Credit Card Debt Statistics 2026

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Figures are based on Money.com.au analysis of RBA data from April 2026.

Total credit card debt in Australia currently stands at around $43.77 billion, based on the total balance of all cards, according to the Reserve Bank of Australia. This is down considerably from the peak of more than $52 billion in 2018, but has been rising steadily in the last couple of years.

However, of the overall balance, interest is being charged on almost half (49% or $21.40 billion). This means the majority of credit card spending in Australia is repaid within the card's interest-free period.

As the trend chart below shows, the number of credit card accounts (including charge cards) has fallen by around 32% since 2017 when it was at its peak.

The reason for this drop is the higher levels of mortgage borrowing we've seen since then, according to credit card expert, Brad Kelly. Borrowers are dropping credit cards to free up their borrowing capacity.

"Because of the way the consumer lending works, your credit card impacts the amount you can borrow with a mortgage," Kelly explained.

"The bank will say, if you get rid of that $10,000 credit card limit, we can give you another $100,000 on your mortgage. That can be the difference between getting a house and not. So people cancel the extra cards they don't need and reduce the limits on the ones they do."

Average credit card debt levels have also come down from their peaks, but they have stayed relatively stable compared to the number of credit card accounts.

Money.com.au’s research shows that most Australians (65%) pay off their credit card each month, with 22% occasionally carrying over a balance, 10% frequently having to pay interest on their outstanding balance and 3% only making the minimum repayment ‘most months’.

As we've seen already, there are far fewer cards in circulation and they are also carrying less debt overall. However, that is not to say that overall credit card usage in Australia has fallen. The opposite is true in fact.

Credit card usage in Australia has never been higher. Following a relatively brief lull during the COVID-19 pandemic, spending has surged to around $39.97 billion in the month of April 2026. That's around 41% higher than it was pre pandemic.

Transaction volumes have also increased significantly. In fact, they have almost tripled in the last 10 years – from around 10 monthly transactions on average per credit card in 2013, to around 26 monthly transactions today.

This has caused the average transaction value to drop too, from around $140 in 2013, to the current level of around $122 for an average transaction.

The average transaction value has been rising again since mid-2021, broadly in line with price inflation in Australia.

Kelly explained that the drop in the average credit card transaction value over time is down to a fundamental change in the way people spend money.

"People are now prepared to put a cup of coffee on their credit card and other little bits and pieces, because no one wants to carry cash. That's why you get these massive transaction volumes," he said.

A recent Money.com.au survey of over 1,000 credit cardholders reveals that for most Australians their credit card is a core part of their day to day financial life. In fact, the most common reason for having a credit card is for day-to-day spending (58%) like groceries or bills. This is closely followed by earning rewards points (53%).

Around a third use their credit card to manage cashflow and keep more money in their home loan’s offset accounts (33%), showing that many Aussies are using their cards to strategically save on interest.

Overall, people are less likely to mainly use their credit cards for large or one-off purchases (28%), and emergencies (23%).

Our research reveals that 38% of Australian credit card holders justify extra purchases in order to earn additional reward points. On average, they’re spending an extra $715 each month or $8,580 a year to gain points from their credit card rewards program.

Younger Australians are leading the rewards chase, with 69% of Gen Z survey participants reporting that they spend roughly $990 more per month. Millennials follow closely behind (43%) spending an additional $785 each month.

The average rewards points balance in Australia is 49,446.7, according to data from Money.com.au. People aged between 46 and 61 years old (Gen X) had the highest amount of rewards points with an average of 60,000. Depending on the rewards program, that’s enough points for short haul domestic flights or about $200-$250 in gift cards.

As for people using their credit card to access cash (e.g. at an ATM), not surprisingly this has been falling steadily and is now back around the level it was in 1995.

Business credit card spending has surged in the last few years. Total limits on commercial credit and charge cards grew by around 10% in the year to January 2026, while balances accruing interest grew by around 14% in the same period.

There are around 733,000 commercial credit cards accounts in Australia (and more than 2 million individual business credit cards), meaning an average monthly spend per business credit card account of around $12,359.