Britain Becomes a 'Credit Card Nation'
44% of British card spending is on day to day items
4th May 2005
Britons are becoming a nation of savvy credit card users according to a new survey by card issuer Morgan Stanley.
The survey shows that 44% of total plastic spending was now on day to day purchases such as supermarket shopping, petrol and other household costs, with a greater tendency to pay off the balance in full every month to avoid interest charges.
Morgan Stanley put this down to features such as cashback, reward programs, and loyalty points featured on many modern cards, which provide incentives for customers to use their cards as often as possible.
In a change from the traditional usage of credit cards as a means of borrowing, credit cards are now more of a convenient payment method, with an average 78% of a balance being cleared monthly.
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