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? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
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 74 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).
It is common for credit cards to come with extra features and services, such as cashback on purchases and no transaction fees on overseas spending. Some are also attached to a reward or loyalty scheme – although this is more common at the premium or fee-paying end of the market.
Charge card – like a credit card except the balance must be paid off in full at the end of each billing cycle. Fees are imposed if this requirement is not met. Some charge cards do not impose a credit limit, giving the cardholder a limitless amount of credit. Most charge cards are attached to a reward scheme.
Expert analysis from a specialist in the field
Written by Sarah Hitchcock, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The credit card market is going through an interesting phase. On the one hand, providers are withdrawing their most generous deals, as they seek to offset extra costs linked to new regulation. On the other hand, they are pumping investment into new payment innovation, as they face growing competition from a new generation of connected payment services.
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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