Credit card spending increased by 10.7% in June

UK Finance has shared its latest credit and debit card data which has highlighted an increase in credit card usage when compared to 2021.

The date showed that were 343 million credit card transactions in June, 10.7 per cent more than in June 2021. The total spend of £19 billion was 18.7 per cent higher than June 2021.

Outstanding balances on credit card accounts have grown by 10.9 per cent over the twelve months to June and 51 per cent of outstanding balances incurred interest compared to 53.3 per cent twelve months ago.

There were 1.8 billion debit card transactions in June, 1.9 per cent fewer than in June 2021. The total spend of £56 billion was 8.5 per cent lower than June 2021.

There were 2 billion debit and credit card transactions in the UK in June, 9.1 per cent more than in June 2021. The total spend of £71.3 billion was 5.7 per cent higher than June 2021.

Contactless payments accounted for 60 per cent of all credit card and 74 per cent of all debit card transactions.

There were 1.4 billion contactless card transactions in June, 23.2 per cent more than the 1.2 billion in June 2021. The total value of contactless transactions was £21.7 billion in June, a 52.6 per cent increase on £14.2 billion in June 2021.

The number of contactless credit card transactions was 37 per cent higher than June 2021. The number of contactless debit card transactions was 21.2 per cent higher than June 2021.