If used correctly, credit cards can help you to spread out expenses month by month, earn rewards on day-to-day spending and improve your credit score. However, some people are reluctant to use their cards for fear of getting into debt. We’ve collated the latest statistics on credit card ownership and spending in the UK.
As of November 2024, there are an estimated 59 million credit cards in the UK, up from 58.2 million in November 2023. Over the last year, the number of credit cards in the UK has fluctuated slightly, remaining around the 59 million mark.
People spent £20.8 billion on UK credit cards in November 2024, up from a total spend of around £19.6 billion in November 2022.
Month |
Number of credit cards |
Number of debit cards |
|---|---|---|
November 2024 |
59,023,000 |
104,508,000 |
November 2023 |
58,245,000 |
101,570,000 |
November 2022 |
58,400,000 |
100,268,000 |
An estimated 36.2 million people, or 68% of UK adults, have at least one credit card in 2023, according to our recent survey. On average, UK residents have around 1.7 credit cards per person.
The average monthly spend on a credit card is £353, as of November 2024. This has almost doubled since January 2021, when the average monthly spend on a credit card was just £171.
January 2024 |
£348 |
|---|---|
January 2023 |
£321 |
January 2022 |
£270 |
January 2021 |
£171 |
Approximately 11.6 million credit card transactions happen on UK cards per day, including UK holders and overseas. The number of credit card transactions varies month-on-month and, this year, peaked in November 2023, with around 12.6 million credit card transactions – likely higher due to Christmas spending!
Jan 2024 |
11.2 million |
|---|---|
Dec 2023 |
11.9 million |
Nov 2023 |
12.6 million |
Oct 2023 |
12.1 million |
Sep 2023 |
11.8 million |
Aug 2023 |
12.1 million |
Jul 2023 |
12 million |
Jun 2023 |
12.2 million |
May 2023 |
12.2 million |
Apr 2023 |
10.8 million |
Mar 2023 |
11.1 million |
Feb 2023 |
10.8 million |
Jan 2023 |
10.3 million |
The average credit card purchase value is estimated to be £59 as of January 2024. Not all credit card expenditure comes from purchases, with some expenditure on cash advances and balance transfers.
While the overall value of transactions on credit cards has increased, so has the number of transactions, leading to just a slight increase in the average purchase value, from £55 in January 2021 to £59 in January 2024.
On average, people in the UK have 1.7 credit cards. However, the numbers vary drastically from person to person. According to external research, more than a quarter of Brits (26%) have 3 to 4 cards. Some Brits don’t have a credit card at all!
According to our 2023 survey, 25-34 year-olds are most likely to have a credit card, with three-quarters (75%) of this age group owning one. They are closely followed by 18-24 year-olds, where 74% own a credit card.
Interestingly, those who are aged 45-54 are least likely to have a credit card, as less than two-thirds of this age group (63%) own one.
Those who are younger tend to have a less developed credit history, so more young people may be acquiring credit cards so that they can build their credit score.
Men are more likely to have a credit card than women, with around 7 in 10 men (71%) owning one compared to 65% of women.
Matt Mckenna
UK Head of Communications
T: +44 20 8191 8806
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