Travel among top reasons people use a credit card or personal loan
Customers rank travel almost as important as food and transport when it comes to credit card spending or taking out a personal loan, NAB data shows.
Analysis by NAB reveals travel expenditure is the fifth most common category of credit card usage, behind more essential spending categories such as food and transport.
Customers looking for a Personal Loan also ranked travel as a common reason for the loan after debt consolidation, personal goods and refinancing ranked as more common.
General Manager Everyday Banking, Consumer and Cards, Michael Shurlin said travel was also the subject of one in every 20 searches conducted on nab.com.au.
“We know many customers are now prioritising travel more than they have in the past and NAB can help them manage their money so they can enjoy their break without the burden of unmanageable debt,” he said.
“At NAB we have just launched market-leading personal loan and credit card offers to make it easier for customers to plan their travel budgets, particularly those wanting to escape the Australian winter and head to warmer locations.”
NAB has the lowest unsecured Personal Loan rate of the major banks with 12.99%p.a. for variable and fixed loans. NAB is also offering 0%p.a. interest on purchases for 12 months on its Low Rate personal Credit Card. These offers are available for all new Low Rate Cards and new Personal Loans. Customers who currently apply for a Personal Loan can also access discounts on a range of insurance products.
Mr Shurlin said NAB data showed travel was among the top reasons people used a Personal Loan or Credit Card as well as buying a car or consolidating their debt.
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The above table refers to the top five reasons NAB customers apply for a Personal Loan and the top six categories that NAB customers use their Credit Cards for.