Increased credit card spending is no surprise, says Egg

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Increased credit card spending is no surprise, says Egg

Egg has said that it has not come as any surprise that debit and credit card spending is on the rise, with the firm claiming that the payment medium will soon become the only logical choice.

These comments were made by head of Egg cards Harald Schneider, who suggested that cash is no longer king in modern society, with such transactions set to drop to just half of the total carried out over the next five years.

He highlighted how cheques have been eliminated from the potential payment options and claimed that cards are now used for everyday purchases, as well as large transactions.

Mr Schneider explained: "It's not surprising that card use is increasing in popularity each year. Cards offer an easy and safe payment option compared to cash, which is rapidly declining in popularity."

Barclaycard recently noted that its retail card spending index for March indicated a 9.2 per cent year-on-year increase, which could be good news for retailers.

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