Shift to spending on plastic gathers momentum

December was a record month for spending on credit, charge and debit cards.

According to the latest Reserve Bank card data, the total number of credit and charge card transactions jumped from 172.7 million in November to 216.3 million in December

The total value of purchases rose from A$22.6 billion to $26.8 billion over the same period.

The December increase in spending was more than the usual Christmas shopping blowout; it was the highest monthly spend ever recorded by the RBA (the data series goes back to 1985).

Even balances accruing interest rose - from $33.3 billion in November to $34.2 billion In December. However, that figures is well down from its peak of $37 billion early in 2012.

The average balance accruing interest per credit and charge card account was $2280 in December, compared with $2301 per account a year earlier.

Total balances accruing interest in December represented 24.2 per cent of the total value of credit limits, down from 25.3 per cent a year earlier - an indicator of consumers' prudent use of their cards.

Debit card transaction numbers were also at record levels - up from 326 million in November to 358 million in December. The value of debit card purchases rose from $17.7 billion to $20.1 billion over the same period.