FX.co ★ New Zealand Credit Card Spending Turns Negative in February, Dropping 1.1% Year-on-Year

New Zealand’s credit card spending contracted in February 2026, marking a notable reversal in consumer behaviour. Year-on-year, spending fell by 1.1%, compared with a 0.9% increase recorded in January 2026, according to data updated on 20 March 2026.

The figures show that, while January still delivered modest annual growth in card expenditure, February saw a year-on-year decline in activity. The data is calculated on a year-over-year basis, comparing each month with the same month a year earlier, indicating that underlying consumer demand softened as the year progressed into late summer.

The shift from positive to negative growth in credit card spending may signal rising caution among New Zealand households or the early impact of changing economic conditions, and will likely draw close attention from retailers and policymakers watching for signs of weakening consumption.