One in two Brits 'prefer to use debit or credit cards when spending over £5'
Over half of Brits prefer to use their debit and credit cards instead of cash when spending more than £5, a new study has found.
One in two Brits 'prefer to use debit or credit cards when spending over £5'”
According to the research by the Co-operative Bank, 52% of women believe they spend money quicker when using cards, whereas 53% of men think it is easier to spend cash.
The study also found that in general people prefer to pay bigger sums of money on their debit or credit cards.
For smaller items, people largely prefer to pay by cash.
The Co-operative Bank also asked participants how much money they carry around at any one time. The results revealed that on average women carry £24 in cash, whereas men carry £31.
Darren Prescott, current account product manager at the Co-operative Bank, said: "We have noticed over the last year there has been a 4.5% increase in debit card usage over cash, as we believe people feel safer carrying less cash on a day-to-day basis".
The Co-operative Bank is currently offering a credit card called Think, with 12.9% APR typical/variable and no annual fee.
A total of 1.25p is donated by the bank to deserving causes for every £100 spent on the card.
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