Analysis of credit card spending in Australia using data aggregated by the Reserve Bank of Australia (RBA), reveals a significant shift in credit card usage among Australian consumers.
According to Gareth Boyd, Head of Growth at CreditCardCompare.com.au, who analysed the recent RBA data, “the average consumer now uses their credit card 23.2 times monthly, more than doubling the frequency observed a decade ago.”
While transaction frequency has increased, the average transaction value has decreased from $140 in 2013 to approximately $114 today.
This shift towards smaller, more frequent purchases can be attributed to the widespread adoption of contactless payment technology.
Interestingly, despite increased usage, total credit card debt has declined from its 2018 peak of $52 billion to $40.4 billion in 2024, suggesting a more strategic approach to credit card more generally among Australians.
“We’re seeing consumers increasingly seek out cards with robust reward programs,” says Boyd. “The rise in transaction frequency, coupled with lower average transaction values, indicates that Australians are maximizing their earning potential on everyday purchases. This behavior demonstrates a growing financial savviness among credit card users.”
It’s worth noting that alternative payment methods, such as Buy Now, Pay Later (BNPL) services, continue to remain a popular option, particularly among younger consumers. While these services may not be reflected in credit card statistics, they are influencing overall credit usage patterns.
For those interested in examining the data firsthand, the raw statistics are available for download as an Excel file on RBA.gov.au.
