Aussies getting on top of their credit card balances

By Rebeccah Elley ·
Fact Checked
Advertiser disclosure

While Money Smart statistics show that Australians owe a combined total of $33 billion on credit cards, the latest findings from the Reserve Bank of Australia indicate that credit card balances are down.

  • See how much you could save by switching credit card providers here.
  • Use Mozo’s debt payments tool to calculate when you’ll be debt free.

Over April credit and charge card spending dropped significantly by $2.8 billion to $23.6 billion, compared with the previous month. This brings the average account balance down to $3,192 from $3,214 in March. Additionally, account balances accruing interest have fallen 4.6% from $2,190 in April last year to $2,090.  

While Australians are being financially savvy when it comes to their credit cards and getting on top of their balances, they are also swiping more with the stats showing spending in April was 6.8% higher than the same time last year.

Australians are also increasing their credit card limits, with the average credit card limit jumping up by 0.2% from $9012 to $9030, over the 12 months to April.

Here are Money Smart’s tips for paying off your credit card balance sooner:

1. Stop adding more debt to your credit card

2. Pay more than the minimum repayment - even an extra $50 per month will make a big difference

3. Set up a direct debit to pay a fixed amount off your credit card balance each payday

4. If you have more than one card, pay off the one with the highest interest rate first or tackle the one with the smallest debt first

Credit card comparisons on Mozo - last updated 18 September 2021

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure
  • Apply By 31 Oct 2021
    Bendigo Bank Low Rate Credit Card

    0% p.a. on purchases for up to 12 months (Reverts to 11.99% p.a). Also 0% balance transfer for up to 12 months. Low annual fee of $45 and no fees for additional cardholders.

    Purchase rate
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    0% p.a. for 12 months then 11.99% p.a.
    0% p.a. for 12 months and then 11.99% p.a. (2.00% balance transfer fee)
    $45
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  • Great Southern Bank Low Rate Credit Card

    0% balance transfer rate for 20 months and up to 55 interest free days. No annual fee for the first year and $49 after. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020^

    Purchase rate
    Balance transfer rate
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    11.99% p.a.
    0% p.a. for 25 months and then 21.74% p.a.
    $49 $0 in the first year
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  • Apply By 28 Oct 2021
    PayPal Rewards Card

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    Purchase rate
    Balance transfer rate
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    20.99% p.a.
    0% p.a. for 20 months and then 20.99% p.a.
    $0
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  • Apply By 4 Oct 2021
    Kogan Money Black Card

    Kogan Money Black Card has no annual fee and no cap or expiry date on points. It comes with a 55 interest free days on purchases and a 0% balance transfer rate for the first 12 months. Earn up to $400 in Kogan.com Credit, $50 Credit on first eligible spend in 30 days and $350 Credit when you spend $1,500 on eligible purchases in 90 days from card approval.

    Purchase rate
    Balance transfer rate
    Annual fee
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    20.99% p.a.
    0% p.a. for 12 months and then 21.74% p.a.
    $0
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  • Featured Product
    Westpac Low Rate - Cashback Offer

    Enjoy a super low rate of 13.74% with 55 days interest free plus $400 Cashback with $4k+ spend on eligible purchases within 4 months of card approval. No annual card fee for the first year, $59 thereafter. New Cards only. Offer ends November 30th 2021. T&C's and exclusions apply.

    Purchase rate
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    13.74% p.a.
    No current offer
    $59 $0 in the first year
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  • Apply By 30 Nov 2021
    St.George Vertigo - Cashback Offer

    $300 cashback when you take out a new Vertigo Credit Card and spend $4k on eligible purchases within 120 days of the new card approval. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
    Balance transfer rate
    Annual fee
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    13.99% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
    $55 $0 in the first year
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  • NAB Low Rate Card

    0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.

    Purchase rate
    Balance transfer rate
    Annual fee
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    12.99% p.a.
    0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)
    $59 $0 in the first year
    -
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  • Mozo Expert Choice Badge
    American Express Low Rate Credit Card

    Competitive low rate with $0 Annual Fee. Get $100 back when you apply online by 27 October 2021, are approved and spend $1,000 on your new Card by 31 December 2021. T&Cs apply. New Card Members only. Customers need an annual income of $50,000 or more.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    8.99% p.a.
    No current offer
    $0
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  • Apply By 10 Oct 2021
    humm90 Mastercard

    With up to 110 days interest free on your spending, this card is pretty unique in the market, and great for managing your daily spend. Plus, no foreign transaction fees overseas or online.

    Purchase rate
    Balance transfer rate
    Annual fee
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    23.99% p.a.
    0% p.a. for 36 months and then 25.99% p.a. (0% balance transfer fee)
    $99
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  • NAB StraightUp Card

    Pay no interest and no late payment fees, just a $10 monthly fee for a $1,000 credit limit. Plus, if you don't make any purchases and have an outstanding balance of $0 during the whole statement period, the monthly fee will be reversed. Also pay no foreign currency fees when you shop online or overseas. Mozo Experts Choice Credit Card Innovation Winner 2020^.

    Purchase rate
    Balance transfer rate
    Annual fee
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    0% p.a.
    No current offer
    $120 $10/month - waived if no spend & no balance owing
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  • Apply By 19 Oct 2021
    Mozo Expert Choice Badge
    American Express Platinum Edge Credit Card

    Receive 50,000 Bonus Membership Rewards when you apply online by 19 October 2021, are approved and spend $1,500 on your new Card within the first 3 months. T&Cs apply. New Card Members only. $0 introductory annual Card fee for the first year..

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $195 $0 in the first year
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  • HSBC Platinum Credit Card

    0%p.a. on balance transfers for 36 months with no balance transfer fee. Terms and Conditions apply. Mozo Experts Choice Premium Rewards and Balance Transfer Platinum Credit Card Winner 2020.

    Purchase rate
    Balance transfer rate
    Annual fee
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    19.99% p.a.
    0% p.a. for 36 months and then 21.99% p.a.
    $129 $29 in the first year
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  • Apply By 26 Oct 2021
    Mozo Expert Choice Badge
    American Express Explorer® Credit Card

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    Purchase rate
    Balance transfer rate
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    Rewards program
    20.74% p.a.
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    $395
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  • St.George No Annual Fee

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    Purchase rate
    Balance transfer rate
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    0% p.a. for 12 months then 20.74% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
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  • Mozo Expert Choice Badge
    American Express Qantas Ultimate Card

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    Purchase rate
    Balance transfer rate
    Annual fee
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    20.74% p.a.
    No current offer
    $450
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  • Apply By 30 Nov 2021
    St.George Vertigo

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    Purchase rate
    Balance transfer rate
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    13.99% p.a.
    0% p.a. for 30 months and then 21.49% p.a.
    $55 $0 in the first year
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  • Featured Product
    Westpac Low Rate

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    Purchase rate
    Balance transfer rate
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    13.74% p.a.
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    $59 $0 in the first year
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  • Mozo Expert Choice Badge
    American Express Cashback Credit Card

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    Purchase rate
    Balance transfer rate
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    20.74% p.a.
    No current offer
    $120 $0 in the first year
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  • Apply By 30 Nov 2021
    Bank of Melbourne Vertigo - Cashback Offer

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    Purchase rate
    Balance transfer rate
    Annual fee
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    13.99% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
    $55 $0 in the first year
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  • Apply By 30 Nov 2021
    Westpac Altitude Platinum

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    Purchase rate
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    20.49% p.a.
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^See information about the Mozo Experts Choice Credit Card Awards

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