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There are almost 16 million credit cards in Australia. If used wisely, they can shower you with rewards, make payments quick and easy and be a useful emergency source of funds. As with almost any financial product, though, there are pros and cons.
Credit cards have been a popular source of funding in Australia for several decades. According to Reserve Bank of Australia (RBA) statistics, there is almost one credit card for every adult Australian.¹
credit card accounts
According to the RBA statistics,² Australians have made some positive changes to credit card behaviour over the past 12 months, with both the total balance owing and the amount we are paying interest on dropping over that time.
Additionally, the number of credit card accounts in Australia has dropped by more than 1.5 million in the 12 months to March 2019.
Separate RBA² data gives us an idea of the interest rates being charged on credit cards.
average credit card standard interest rate
average credit card low interest rate
If your credit card has a persistent balance that carries over each month, some smart spending decisions might be in order.
There is some information on what to think about when choosing a credit card. And perhaps try the QSuper Budget Planner, to identify any areas of saving. To get started, we suggest some ways to save.
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1. Reserve Bank of Australia statistical tables: Credit and Charge Card Statistics – C02. Data at November 2018
2. Reserve Bank of Australia statistical tables: Indicator Lending Rates – F5. Data at November 2018
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