Credit card spending up and more Aussies are applying, finds Citi

happy couple spending on credit card

As we look back at May, credit card spending remains at pre-COVID levels for the fourth month in a row. 

This is according to Citi Australia’s May 2021 Credit Card Index which found that credit card spending last month saw a 30% growth from May last year. 

On top of that, more Aussies are signing up for credit cards. When compared to the same time last year, Citi’s numbers showed a 25.5% increase in the number of cards being acquired. 

“At the start of the pandemic, many Australians preemptively cancelled their cards as they feared that their economic circumstances would drastically decline. However, the nation weathered the pandemic better than expected, and the credit card sector has been on a path to recovery since,” head of cards and loans at Citi Australia, Choong Yu Lum said. 

“May was not only the fourth consecutive month of spend returning to pre-COVID levels, but we also saw a 25.5% increase in new card applications compared to this time last year - a testament to local consumer confidence.” 

So how are credit card users spending now? 

There are a number of places that Aussies are reaching for their plastic to make purchases. Here are the top five ways spenders are using their credit card, according to Citi: 

CategoryShare of spend
Supermarkets9.31%
Household good retailing7.37%
Business services6.64%
Insurance5.64%
Health/Medical

5.61%

This is followed by legal/tax services, restaurants, retails goods, sports and hobby stores, and hotels, resorts and spas. 

I’m not happy with my current credit card … what should I do? 

Find yourself paying too much in interest or fees? Or maybe you’re stuck with an ancient rewards program that really doesn’t give you much? It may be time to make the switch to a better credit card. 

There are plenty of options out there that might suit you, it all depends on what type of credit card user you are. And that’s where we can help! 

Here’s a rundown of a few different credit card types … 

  • Low interest rate credit card: Because these cards come with a low interest rate, if you find yourself unable to pay off your balance in full every month, this card may help reduce the amount of interest you pay on purchases. 
  • Rewards credit card: If you use your credit card to make most of your purchases, a rewards option might suit you. This way you can be rewarded with some juicy points as you spend - also keep an eye out for bonus points offers too! 
  • No annual fee credit card: Always pay down your balance in full each month but paying a hefty annual fee? A no annual fee credit card could be what you need! Because you pay off your balance, you are unlikely to pay interest on your purchases, so why not focus on reducing the amount of fees you pay. 
  • Balance transfer credit card: Having lingering credit card debt is never fun, so if you find yourself struggling to kick the debt you already have you may want to turn your attention to a 0% balance transfer offer. With these cards you can pay down the majority of your debt interest fee over a select period of time, and then focus on spending once you are debt free. 

Want to weigh up some credit card options right now? Check out these cards below or head to our credit card comparison page for more.

Compare credit cards - last updated 23 October 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
    Balance transfer rate
    Annual fee
    Rewards program
    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
    -
    Details
  • Great Southern Bank Low Rate Credit Card

    0% balance transfer rate for 25 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
    Annual fee
    Rewards program
    11.99% p.a.
    0% p.a. for 25 months and then 21.74% p.a.
    $49 $0 in the first year
    -
    Details
  • MoneyMe Freestyle Virtual Mastercard

    Use your virtual card instantly once approved (typically within 60 minutes). Features include Tap n Pay with up to 55 days interest-free, transfer money to any bank account and exclusive access to MoneyMe perks. $0 annual fee for lower limits. Must be employed with decent credit history.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    16.99% p.a.
    No current offer
    $209 $0 - $149 based on credit limit, $5/month for balances over $20.
    -
    Details
  • 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
    Rewards program
    23.99% p.a.
    No current offer
    $99
    -
    Details
  • 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
    Balance transfer rate
    Annual fee
    Rewards program
    13.74% p.a.
    No current offer
    $59 $0 in the first year
    -
    Details
  • Latitude Gem Visa

    Enjoy now. Pay later with Latitude. 0% interest for 6 months (purchases over $250). 0% interest payment plans at selected retailers. Up to 55 interest free days. Apply in less than 10 minutes. Must be over 18 to apply.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    19.95% p.a.
    No current offer
    $107 $8.95 monthly fee waived if outstanding balance less than $10
    -
    Details
  • Great Southern Bank Platinum Credit Card

    0% p.a. balance transfer for 25 months, $0 annual fee for the first year and also receive 1 rewards point for every dollar spent. Purchase protection insurance. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020^.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    19.99% p.a.
    0% p.a. for 25 months and then 21.74% p.a.
    $149 $0 in the first year
    Great Southen Bank Platinum Rewards
    Details
  • Bankwest Breeze Mastercard

    Enjoy 0% p.a on balance transfers for 15 months then 9.90% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Breeze Mastercard customers only.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 15 months then 9.90% p.a.
    0% p.a. for 15 months and then 9.90% p.a.
    $49 $0 in the first year
    -
    Details
  • American Express Qantas Discovery Card

    Receive 10,000 bonus Qantas Points when you apply by online by 27 October 2021, are approved and spend $750 on your new Card within the first 3 months. Offer available to new Card Members only. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $0
    Qantas Frequent Flyer
    Details
  • 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
    Rewards program
    19.99% p.a.
    0% p.a. for 36 months and then 21.99% p.a.
    $129 $29 in the first year
    Rewards Plus
    Details
  • 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
    Rewards program
    0% p.a.
    No current offer
    $120 $10/month - waived if no spend & no balance owing
    -
    Details
  • St.George No Annual Fee

    0% p.a. for 12 months on APR requested at card application. The special promotional purchase rate applies from card approval, after the promotional period, the rate will switch to the variable purchase rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24th 2022.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 12 months then 20.74% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
    $0
    -
    Details
  • 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
    -
    Details
  • Apply By 30 Nov 2021
    St.George Vertigo

    0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24th 2022.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 6 months then 13.99% p.a.
    0% p.a. for 32 months and then 21.49% p.a.
    $55 $0 in the first year
    -
    Details
  • Westpac Low Rate

    Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. 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
    Balance transfer rate
    Annual fee
    Rewards program
    13.74% p.a.
    0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)
    $59 $0 in the first year
    -
    Details
  • American Express Cashback Credit Card

    Get 5% Bonus Cashback in the first 3 months and no monthly fee for the first 12 months. Additional 1.5% cashback with American Express Shop Small Campaign (conditions apply). Complimentary perks and insurances. Eligibility criteria and T&Cs apply.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $120 $0 in the first year
    Cashback Rewards
    Details
  • 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
    Rewards program
    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
    -
    Details
  • Apply By 24 Feb 2022
    Westpac Altitude Platinum

    Earn up to 75,000 bonus Qantas Points ($4k min. spend in the first 90 days on eligible purchases). 0% p.a. for 24 months on balance transfers requested at card application. 1% BT fee applies. $49 First Year Annual fee and Rewards fee. New cards only. Offer ends February 24th 2022. T&C's and exclusions apply.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.49% p.a.
    0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
    $200 $99 in the first year
    Qantas Frequent Flyer
    Details

^See information about the Mozo Experts Choice Credit Card Awards

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