Debit Cards Win Popularity Contest

As shown by the December 2006 spending figures, purchases on credit and debit cards made up for 63% of festive retail sales.

In the final month of 2006’s festive season there were a total of 669 million credit and debit card transactions, equating to 250 transactions per second every day of December!

However, debit card spending made up 462 million of those 669 million transactions; roughly 69%. Debit cards far surpassing credit cards in popularity, resulting in a 15.3% increase in debit card charges from 2005.

Credit card spending only accounted for 197 million transactions, falling by 4% mirrored against 2005’s figures.

However, with credit and debit’s forces combined they totaled £31 billion, £19.6 billion of that sum belonging to debit cards.

Myvesta UK