The annual growth rate of outstanding balances on UK cardholders’ credit cards stood at 3.7 per cent in July 2019, continuing the downward trend from its recent peak of 8.3 per cent at the start of 2018 according to new figures by UK Finance.

Cardholders made 1.5 billion debit card transactions in July 2019, 8.9 per cent more than in July 2018, and made 314 million credit card transactions in July 2019, 9.1 per cent more than in July 2018. In total, there were 1.6 billion debit and credit card transactions made in the in July 2019 (by cardholders from both the UK and from overseas countries), 5.7 per cent more than a year ago. 35 per cent of credit card transactions and 50 per cent of debit card transactions in the UK were made using contactless cards.

Cardholders made 1.5 billion debit card transactions in July 2019, 8.9 per cent more than in July 2018. This reflected a total spend of £50.7 billion, 1.4 per cent more than in the same period in 2018. Cardholders made 314 million credit card transactions in July 2019, 9.1 per cent more than in July 2018. This reflected a total spend of £17.9 billion, 6.4 per cent more than in the same period a year earlier

There were 1.6 billion debit and credit card transactions made in the UK in July 2019, 5.7 per cent more than a year ago. This reflected a total spend of £60.1 billion, 0.7 per cent less than in the same period in 2018. 35 per cent of credit card transactions and 50 per cent of debit card transactions in the UK were made using contactless cards.

In total there were 766 million contactless card transactions in July 2019, a 17.8 per cent increase from 650 million in the same month a year earlier.The total value of contactless transactions was £7.2 billion in July 2019, a 18 per cent increase from £6.1 billion in the same month in 2018.