Purchases Rose On Credit Cards In September

Latest figures released by the Reserve Bank have shown that credit card and charge card transactions, including advances have risen by 2 per cent in September.

According to figures released in the central bank's monthly bulletin, repayments on credit cards rose 3.5 per cent in September to $19.6 billion.

Credit Card balances

Total credit and charge card balances outstanding rose by 2.4 per cent to $45.1 billion from $44.9 billion. By value credit and charge card purchases increased 1.9 per cent to $18.2 billion in September, from $17.9 billion in August.

Cash Advances

In the meantime the value of cash advances on credit and charge cards increased by 0.7 per cent to $2.44 million. The actual number of cash advances on credit and charge cards rose by 4.1 per cent during the month.

Credit Card repayments

The number of credit and charge accounts were flat in September, 14.35 million purchases using credit cards. Total credit card repayments fell by 0.3 per cent over the year.

EFTPOS

Meanwhile total EFTPOS purchases, including cash outs fell to$11.65 billion, from $11.88 billion in the previous month, and decrease of two per cent. The value of EFTPOS purchases was up to 12.1 per cent in the 12 months to September.

The RBA figures are not seasonally adjusted.

Published on November 11-rd, 2009 in Credit Cards
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.