CreditCards.com.au - Australian Credit Cards Online

The latest credit card statistics released by the Reserve Bank of Australia(RBA)show:

• Average credit card balances fell marginally from $3,141 to $3,136.
• Average monthly purchases rebounded from the August drop by increasing to $1,271 in September up from $1,183.
• Average monthly repayments also increased by 7.9% to $1,380.
• The difference between average purchases and average repayments for the month increased by 12.9% from August to September which is unusual as the differential usually falls away. This could be an indication that efforts are being made to reduce outstanding balances.
• Cash advances also returned to normal levels by increasing, after the previous month's unusual drop, by 7.6% to $76.71.

The reduction in volatility of the average credit card balance indicates the annual lull before the traditional Christmas season increases is continuing with the only variation being the increase in repayments.

The total number of credit card accounts increased by 43,820 or 0.31% to 14,237,710.

The average credit limit also increased from $8,545 to $8,560.

CreditCards.com.au Statistics

Consumer Credit Cards	Worst	Average*	Best
Interest rate on purchases:	29.49%	17.19%	9.24%
Interest rate of cash advances:	17.19%	18.41%	9.24%
Annual fee:	$450.00	$77.56	$0
Balance transfer interest rate:			2.9%
Balance transfer period:			12 months

Business Credit Cards	Worst	Average**	Best
Interest rate on purchases:	20.74%	17.33%	13.99%
Interest rate of cash advances:	20.74%	17.92%	13.99%
Annual fee:	$160	$88.83	$0
Balance transfer interest rate:			2.9%
Balance transfer period:			12 months

Find out more: compare credit cards.

*Taken from a sample of 121 consumer credit cards.
**Taken from a sample of 18 business credit cards.

 

 

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