Credit card spending and new applications declining across all ages
7 Feb, 2021 04:00 PM
5 minutes to read
Credit card numbers have dropped by 11 per cent in two years. Photo / file
Fewer Kiwis are signing up for credit cards as more people choose to use buy-now, pay-later services. The number of credit cards on issue dropped by 11 per cent - from 3.68 million to 3.28m between January 2019 and December 2020, according to data from credit bureau Centrix. And spending on them dropped by $1 billion over that timeframe.
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In the last year, the number of people using buy-now, pay-later services has risen 23 per cent to 500,000.