Credit card use 'up in September'

Friday 20 November 2009

Article by Mozo

Aussie charge and credit card usage rose in September, according to new figures.

The data released by the Reserve Bank of Australia showed that throughout the month, consumers spent $19.2 billion on plastic – including cheap credit cards – up from $18.8 billion in August.

Some 14 million purchases were made using the payment options last month, with the value rising by 2.4 per cent.

In addition, repayments increased by 3.5 per cent to $19.6 billion, although balances gaining interest fell from $32.48 billion in August to $32.43 billion in September.

Furthermore, while the value of EFTPOS purchases was up 12.2 per cent year-on-year, the total number of sales using this method fell by two per cent to $11.65 billion, according to the results.

The Australian recently reported that credit cards offer flexibility to people who can be disciplined when it comes to making repayments.

It advised shopping around to compare cheap credit cards in order to find the best deals.

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