Aussies turning to savings and debit cards

Despite there being more credit cards (10.2 million) than debit cards (7.4 million) on issue, the average monthly usage per debit card has overtaken the average frequency of using credit cards (11.4 times, February 2013).

The number of debit cards on issue has tripled over the last four years, while credit cards have remained largely stable overall, but with a 20% decline in the number held by the 18-34 age group.

From commanding a share of over three quarters of total credit / debit card usage, credit cards are now down to just over half, with debit having doubled share from one fifth to just under half.

Norman Morris, Industry Communications Director, Roy Morgan Research says: “Consumers are focusing more on savings than on spending and it is becoming increasingly clear that with the higher use of debit cards over credit cards, consumers are having more control of their own funds.”

Source: Roy Morgan Research