Shoppers switch to credit cards
Shoppers are increasingly using their credit cards for day-to-day spending rather than one-off purchases, UK Finances has said. Credit card spending saw a sharp rise of 12.1% in October compared with the same month in 2017, according to the trade body. The greater protection offered when buying bigger purchases and the temptation of loyalty point has led to their increased use. Over the past 12 months, the outstanding level of borrowing on the cards issued by the high street banks grew by 5.7%, UK Finance found. Total spending on these bank-issued credit cards was £11.3bn in October.