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More credit cards than users in UK, study shows

Mon, 21 Aug 2006

The average number of active credit cards is 1.2 per adult in the UK, according to research.

However, almost half of UK adults are carrying a card which has not been used for 12 months, while just under one quarter have more than one card which regularly carries a balance, the study by Morgan Stanley Credit Card shows.

Furthermore, 0% credit cards or cards with other offers are the most likely to be dormant, after the deals have expired.

Some 33 per cent of unused cards in the UK are expired 0% credit cards, with cards from the user's bank account accounting for 21%.

Patrick Muir, marketing director for the Morgan Stanley Credit Card, commented: "There has been much speculation about the increasing use of plastic in the UK but our report shows that British cardholders are perhaps more savvy than they have been given credit for.

"Millions of cardholders are taking advantage of loyalty schemes for their everyday spending, with these cards least likely to be lying idle in wallets."

Recent research from Morgan Stanley showed that more Britons are using their credit card for everyday spending such as groceries.


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