High Interest Rates Push Shoppers From Credit to Debit Cards

High interest rates push shoppers from credit to debit cards - London Business News

High interest rates push shoppers from credit to debit cards, revealing a shift in payment trends according to the latest BRC survey.

Shoppers turning to alternative payments such as buy now pay later

Shoppers increasingly turned to “alternative” ways to pay in 2024, such as buy now pay later methods, according to the British Retail Consortium (BRC). Its annual payments report found that alternative payments, which include buy now pay later (BNPL) schemes, accounted for 3.8% of transactions in 2023, rising to 4.1% in 2024. The report suggested that interest rates charged on credit cards could be pushing some consumers towards other payment me…

BRC reveals latest consumer payments findings

Drapers BRC reveals latest consumer payments findings Consumers cut back on credit card spending in 2024 as higher interest rates made borrowing more expensive, according to new data from the British Retail Consortium (BRC).The post BRC reveals latest consumer payments findings appeared first on Drapers.

High interest rates push shoppers from credit to debit cards

The British Retail Consortium (BRC) has published its annual BRC Payments Survey, showing the changing way in which people made payments in 2024. This year’s survey reveals a significant decline in the use of credit cards, from 14.2% of transactions to 12.6%. With higher interest rates making credit cards a more expensive way to shop, consumers turned to debit cards where usage increased from 62.0% to 64.0% of transactions. As the cost of living…