Morgan Stanley Credit Card Index finds changing habits

www.moneynews.co.uk > Credit cards > Morgan Stanley Credit Card Index finds changing habits

Morgan Stanley Credit Card Index finds changing habits

Wed 4th May 2005

There has been a shift in the way that consumers use their credit cards, according to a Morgan Stanley credit card study.

The Morgan Stanley Credit Card Index found that everyday purchases like fuel, groceries and household items accounted for 44 per cent of card purchases in the first quarter of this year.

Patrick Muir, marketing director at Morgan Stanley Credit Card, commented: "Credit cards have changed enormously over the years and so has the way that people use them. Credit card customers are looking beyond the short term offers and are realising that reward schemes can provide great benefits.

"These savvy spenders are taking advantage of credit card incentives and beginning to use their cards more and more for everyday purchases. With the majority of credit card balances cleared in full every month, Britons are increasingly more likely to shop around and see how they can be rewarded for their spending."

The Morgan Stanley Credit Card Index also found that the amounts being cleared from card balances is also on the rise with Britons now paying off an average of 78 per cent of their balances. For the over fifty age group this figure rose to 86 per cent.

Related News : Credit cards
	Brits spent less in the run-up to Christmas 2011
	Credit card spending fell in 2011
	Credit cards 'can be a useful budgeting tool'
	Credit card usage 'to rise this month'
	New measures to help Brits with finances
	Credit card spending 'less prolific in the last 12 months'
	AA Launches new reward credit card
	Borrowings 'still need to be repaid' during a gap year
	Clear information in credit agreements called for
	Brits 'focusing on zero per cent cards'