UK cardholders spent £52.9 billion on debit cards in February 2020, up 4.1 per cent on the same month the previous year, UK Finance’s latest Card Spending Update has revealed.

Total spending on credit cards amounted to £15.7 billion, 4.4 per cent more than in the same period a year earlier. The annual growth rate of outstanding balances on credit cards stood at 1.8 per cent in February, continuing the downward trend from its recent peak of 8.3 per cent at the start of 2018.

The figures also reveal that one third (32 per cent) of credit card transactions and almost half (45 per cent) of debit card transactions in the UK were made using contactless cards in February 2020. The total value of contactless transactions was £6.7 billion, a 14.0 per cent increase from £5.9 billion in the same month in 2019.

There were 1.6 billion transactions on debit cards in February 2020, 9.2 per cent more than in February 2019. This reflected a total spend of £52.9 billion, 4.1 per cent more than in the same period in 2019.

There were 275 million transactions on credit cards in February 2020, 7.3 per cent more than in February 2019. This reflected a total spend of £15.7 billion, 4.4 per cent more than in the same period a year earlier.

The annual growth rate of outstanding balances on credit cards stood at 1.8 per cent in February 2020, continuing the downward trend from its recent peak of 8.3 per cent at the start of 2018.