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Credit card demand is on the rise

New figures from the BBA shows that people are spending more on their credit cards.

More from Trends and Analysis
26 October 2013

Credit card demand is on the rise

Consumers seem more keen to get hold of a credit card, according to new figures from the British Bankers' Association (BBA).

Over the last month, £8.3 billion worth of new credit card spending was recorded, which is higher than the average for the last six months. During the same time, £8.2 billion was repaid.

The report stated: "Demand is being stimulated by improving consumer confidence and the range of competitive offers available."

Credit card providers have been presenting more and more promising offers over recent months. More and more companies are offering low interest deals and other perks such as cashback and loyalty points.

Additionally, as it is now easier to switch current accounts, with the government instructing banks to make this possible within seven days, customers may be tempted to see what credit cards their provider has on offer too.

Recent research from Equifax shows that customers are more likely to switch providers if they offer cashback.

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