Anything For You All: [NEW CHART] US credit card spending is at its peak and issuers have a big opportunity to capture lasting spend

Minggu, 16 Desember 2018

[NEW CHART] US credit card spending is at its peak and issuers have a big opportunity to capture lasting spend

NEW CHART & DATA: PAYMENTS

How high holiday season credit card spending can benefit issuers…

Credit cards are users' top spending instrument for the holiday season, beating out cash and other payment methods, according to a new study of US adults conducted by CardRates.com. Over half of respondents plan to use credit cards for their holiday shopping, serving up an opportunity for issuers to grab lucrative spending and help customers form habits around their cards that could last beyond the season.

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The seasonal shopping study provides some insights about card habits at a time when credit cards are immensely popular:

Of the 61% of customers who will use credit cards for holiday shopping, most will use them for the lion's share of these purchases. A third of all consumers plan to use their cards for three-quarters or more of their holiday spending, and 20% will do so for all of their shopping. A surge in e-commerce spending this holiday season, which necessitates card payment usage, could be one reason that credit cards are top of wallet this year.
Credit card spending is peaking in the US, so seasonal popularity also augments a broader trend. US consumer debt is growing at its fastest rate in 11 months, and rising credit card debt is a contributing factor, hitting $84 billion in its 14th consecutive quarter of growth in Q3 2018, according to the Federal Reserve Board of Governors. This streak is poised to continue through Q4, when customers are spending more than ever. In fact, US balances overall could grow by 5% or more through the end of this year, according to LendingTree.

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