great."
How has the way Australians use credit cards changed over the years?
The table below depicts the average number of accounts per year, the total number of purchases and total purchases spend nationally, the average balance per card, and the proportion of that balance accruing interest.
| Year | Average number of accounts | Total purchases | Total purchase spend | Average balance per card | Average balance costing interest per card |
|---|---|---|---|---|---|
| 1995 | 6,746,697 | 223,357,571 | $20,616,515,465 | $874 | |
| 1996 | 7,171,681 | 253,718,069 | $23,907,308,502 | $972 | |
| 1997 | 7,661,050 | 304,075,765 | $29,463,987,268 | $1,035 | |
| 1998 | 8,107,751 | 397,297,632 | $39,295,980,293 | $1,147 | |
| 1999 | 8,561,463 | 522,851,897 | $52,896,028,294 | $1,306 | |
| 2000 | 9,186,426 | 651,150,384 | $68,475,839,056 | $1,504 | |
| 2001 | 9,599,600 | 757,579,902 | $83,031,962,086 | $1,725 | |
| 2002 | 10,282,275 | 945,557,906 | $116,429,211,737 | $2,103 | |
| 2003 | 10,575,967 | 1,028,610,300 | $130,109,087,830 | $2,312 | $1,651 |
| 2004 | 11,252,849 | 1,122,679,477 | $146,015,002,090 | $2,460 | $1,740 |
| 2005 | 12,024,453 | 1,192,632,876 | $158,387,739,340 | $2,616 | $1,864 |
| 2006 | 12,936,118 | 1,276,498,382 | $174,214,974,690 | $2,808 | $2,025 |
| 2007 | 13,587,881 | 1,348,183,918 | $191,601,517,930 | $2,988 | $2,153 |
| 2008 | 14,009,657 | 1,413,589,737 | $206,448,982,910 | $3,117 | $2,246 |
| 2009 | 14,325,362 | 1,479,960,131 | $214,165,337,290 | $3,137 | $2,275 |
| 2010 | 14,642,249 | 1,571,220,421 | $228,026,947,010 | $3,255 | $2,378 |
| 2011 | 14,892,280 | 1,667,138,217 | $240,104,726,420 | $3,301 | $2,430 |
| 2012 | 15,076,723 | 1,769,410,137 | $250,080,616,860 | $3,301 | $2,404 |
| 2013 | 15,381,723 | 1,913,767,679 | $262,324,051,970 | $3,221 | $2,243 |
| 2014 | 15,580,233 | 2,069,004,763 | $277,547,410,720 | $3,216 | $2,141 |
| 2015 | 16,130,654 | 2,259,857,438 | $291,845,854,260 | $3,162 | $2,012 |
| 2016 | 16,616,899 | 2,483,758,652 | $302,426,918,540 | $3,115 | $1,953 |
| 2017 | 16,719,055 | 2,696,835,811 | $316,352,538,960 | $3,108 | $1,920 |
| 2018 | 16,160,246 | 2,853,238,069 | $326,603,490,310 | $3,219 | $1,999 |
| 2019 | 15,433,823 | 2,984,889,945 | $333,753,490,070 | $3,265 | $1,968 |
| 2020 | 14,085,340 | 2,857,892,409 | $296,704,820,330 | $2,935 | $1,701 |
- RBA
- Finder surveys
Are you a journalist or researcher? If you need any further data or custom research, please contact Graham Cooke.
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Ask an Expert
Hi,
I was wondering if you could please tell me 3 pros and 3 cons of owning a credit card.
Hi Elli,
Thank you for getting in touch with Finder.
These are some of the pros of credit cards:
1. Flexibility. Credit cards allow the customer to avoid having to carry large amounts of cash around. They are perfect for those occasions when an unexpected purchase becomes necessary, and sufficient cash is not available. They also allow for quick and simple phone and internet transactions.
