Survey: 14m use credit cards for everyday purchases
Wednesday, 17 February 2010 11:38
By myfinances.co.uk staff
Four out of ten credit card holders are paying for everyday items such as food and petrol using their plastic, according to new research.
A study by moneysupermarket.com found 14 million people use their cards to cover day-to-day costs, with 28% turning to their flexible friends at least once a week.
More than a quarter (26%) of men own three or more credit cards, compared to 16% of women.
Almost half (49%) of females use their credit card more than once a month, while the same percentage of males pay with plastic on a weekly basis.
A third of females and a quarter of males do not have any credit cards, moneysupermarket.com found.
The company's credit cards expert Peter Harrison said the number of people relying on their cards to buy day-to-day items is "alarming".
"If you are funding everyday items such as petrol or food and still paying for it long after the product has been used, you should seriously consider stopping," he said.
Figures from Moneyfacts show average interest rates for credit cards are currently at a 12-year high of 18.8%.
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