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Date Published : Wednesday, June 18, 2008
The number of credit cards issued to Australian consumers doubled in the ten years to 2007, a new study has found.
According to the Australian Credit Card Customers 2008 report from Datamonitor, MasterCard and Visa cards are the most popular type of consumer credit schemes, while Westpac remains the country's largest credit card issuer.
It surveyed 2,000 Australians at the end of last year on key areas including card spending, reasons behind card selection and preferred providers.
Approximately one-third of respondents said they have more than one credit card, with men more likely than women to hold at least two cards.
The wide ranging acceptance of credit cards for goods and services, plus the frequency with which they are used, have become the key drivers of credit card spending, the report said, with those those aged 45 to 54 the biggest spenders on their main credit card.
However, more than half of all consumers fail to pay off their balance at the end of each month, it said.
Around 40 per cent of credit card customers have a card limit of $5,000 or less, the study found, with around 80 per cent saying they are happy with their maximum.
When it comes to choosing a new credit card, over 80 per cent of consumers questioned said a low interest rate was the most important factor in their decision. A further 45 per cent said balance transfer offers also appeal to them.
It also found that 26 per cent of consumers have arranged a credit card online, although another 41 per cent said they would like to choose their credit card using the web.
According to figures from the Federal Police, 12 million credit cards have been issued in Australia.
Compare credit cards.
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