UK Finance card spending update April 2024
UK Finance today releases its card spending data for April 2024, covering the monthly value and volume of transactions across debit and credit cards, both in the UK and of UK-issued cards across the world. This data also covers outstanding balances on credit cards, card issuance and contactless payments. The highlights can be found below.
Key data highlights:
Card transactions by UK cardholders both in the UK and overseas:
- There were 2.2 billion debit card transactions in April, 6.9 % more than in April 2023. The total spend of £69.1bn was 3.4 % higher than April 2023.
- There were 374.6 million credit card transactions in April, 15.3 % more than in April 2023. The total spend of £21bn was 14.4 % higher than April 2023.
- Outstanding balances on credit card accounts have grown by 8.3 % over the twelve months to April and 49.4 % of outstanding balances incurred interest compared to 49.6 % in April 2023.
Card transactions made in the UK by cardholders from both the UK and from overseas countries:
- There were 2.05 billion debit and credit card transactions in the UK in April, 0.1 % more than in April 2023. The total spend of £73.9bn was 1.9 % lower than April 2023.
- Contactless payments accounted for 64 % of all credit card and 75 % of all debit card transactions.
- There were 1.59 billion contactless card transactions in April, 1 % more than the 1.49 billion in April 2023. The total value of contactless transactions was £23.7bn in April, a 1.2 % increase on £23.5bn in April 2023.
- The number of contactless credit card transactions was 6 % higher than April 2023. The number of contactless debit card transactions was 0.2 % higher than April 2023.
Lee Hopley, director of economic insight and research at UK Finance, said: “April saw increased usage of debit and credit cards and the continued popularity of contactless payments. There was increased spending on credit cards during the month, but the rate of increase in overall outstanding balances was the slowest since February 2022. Anyone worried about repaying their credit card payments should get in touch with their lender as soon as they can to discuss the options available for help.”