UK Credit Cards market report
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Providing the most comprehensive and up-to-date information and analysis of the Credit Cards market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Products covered in this Report
For the purposes of this Report, Mintel has used the following definitions:
Credit card – a plastic payment card, which allows the cardholder to pay for goods and services on credit, up to an 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 74 of the Consumer Credit Act. It can also be used for cash acquisition, although there is usually an additional fee for ATM (Automated Teller Machine) 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 owed).It is also common for credit cards to come with extra features and services, such as cashback on purchases, and some are attached to a reward or loyalty scheme.
Expert analysis from a specialist in the field
Written by Patrick Ross, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Credit cards have become increasingly accessible and affordable through a glut of good deals, whether people are looking to be actively rewarded for spending or are simply in the market for a plastic safety net. Rapid growth over the past five years has attracted attention from the regulators, and any intervention is likely to mean future growth is subject to limitations.
Senior Financial Services Analyst
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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