Things you didn't know about credit cards [Infographic]

Credit cards

We use credit a lot.

There are more than 13.5m credit card accounts in Australia, that’s an average of 1.3 per household.1

Hand holding money

Credit card interest is costing Australians a lot of money.

Australia has a national credit card debt accruing interest of around $18.5 billion.1

Map of Australia

Many of us are not as good at managing credit card debt as we think we are.

13% of credit card holders have missed a repayment by 30 days or more in the past three months, with 2% missing a repayment by more than 60 days. 2

Calculate the balance

Weighing up points vs cashback. One size doesn’t fit all

A card’s annual fee may not outweigh the cashback rewards. If your card offers $1 back for every $120 spent, but costs $80 per year, you’d have to spend at least $9,600 to cover the annual fee. 3

Credit card points may be the better option if you travel often and want to save money on expenses and can pay off your credit card in full every month. 4

We’re here to help 

It’s a good idea to look at all the options on the market and pick the option that feels suitable for your current financial goals.

If you're good at managing your money, and can pay the balance off each month - then a credit card could be a good option for you. But if you struggle to manage multiple credit card debts, a personal loan for debt consolidation could be a more suitable option.

To get you started, find out how much your repayments might be, or get your individual rate before applying, in just a few minutes (it won't affect your credit score).  

Got a question? Call on 1300 108 794. We're here to help.

Information provided is factual information only and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser.

All applications are subject to credit assessment, eligibility criteria and lending limits. Terms, conditions, fees and charges apply. 

The results of the borrowing power calculator are based on information you have provided and is to be used as a guide only. The output of the calculator is subject to the assumptions provided in the calculator (see 'about this calculator') and are subject to change. It does not constitute a quote, pre-qualification, approval for credit or an offer for credit and you should not enter commitments based on it. The interest rates do not reflect true interest rates and the formula used for the purpose of calculating estimated borrowing power is based on the assumption that interest rates remain constant for the chosen loan term. Your borrowing power amount will be different if a full application is submitted and we complete responsible lending assessment. The results in the calculator do not take into account loan setup or establishment fees nor government, statutory or lenders fees, which may be applicable from time to time. Calculator by Widgetworks.

Pepper Money Personal Loans is a brand of Pepper Money Limited. Credit is provided by Now Finance Group Pty Ltd, Australian Credit Licence Number 425142 as agent for NF Finco 2 Pty Limited ACN 164 213 030. Personal information for Pepper Money Personal Loans is collected, used and disclosed in accordance with Pepper’s Privacy Policy & the credit provider’s Privacy Policy.

Pepper Money Limited ABN 55 094 317 665; AFSL 286655; Australian Credit Licence 286655 (“Pepper”). All rights reserved. Pepper is the servicer of home loans provided by Pepper Finance Corporation Limited ABN 51 094 317 647. Pepper Asset Finance Pty Limited ACN 165 183 317 Australian Credit Licence 458899 is the credit provider for asset finance loans.

Pepper and the Pepper Money logo are registered trademarks of Pepper Group Assets (Australia) Pty Limited and are used under licence.

Get in touch with a Lending Specialist

Tell us about your situation. The more we learn, the better we can help.