Outstanding balances on UK credit card accounts have grown by 9.8% over the twelve months to November. Some 49.5% of outstanding balances incurred interest compared to 50.9% in November 2022.

There were 379.3 million credit card transactions in November, 6.4% more than in November 2022. The total spend of £20.9bn was 6.2% higher than November 2022.

There were 2.21 billion debit card transactions in November, up 2.6% y-o-y. But total spend fell by 1.3% y-o-y to £66.3bn. Debit and credit card transactions combined rose by 2.9% y-o-y. But total spend inched down by 0.3% to £73.3bn.

Contactless payments accounted for 61% of all credit card and 75% of all debit card transactions.

There were 1.55 billion contactless card transactions in November, 4.8% more than the 1.48 billion in November 2022. The total value of contactless transactions was £24.4bn in November, a 6.8% increase on £22.9bn in November 2022.

The number of contactless credit card transactions was 8.8% higher than November 2022. The number of contactless debit card transactions was 4.2% than November 2022.

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UK credit card balances hit record high: FICO

FICO’s monthly UK credit card market report for November revealed that the average credit card balance in November stood at £1,740. This followed a general pattern of increases throughout 2023. This is the highest level since FICO records began in 2006. It is expected to increase further in December as continued high prices and the associated pressure on households, cause a drop in the percentage of balance being paid. The percentage of customers spending over their credit card limit has also been trending up over the last two years; currently standing at 1.24%; a 5.3% increase month on month and 26.7% increase year on year. However, the average overlimit amount has remained stable at £90.