Households might have put a pin in growing credit card debt in the month of February, however, data released today shows card spending continues to break new records.
Canstar analysis of today’s RBA credit card figures for February 2026, shows debit card spending ramped up a notch, hitting the highest level in the history of the dataset, in seasonally adjusted terms at $58.7 billion.
Credit card spending clocked in at the third-highest level in RBA records, behind a bumper spend the previous month and in November 2025.
Value of card transactions: February | |||
|---|---|---|---|
Amount | Monthly change | Annual change | |
Debit cards | $58.7 billion record high | +$651 million +1% | +$5.3 billion +10% |
Credit cards - personal cards | $29.6 billion | -$484 million -2% | +$1.5 billion +5% |
Total | $88.2 billion record high | +$167 million +0.2% | +$6.8 billion +8% |
Source: RBA credit card statistics, personal cards, February 2026, released 7 April 2026, seasonally adjusted data.
Credit card debt accruing interest dropped by a very minor $27 million, down 0.1% from the previous month, leaving the total bill attracting interest charges across all personal credit cards at $19.6 billion.
Credit card debt accruing interest charges: personal cards | |
|---|---|
Amount - February 2026 | Monthly change |
$19.6 billion | -$27 million |
Source: RBA credit card statistics, February 2026, released 7 April 2026, original data terms, excludes commercial cards. Year-on-year analysis not available due to a series break in November 2025.
Allocation of credit nowhere near exhausted
Australian credit card users still have plenty of available credit at their disposal, should they wish to use it.
Canstar analysis of personal credit card data shows the total debt attracting interest charges accounts for just 18% of our collective credit card limits.
Currently, Canstar estimates that Australians are collectively paying just over $10 million a day in interest charges at the average rate of 18.62%. However, if everyone’s credit cards were maxed out, this interest bill could potentially climb to $55 million a day.
Total credit card debt vs total credit card limits | ||
|---|---|---|
Amount: Feb 2026 | % of all credit available | |
Amount accruing interest | $19.6 billion | 18% |
Total balance owing | $34.7 billion | 32% |
Total credit limit | $108.1 billion | 100% |
Source: Canstar, RBA. Note: data is for personal credit cards for February 2026, original data.
How to steer clear of credit card debt in a cost-of-living crisis
- Pay the amount owing on your credit card in full, every month: Otherwise any new purchases can start accruing interest from day one, making it much harder to stay on top of your debt.
- Build an emergency fund: An emergency fund is a financial fire hose designed to extinguish any unexpected expenses without having to reach for the credit card.
- Set a budget: Never use a credit card to patch up a recurring hole in your budget. If you can’t pay a bill, try and re-negotiate it first.
- Ask your bank to reduce your credit card limit: A lower limit can curb overspending and reduce the risk of building up unmanageable debt.
- Review your card: Check if your card still suits your needs or if a lower-rate or no-fee option could save you money.
Canstar’s data insights director, Sally Tindall, says, “Australians have managed to put a pin in credit card debt, at least for now, with the latest RBA data recording a very minor drop in the amount attracting interest charges.”
“While this is an improvement from last month, when the silly season was catching up with people still carrying around Christmas debt, at just shy of $20 billion, credit card debt is still financially crippling many households across the country.
“Australians might not be maxing out their credit cards, but they’re paying a hefty price for the debt they do carry, with interest charges racking up to around $10 million a day.
“That $10 million daily interest bill should be a wake-up call – it’s dead money that’s far better off in household budgets, rather than on banks’ balance sheets.
“With just 18 per cent of credit limits collecting interest charges, there’s still a huge amount of available credit out there, which could become a risk if cost-of-living pressures intensify.
“Credit cards can be a useful tool if used carefully, but with cost-of-living pressures piling up they can quickly turn into a financial nightmare.
“Households need to be particularly cautious right now. Just because the limit is there, doesn’t mean it should be used.
“If you’re leaning on your credit card to cover everyday expenses, something needs to change. Cut costs, renegotiate your bills, and if the dollars still don’t add up, ask for help.”
