Credit Cards - UK - August 2019
Covered in this report
For the purposes of this report, Mintel uses the following definitions:
Credit card – a plastic payment card, which allows the cardholder to pay for goods and services on credit, up to a pre-agreed limit. It offers an added advantage over paying by debit card, in that purchases over £100 (and up to £30,000) are covered under Section 75 of the Consumer Credit Act. It can also be used for cash acquisition, although there is usually an additional fee for ATM withdrawals.
The credit facility allows the cardholder to have a revolving balance, which can be paid off over a period of time. There is typically an interest-free period of up to 56 days from the date of purchase, after which time interest will be charged on any outstanding balance. If balances are not repaid in full, the cardholder will be required to make a minimum monthly payment (usually the higher of £25 or 1% of the balance, plus any interest and fees owed)
“People continue to use their credit cards for spending, making the most of benefits and extra protection. They are hesitant about taking on unnecessary debt and are keen to repay as soon as possible. Providers are rethinking their proposition, to meet the needs of both transactors and borrowers amid the threat of disruption from challengers. In a competitive market, support and flexibility will be key.”
– Irene Salazar, Senior Financial Services Analyst
This report looks at the following areas:
- Market focus on responsible lending and sustainable borrowing
- Renewed interest in credit scores
- Cash(back) is king
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