UK Finance card spending update February 2024

UK Finance today releases its card spending data for February 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 2.06 bn debit card transactions in February, 6.7 % more than in February 2023. The total spend of £60.9 bn was 0.5 % higher than February 2023.
• There were 329.8 million credit card transactions in February, 8.6 % more than in February 2023. The total spend of £18.8 bn was 8.9 % higher than February 2023.
• Outstanding balances on credit card accounts have grown by 9.5 % over the twelve months to February and 50 % of outstanding balances incurred interest compared to 51.2 % in February 2023.

Card transactions made in the UK by cardholders from both the UK and from overseas countries:

• There were 1.96 bn debit and credit card transactions in the UK in February, 7.7 % more than in February 2023. The total spend of £67.7 bn was 1.9 % higher than February 2023.
• Contactless payments accounted for 63 % of all credit card and 75 % of all debit card transactions.
• There were 1.44 billion contactless card transactions in February, 8.5 % more than the 1.33 bn in February 2023. The total value of contactless transactions was £22.1 bn in February, a 11.3 % increase on £19.8 bn in February 2023.

The number of contactless credit card transactions was 10.9 % higher than February 2023. The number of contactless debit card transactions was 8.1 % higher than February 2023.

Janine Randolph, head of data management at UK Finance, says: “Growth in credit card balances outstanding was largely unchanged in the year to February, but the volume of balances incurring interest fell a little during the same period. This partly reflects the continuing rising cost of goods and, reassuringly, means we haven’t seen signs of a fall in consumers’ ability to manage their credit card repayments. Consumers worried about repaying their credit card bill should get in touch with their lender early to discuss the options available for help.”