Debit cards a popular choice in NZ

While there have been widespread reports that Australians are cutting back on credit card spending sprees, Westpac has found that people are now splurging on debit cards instead.

In New Zealand, figures from the bank show that over the course of December, spending on debit cards doubled to NZ$20 million ($15.7 million).

Westpac was the first lender to launch a debit card in New Zealand, marketing its Debitplus Visa card “your bank account in your pocket” and insisting that it will give people better control over their spending and reduce the chance of racking up hefty debts.

“It appears we are catching up with the rest of the world in that regard, where debit cards have been the fastest growing contributor to online spending for several years,” said David Cunningham, Westpac’s general manager of product management.

Westpac has also announced that it will introduce a new range of cheap credit cards in response to the consecutive rate cuts seen in recent months.ADNFCR-1761-ID-19009034-ADNFCR