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Consumers find their credit cards again

Consumers find their credit cards again

Category: Credit cards

Updated: 15/04/2010
First Published: 15/04/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Spending on debit and credit cards increased in March, as consumers started to shake off their Christmas spending hangovers.

Debit and credit card spending was up 18% for high street and online purchasing in March compared to February, according to the latest data from Barclaycard Global Payment Acceptance.

The figure was also up 9.2% compared with March last year, continuing the positive trend highlighted in February, when it was up 7.1% year on year.

The bank said the jump reflected the traditional trend of spending increasing as household finances return to some semblance of normality after the festive extravagances.

"We've seen another month of increased retail card spending as household budgets start to recover after Christmas," said Stuart Neal, head of UK payment acceptance.

"It's good news for our retailers and I'd expect to see more increases in card spending into the middle of the year."

The news comes shortly after a report from the Payments Council revealed that card usage had flourished over the past decade, as traditional methods of payment, including cash, had declined in popularity.

However, the report said that credit card usage had fallen in real terms over the past five years, with debit cards increasingly being the payment option of choice.

One in four of all transactions are expected to be on a debit card by 2018, compared with the figure of one in twenty seen ten years ago.

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