Spending on payment cards reached £49.6 billion in February with debit cards continuing to outstrip credit cards, according to the latest figures from The UK Cards Association.

Consumers spent £35.2 billion on their debit cards in the month, up 7.7 per cent on the previous year. At the same time credit card spending also grew, but at the lower rate of 5.6 per cent to £14.4 billion. Figures show that around four-fifths of credit and charge card spending is made by cardholders who repaid the balance in full.1

Overall growth in card spending has slowed in recent months reflecting the drop in inflation. At the same time, the robust growth in the number of card transactions has continued, with purchases up 9.8 per cent year-on-year to a record 1.053 billion.

Card spending online, published for the first time last month, accounted for 24.4 per cent of total card expenditure and 11.3 per cent of transactions. The average transaction online was for £103.62, more than double the average for all settings of £46.92.

Richard Koch, Head of Policy at The UK Cards Association, said:

“Consumers are using their cards more than ever before, with over 435 transactions taking place every second, meaning a great number of smaller transactions. At the same time, as inflation remains at a record low it means we’re seeing the growth in the amount people spend on cards slowing.”