Drop In Credit Card And Debit Card Usage Statistics
Posted May 27th, 2011
The latest Reserve Bank figures show that the total number of charge card and credit card transactions in August fell by one per cent. This includes advances.
During the month Australians spent some $18.9 billion on their charge and credit cards, $19.2 billion less than in July this year.
- Credit card repayments fell by close to five per cent to $18.9 billion.
- Outstanding balances on charge cards and credit cards rose to $44.9 billion – a one per cent increase.
- Interest accruing balances fell to $32.5 billion in August, from almost $32.8 billion the previous month.
- We also spent less during August with credit and charge card purchases down one per cent to $17.9 billion. But we also became smarter and do less cash advance transactions if we are to believe the latest figures with a three per cent lower value to $918 million.
- Some 3000 more credit and charge accounts were noted in August, while there were 3.9 million less purchases with credit cards. In the year to August the total for charge cards and credit card balances has risen by over two per cent.
- Repayments on credit cards rose by more than four per cent over the year.
Source: The Australian
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Comparison of our Top Credit Card Offers
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Bankwest Breeze MasterCard | A low interest rate on everyday purchases with a low balance transfer offer | 0% for 6 months (reverts to 10.99% ) | 4.99% for 9 months | $49 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 0% for 12 months with 3% handling fee | $99 | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 6 months | $55 | 21.49% | |
Virgin Flyer Credit Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 1.9% for 12 months | $50 (for first year thereafter $99) | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
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