Consumers dump credit cards, but will the surcharge “ban” drive a reversal?

Peter Drennan
Senior Business Analyst
13 Oct, 2026
For the eight months to August 2026, Australians stopped using credit cards, paid down what they owed, and took out more cash. Surcharging ended on 1 October but it's still too early to tell if that will reverse the shift, or whether cash discounts and leaner card rewards will see the downward credit trend continue.
Consumers dump credit cards, but will the surcharge “ban” drive a reversal?

For the eight months to August 2026, Australians stopped using credit cards, paid down what they owed, and took out more cash. Surcharging ended on 1 October but it's still too early to tell if that will reverse the shift, or whether cash discounts and leaner card rewards will see the downward credit trend continue.

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