Aussies getting on top of their credit card balances
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.
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- 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 - rates updated daily
- Apply By 31 May 2021
Bendigo Bank Low Rate Credit Card
0% p.a. balance transfer for 18 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
11.99% p.a.0% p.a. for 18 months and then 11.99% p.a. (2.00% balance transfer fee)$45-Low Rate Credit Card
0% p.a. balance transfer for 18 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.
- Purchase rate
- 11.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 18 months and then 11.99% p.a. (2.00% balance transfer fee)
- Cash advance
- 13.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $45
- Late payment fee
- $15.00
- Cash advance fee
- 0.50%, Min $3.25
Read our Mozo Review to learn more about the Low Rate Credit Card
Bankwest Zero Mastercard
No annual fee and up to 55 days interest free on purchases. Get a notification before your minimum payment is due by setting up Easy Alerts in the Bankwest app.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
17.99% p.a.2.99% p.a. for 9 months and then 17.99% p.a.$0-Zero Mastercard
No annual fee and up to 55 days interest free on purchases. Get a notification before your minimum payment is due by setting up Easy Alerts in the Bankwest app.
- Purchase rate
- 17.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 2.99% p.a. for 9 months and then 17.99% p.a.
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 2.95%
- Annual card fee
- $0
- Late payment fee
- $25.00
- Cash advance fee
- 2%, Min $4.00
Read our Mozo Review to learn more about the Zero Mastercard
- Hot DealLimited time cashback offer
Westpac Low Rate
Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
13.74% p.a.0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)$59-Low Rate
Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.
- Purchase rate
- 13.74% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $59
- Late payment fee
- $15.00
- Cash advance fee
- 2%, Min $2.50, Max $150
Read our Mozo Review to learn more about the Low Rate
ME frank Credit Card
Meet Frank, a low rate credit card with up to 55 interest free days and no annual fee. If simple, hassle free spending is your goal, you and Frank might be a match made in heaven.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
11.99% p.a.No current offer$0-frank Credit Card
Meet Frank, a low rate credit card with up to 55 interest free days and no annual fee. If simple, hassle free spending is your goal, you and Frank might be a match made in heaven.
- Purchase rate
- 11.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- 11.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 2.30%
- Annual card fee
- $0
- Late payment fee
- $10.00
- Cash advance fee
- 2%, Min $4.00
Read our Mozo Review to learn more about the frank Credit Card
NAB Qantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 110,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
Purchase rate
Balance transfer rate
Annual fee
Rewards program
19.99% p.a.0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)$395 $295 in the first yearQantas Frequent FlyerQantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 110,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
- Purchase rate
- 19.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Intro fee
- 295.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $395 $295 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 2%, Min $2.50
Read our Mozo Review to learn more about the Qantas Rewards Signature Card
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