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"Cards preferred by British spenders"

By admin | April 28th, 2008 | Credit Cards

A recent report has shown that the majority of Brits prefer using plastic cards to money when it comes to making purchases, reflecting how reliant the nation has become when it comes to putting things on the plastic. Consumers were found to prefer credit and debit cards to make their purchases rather than carry cash around or write cheques. The research was carried out by Fool.co.uk.

The use of plastic has become more and more popular over recent years, and these days a great many of us are always armed with our plastic cards, whether popping to the shops, going on a night out, or heading on holiday. A breakdown of the figures showed that 37% of consumers use their debit cards to make purchases, 32% use their credit cards, but only 29% of consumers used cash.

It was also found that around a third of consumers only carry around £10 or less on them in cash, and nearly half of consumers only withdraw money from a cash point once a week or less. However, whilst using plastic cards can be convenience, simple, and secure compared to carrying around cash, some industry professionals are concerned that spending money that cannot be seen makes it all too easy to get into debt or overspend.

Other facts revealed by the survey showed that men tend to carry around more cash on them than women, consumers aged over fifty preferred to withdraw money from a cashier rather than from an ATM, and consumers aged between 18 and 24 carried around three times less cash on them than consumers aged fifty or over.

Tags: Credit Cards

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