New Zealand credit card statistics 2020
$6 billion
The amount Kiwis currently owe on their credit cards
Apart from April 2020, New Zealand’s credit card debt hasn’t dipped below $6 billion since 2013.
How much credit card debt do Kiwis owe?
| Year | Month | Total amount owing |
|---|
| 2016 | March | $6,541,000,000 |
| 2016 | June | $6,486,000,000 |
| 2016 | September | $6,506,000,000 |
| 2016 | December | $6,890,000,000 |
| 2017 | March | $6,738,000,000 |
| 2017 | June | $6,786,000,000 |
| 2017 | September | $6,853,000,000 |
| 2017 | December | $7,285,000,000 |
| 2018 | March | $7,174,000,000 |
| 2018 | June | $7,188,000,000 |
| 2018 | September | $7,211,000,000 |
| 2018 | December | $7,456,000,000 |
| 2019 | March | $7,270,000,000 |
| 2019 | June | $7,286,000,000 |
| 2019 | September | $7,242,000,000 |
| 2019 | December | $7,481,000,000 |
| 2020 | March | $6,887,000,000 |
| 2020 | April | $5,788,000,000 |
| 2020 | May | $6,043,000,000 |
Source: RBNZ
$3.2 billion
The amount Kiwis spent on their credit cards in May 2020
Total monthly credit card billings rose by 54% from April 2020 to May 2020, but this is still 21% less than May 2019. The impact of border closures and a national lockdown during the COVID-19 pandemic have likely been the biggest contributors to a reduction in credit card spending.
How much are Kiwis spending on their credit card each month?
| Year | Month | Total domestic credit card spend ($) |
|---|
| 2019 | January | $3,361,000,000 |
| 2019 | February | $3,202,000,000 |
| 2019 | March | $3,350,000,000 |
| 2019 | April | $3,447,000,000 |
| 2019 | May | $3,542,000,000 |
| 2019 | June | $3,188,000,000 |
| 2019 | July | $3,550,000,000 |
| 2019 | August | $3,385,000,000 |
| 2019 | September | $3,436,000,000 |
| 2019 | October | $3,575,000,000 |
| 2019 | November | $3,615,000,000 |
| 2020 | December | $4,105,000,000 |
| 2020 | January | $3,458,000,000 |
| 2020 | February | $3,296,000,000 |
| 2020 | March | $3,355,000,000 |
| 2020 | April | $1,780,000,000 |
| 2020 | May | $2,823,000,000 |
Source: RBNZ
Demographics
17%
The number of Kiwis who couldn’t manage their budget or finances without a credit card. This is a lot lower than Australia, where almost one in three (29%) people rely on plastic to manage their money.
- Gen X is the most reliant on plastic- one in five (20%) rely on a credit card to get by
- 19% of men couldn’t get by without a credit card, compared to 16% of women.
- Auckland residents are the most likely to rely on a credit card to manage their daily expenses (21%)
- 38% of Kiwis have used a credit card for secret spending
What features do Kiwis value most in a credit card?
| Feature | % of Kiwis |
|---|
| Low/no annual fee | 71% |
| Frequent flyer points/ rewards programme | 29% |
| Cash advance rate | 15% |
| Travel insurance included | 13% |
| Brand of card provider | 12% |
| Balance transfer rate | 12% |
| Usable in digital wallet | 8% |
| Free airport lounge pass | 5% |
| Prestigious card (gold, platinum etc) | 3% |
| Ticket presales | 2% |
| Concierge service | 1% |
Source: Finder New Zealand survey