2. Safety. When cash is lost or stolen, there may be no way of recovering it. If your credit card is lost or stolen, the card will be replaced, and your maximum liability for fraudulent use is limited by law to $50. However, Visa, Mastercard, and American Express all operate zero-liability policies so that the customer is not liable for even a single cent.
3. Spending power. Credit limits on credit cards often mean that customers can purchase large goods straight away that they would normally have to save up for over many months.
These are some of the cons of credit cards:
1. Overspending. When talking about the pros and cons of credit cards, this is the classic downside. Some individuals can get easily carried away with their credit cards, creating a debt that is beyond their means to pay off. Credit cards should not be seen as having access to “free money”. In fact, once the interest starts kicking in, you will end up paying more than the purchase price of your goods.
2. Multitasking. A credit card should be used for just one task. If it has a good rate for purchases, then it should be reserved for that. If a balance transfer is made to a credit card, then it should be used for nothing else. Problems arise when customers think it’s okay to carry out both these transactions on their credit cards simultaneously. This creates a conflict of interest – literally. The lower interest debt is always paid off first, which means the higher interest purchases will keep accruing interest untouched by your repayments.
3. False sense of security. Covering everyday purchases on a credit card can lead customers to believe they have more cash available than they really do. Having cash in your pocket must be logically balanced by the level of your credit card debt. If your credit card debt is building, your ready cash should be set aside to cover it at the end of the month.
These are the main pros and cons to be aware of with credit card ownership. Remember that owning a credit card means you are involved in a legally-binding contract, so you need to make sure you are playing a straight game.
You may also want to read the benefits and disadvantages of having a credit card.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
Hi – I’d like to know what amount the average Australian is paying off on their credit card each month. The monetary amount not the percentage. Is this something you have? Thank you
Hi Catherine,
Thank you for getting in touch with Finder.
The level of credit card debt can go up or down depending on what the trend is on a monthly basis. As per this page, the average credit card purchase as of February this year is $118.97.
The information we have on this page is from the RBA. You may also want to read more about credit card debt.
I hope this helps.
Have a great day!
Cheers,
Jeni
Can you advise what % of total Australian credit cards and the related purchase value is transacted with a MasterCard please and what % is spent on holidays and travel?
Hi Graham,
Thanks for your question.
Unfortunately, we don’t have the information you are looking for. What we do have is the overall number of purchases using all types of Australian credit cards and debit cards as shown above this page.
Kind regards,
Rench
Hi,
Great website!
How many credit card transactions are done per year with no credit card present, ie. over the Internet, phone etc, people just entering in the numbers digitally?
Thanks!
Roland
Hi Roland,
Thanks for your question.
Unfortunately, we don’t have the information you are looking for. What we do have is the overall (with and without card) average usage of each cardholder which is 13 per month and 159 per year.
Cheers,
Anndy
The staff reply to Roland about the number of transactions per cardholder gives a figure of an average of 159 credit card transactions per year. That appears to correspond to the year 2016. And I think it only covers purchase transactions, excluding payment transactions. Where by payment transaction I mean the cardholder paying off some or all money owed on the card.
What I notice is that back in 1995, twenty years ago, cardholders only appear to have been using credit cards about an average of 30 times per year, and by 2016 that figure of 30 has grown to 159.
159 – 30 = 129. 129 is about 2½ purchases per week that are now charged through credit cards, but were not charged through credit cards twenty years ago.
Over the same twenty year period, the number of cards on issue has grown from about 50% of the Australian adult population to about 100% of the Australian adult population (but with some having more than one card and others no credit card). Meanwhile bank profitabilities have generally quadrupled.
Thanks. I think this corroborates the conception that wealth was being concentrated in fewer hands over the course of the twenty years.
Hi there,
I was wondering- do you have an stats for how many Australians are now choosing to pay by card? (debit, eftpos, credit, etc)
Hi Sam,
Thank you for your question.
I’m afraid we do not have that information available. You may try checking with Australian Securities and Investment Commission (ASIC) and the Reserve Bank of Australia (RBA).
Cheers,
May