Credit card spending falls 3.1% in June

Latest UK Finance data for June 2024 has found a small decrease in credit card spending. The data showed that there were 357 million credit card transactions in June, 2.6 per cent fewer than in June 2023. The total spend of £19.9 billion was 3.1 per cent lower than June 2023.

Outstanding balances on credit card accounts have grown by 7.7 per cent over the twelve months to June and 49.2 per cent of outstanding balances incurred interest compared to 49.8 per cent in June 2023.

There were 2.2 billion debit card transactions in June, 1.7 per cent more than in June 2023. The total spend of £64 billion was 2.3 per cent lower than June 2023.

Separately there were 2.16 billion debit and credit card transactions in the UK in June, 0.5 per cent more than in June 2023. The total spend of £72.9 billion was 2.2 per cent lower than June 2023.

Contactless payments accounted for 66 per cent of all credit card and 77 per cent of all debit card transactions. There were 1.61 billion contactless card transactions in June, 1.4 per cent more than the 1.59 billion in June 2023. The total value of contactless transactions was £25.5 billion in June, a 4.4 per cent increase on £24.4 billion in June 2023.

The number of contactless credit card transactions was 4.3 per cent higher than June 2023. The number of contactless debit card transactions was 0.9 per cent higher than June 2023.