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UK Credit Card Statistics 2023

In the United Kingdom, credit cards play a significant role in personal finance and consumer spending. Understanding these latest statistics can provide us with valuable insights into the landscape shaping the UK’s consumer relationship with credit cards.

In this article, we explore the key UK data related to credit cards, including usage, debt levels, reward programs, and fraud.

Credit Card Ownership

According to recent data, a significant percentage of UK adults own at least one credit card. In fact, studies indicate that two-thirds of adults in the UK possess more than one credit card, highlighting the widespread use of cards as a financial tool.

  • As of January 2023, there were 58.7 million credit cards issued to UK residents.
  • An estimated 34.5 million people, or two-thirds of UK adults, have at least one credit card.
  • Around a quarter of Brits (26%) have 3 to 4 credit cards.

Credit Card Usage

Recent statistics reveal that a substantial portion of UK consumers now rely on credit cards for their day-to-day purchases, with a significant percentage of people using them for online transactions.

  • The average monthly spend per UK credit card was £320.52 in January 2023.
  • UK residents spent £18.8 billion on credit cards in January 2023.
  • Approximately 10.4 million credit card transactions happen per day in the UK.

Rewards Programs

Credit card rewards programs have gained popularity among UK consumers. These programs offer various incentives, such as cash-back, travel rewards, and shopping vouchers. Data highlights the growing interest in cards with rewards programs, as consumers seek to maximise any perks of using credit cards for payment of goods and services.

Debt Levels

Credit card debt is a significant concern for many consumers. Recent data suggests that a considerable number of UK credit cardholders carry balances from month to month, resulting in increased accumulated debt.

  • UK credit card debt reached £66.4 billion in June 2023, up around 8% from 2022.
  • The average credit card debt per person was £1,264 as of August 2023, up 18% from August 2021.
  • The average credit card debt per household stood at £2,376 in July 2023.

Contactless Payments

Data shows a substantial increase in the adoption of contactless payments, facilitated by credit cards equipped with near-field communication (NFC) technology. From large companies to your outdoor market trader, almost anyone can now accept credit cards for payments.

  • A record 91% of all card transactions were contactless in 2023, according to data from Barclays.
  • There were 1.6 billion contactless card transactions in August 2023, a 4.8% increase from August 2022.

Fraud Prevention

Credit card fraud remains a concern in the UK. However, advancements in technology and security such as chip and PIN, biometric authentication, and real-time transaction monitoring have all largely contributed to a decline in fraudulent credit card activities.

  • £6.35 in every £10 (63.5%) of attempted card fraud is stopped by banks and companies.