Latest data from UK Finance has found that there were 377.9 million credit card transactions in August, 0.1 per cent fewer than in August 2022. The total spend of £20.6 billion was 2 per cent higher than August 2022.
Outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months to August and 50.1 per cent of outstanding balances incurred interest compared to 51.2 per cent twelve months ago.
Debt card spending figures show that there were 2.19 billion debit card transactions in August, 2.3 per cent more than in August 2022. The total spend of £66 billion was 0.9 per cent higher than August 2022.
Contactless payments accounted for 64 per cent of all credit card and 76 per cent of all debit card transactions. There were 1.6 billion contactless card transactions in August, 4.8 per cent more than the 1.5 billion in August 2022.
The total value of contactless transactions was £24.6 billion in August, a 7.7 per cent increase on £22.8 billion in August 2022.