The Future of Credit Cards report for 2022

Finder’s Future of Credit Cards report delves into the trends shaping credit cards and digital payments, including the decline of cash and rise of buy now pay later.

Sophie Wallis's headshot

By

Sophie Wallis

Updated

Fact checked

Key takeaways

  • Australia's credit landscape sees declining cash use and a rise in digital wallets and buy now pay later.
  • Many Australians rely on credit cards; 1 in 4 cannot manage finances without one.
  • Rewards points drive decisions; 37% chose their card for these benefits.

The Future of Credit Cards report

Picture not describedAustralia's credit landscape is changing and becoming more competitive than ever. The pandemic has accelerated many of the trends already underway in the industry, including declining credit card balances, more people using digital wallets and the shift to online shopping.

The Future of Credit Cards report explores the impact of COVID-19 on the credit card environment, how consumer demands are evolving and the trends shaping the future of lending. We look at generational differences in the demand for credit, and in particular the rise of buy now pay later among younger consumers. Finally, Finder's experts share their thoughts on how credit cards are changing and the future of the industry.

Download The Future of Credit Cards report.

Key statistics

  • 62% of Australians have a credit card
  • The average credit card holder needs 6.5 months to pay off their debt
  • 1 in 4 credit card holders couldn't manage their finances without a credit card
  • 1 in 10 Australians have been rejected for a credit card
  • 36% of credit card holders have switched cards in the past 5 years
  • 37% of credit card holders chose their card for the rewards points
  • 1 in 4 Australians plan to take out a credit card in the next 12 months
  • 1 in 3 Australians use a digital wallet
  • 5% of Australians have used buy now pay later in the past 6 months

Access the full report here.

Sophie Wallis's headshot
Written by

Analyst

Sophie Wallis is a senior insights analyst with a passion for data storytelling. She spends her time turning complex data into digestible stories and uncovering new consumer trends. When she isn't working, you'll find her planning her next overseas holiday or bingeing on a big novel. Sophie has a Bachelor of Economics from the University of Melbourne. See full bio

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