The November 2024 report on U.K. credit card usage reveals that while 76% of consumers with a financial institution relationship own a major credit card, credit cards are losing ground to alternatives like BNPL, which saw 40% of users open new accounts in the past year compared to 19% for credit cards. Application denials were more common for credit cards (40%) than BNPL (32%). Most credit card applications were submitted via smartphones or PCs. Credit cards rank behind debit cards and cash for everyday purchases, but remain favored for large expenses. Consumers prioritize credit limits, ease of application, and rates, yet show limited loyalty to primary financial institutions for card selection.

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