NZ credit card statistics 2020

For many Kiwis, managing expenses with a credit card is part of their day-to-day money habits. For others, a handful of mistakes has resulted in a downward debt spiral. But what does the state of New Zealand’s credit card debt actually look like?

• Plain text version: New Zealand credit card statistics 2020

  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

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  $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

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  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

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  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