There are 12,167,100 credit cards in Australia as of June 2026, netting a national debt accruing interest of $21.7 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?
The number of credit cards in Australia steadily declined from 2018 onward, continuing through 2019, 2020, and 2021 before reaching a low in April 2022. A gradual recovery followed, with numbers rising through 2023. However, mid-2024 saw a sharp decline, bringing the total down to a new low of 12,167,100 by June 2026.
According to the Finder CST survey on July 2026, it was revealed that 28% of Australians rely on credit cards to effectively manage their finances. Interestingly, this dependence slightly skewed towards women, with 34% of women leaning on credit cards, compared to 25% of their male counterparts.
While 12.2 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 (34%) is the top culprit, followed by having a bad credit score (27%) and having too much debt (23%).
Emergencies, rewards and big-ticket items among top reasons for taking out a credit card.
Worryingly, only half of Aussies who find themselves buried under out-of-control credit card debt would be able to dig themselves out.
In the December 2023 Finder CST survey, it was revealed that 13% of Aussies had fallen behind on repayments by 30 days or more. Notably, 2% of cardholders faced a more concerning delay of over 60 days.
According to the Reserve Bank of Australia (RBA), the average standard credit card rate is 20.99%. Between 1995 and 2010, the average credit card rate moved up and down with the cash rate. Since 2010, the average credit card interest rate remained steady while the cash rate fell dramatically. Even following a series of 13 dramatic cash rate increases over the last 2 years, the credit card interest rate has remained relatively stable.
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
"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 2 very different types of credit cards on the market in Australia – cards with low interest rates and credit 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."
The table below depicts the average number of accounts per year, the total number of purchases and total purchase spend nationally, the average balance per card and the proportion of that balance accruing interest.
Finder's 2024 Credit Card Report delves into the state of Australia's credit card market. Finder's experts share their thoughts on how credit cards are changing and examine the resurgence of credit cards after 2022. Australians have opened 356,000 new credit card accounts since April 2022. The total value of credit card transactions has also never been higher.
But Australians are also getting better at managing their cards, paying off a record 88% of our balances. Finder's experts share their thoughts on how credit cards are changing and the future of the industry.
Due to differences in population, it's no surprise that there are 551 million more credit card accounts in the US than circulating credit cards in Australia. The average American credit card debt is also 26.6% larger, with $3,911 spent on the average card each month. To see more statistics on American credit cards, head to this page.
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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
Hi, I was wondering how many new credit cards are approved each month? Or perhaps the average churn rate pa on Credit Cards.
Hi Luke,
Thanks for your inquiry.
I’m afraid we do not have that information available, but you may try checking with Australian Securities and Investment Commission (ASIC) and Reserve Bank of Australia (RBA).
Hope that helps.
Cheers,
May
How many consumer credit card applications are made a year?
Hi Hamish, thanks for your inquiry!
Please note that finder.com.au is a comparison service, it may be best to check with official statistical agencies such as the Australian Bureau of Statistics for this inquiry.
Cheers,
Jonathan
How much does the average australian spend, a month, on debit card transactions.
I have found the statistics for credit card but not for debit card transactions.
Thank you
Hi Greg, thanks for your inquiry!
Unfortunately the household debt report by the Australian Bureau of Statistics (ABS) does not include the average amount for debit card transactions. It would be best to contact the ABS directly for more information/statistics on this measure.
Cheers,
Jonathan