13.36 million credit cards in circulation in Australia: study

Credit cards contributed about AU$18.6b in national debt due to accrued interest.

As of April, about 52.84 million credit and debit cards have been issued to Australian individuals, according to financial comparison site Finder.

Of the total, 13.36 million credit cards are in circulation in Australia. This contributed to a national debt of AU$18.6b in accrued interest.

Credit card usage is a prevalent aspect of many Australians' daily financial routines, while some individuals have experienced significant debt burdens due to past mistakes, Finder said.

The average credit card balance of an Australian was AU$2,998, whilst the average balance costing interest stood at AU$1,395.

ALSO READ: Vietnam is Australian FIs' top pick to build digital hubs

The results also showed that the average number of items purchased monthly using a credit card was 23, whilst the average credit card purchase was AU$112.

On the other hand, the total number of debit cards in circulation are 39.48 million with an average monthly purchase of 22 items. Purchases through debit averaged AU$49.56.

Also Read

Hong Leong Bank's profit outlook positive amidst SME lending boost

China Bohai Bank sells $4.1b in assets to reduce risk

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit