Changing your spending habits
Did you know that on average each Australian spends an average of $840 a year1 on coffee? Imagine how much interest you could save if you put this amount on your credit card instead.
Over 7.3 million2 Australians have a credit card. They’re quick and easy to make payments with, but when it comes to month end, how quick and easy are they to make payments on?
Many CommBank personal credit card customers use our 55 interest free repayment period by paying their balances in full every month. It’s the ideal way to use a credit card without accruing any interest on purchases. With the CommBank app and NetBank, you can also choose to limit the amount you can spend per transaction for extra control3.
If you do have a credit card balance you want to pay off, we have the credit card repayment calculator to help you manage your card and budget for the future. Use the tool to help you work out how long it’ll take to pay off your balance, or, see what would happen if you were to divert some of that coffee budget to increasing your monthly credit card repayments.
This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.
The figures quoted are correct at the time of publishing and are taken from:
1 MoneySmart - Australian Securities and Investments Council (ASIC) website for consumers and investors https://www.moneysmart.gov.au/managing-my-money/budgeting/spending
2 MoneySmart - Australian Securities and Investments Council (ASIC) website for consumers and investors https://www.moneysmart.gov.au/borrowing-and-credit/credit-cards/credit-card-debt-clock
3 Excludes transactions flagged as recurring (e.g. direct debits) and transactions not sent to us for authorisation. Other Terms & Conditions apply.