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2007
Credit cards transactions declines as EFTPOS usage rises: RBA
Monday October 19, 2009
Latest figures have shown that Australians are continuing to be fairly responsible spenders with credit cards debt being reduced while the volume of EFTPOS transactions rose. The latest data for August 2009 from the Reserve Bank of Australia showed that the value of the transactions made with credit cards and charge cards, which include cash advances, fell by 1.53 per cent to a total of $18.865 billion spent. This is down from July's figure of $19.159 billion and well down on August 2008's figures with the number of cash advances being down 9.2 per cent while credit card repayments are now 5 per cent higher than August 2008.
The number of cash advances on credit cards and charge cards declined by 3.16 per cent for the month of August, while recording a decline in the value of the transactions of 2.65 per cent, with the total amount being $918 million.
The Reserve Bank of Australia noted the trend that Australians are now appearing to focus on paying off their credit cards and using their debit cards and EFTOS for more of their transactions.
EFTPOS transactions for the same time period, August 2009, rose 2.15 per cent to a total of $11.882 billion from $11.632 billion in July 2009. The August figure is a full 7 per cent increase from August 2008, indicating the rising popularity of EFTPOS as a choice for transactions.
However, it is the debit card that is priding substantial results with a massive increase in usage levels for August, 13.8 per cent rise in the number of purchases made with debit cards.
The figures when it comes to credit cards and their usage for August 2009 all show signs of improvement with some of the most significant including:
- Average credit card balance was $3,131 - 0.1 per cent higher than August 2008
- 3.916 million fewer purchases using credit cards
- Increase of 3,000 in new credit cards and charge accounts in August
- Value attached to the credit card transactions fell by 1.48 per cent, recorded at $17.947 billion
- Balances outstanding on credit cards and charge card balances climbed to $44.937 billion, an increase of 0.8 per cent, and an increase of 2.06 per cent over twelve months from August 2008
When it comes to credit cards repayments there were mixed results, with a decline in the number of repayments made in August but there being an overall increase in the total credit cards repayments for the twelve months to August of 4.26 per cent.
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