Credit card transactions up by 6.05%

February has seen an increase in charge and credit card transactions by 6.05 per cent compared to January, a report states.

The overall amount of charge and credit card transactions has increased by 6.05 per cent in February compared to January, research shows.

Figures released by the Reserve Bank of Australia have revealed that the outstanding balances on charge and credit cards also rose from $47.124 billion from $46.152 billion in the same time period – a rise of 2.1 per cent, the Australian Associated Press reported.

And the average Aussie credit card account rose by 1.9 per cent – $3250 in February from $3189 in January.

Cash advances also rose by 4.8 per cent to $896 million, a rise of $41 million compared to the first month of the year.

This news comes after ANZ announced earlier this month it had upped the interest on its credit cards by 0.25 per cent per annum, as well as on some of its deposit products – such as the ANZ Online Saver and ANZ Progress Saver.

By Kate Guthrie