5 May 2005
Consumers in the UK are increasingly using their credit cards over cash to pay for small everyday purchases such as groceries and petrol.
According to the Morgan Stanley Card Index published yesterday, these daily purchases are now accountable for 44 per cent of credit card purchases.
Economists have suggested that the finding is indicative of the changing pattern of credit card usage in the UK as cards increasingly challenge traditional methods of payment.
Patrick Muir, marketing director at Morgan Stanley Credit Card said: "Credit cards have changed enormously over the years and so has the way that people use them.
"Credit card customers are looking beyond the short term offers and are realising that reward schemes can provide great benefits. These savvy spenders are taking advantage of credit card incentives and beginning to use their cards more and more for everyday purchases."
Mr Muir added: "With the majority of credit card balances cleared in full every month, Britons are increasingly more likely to shop around and see how they can be rewarded for their spending."
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