Report
2021 State of credit
The new reality of credit: How COVID and BNPL are altering the future of consumer spending
- 70% of consumers are more conscious of their credit card balance post-COVID-19
- More than two-thirds (67%) of BNPL adopters have increased their use over the last 12 months
- 59% of UK consumers have used credit cards to make ends meet during the pandemic
Credit cards could be usurped by BNPL as the credit option of choice
According to the survey, seven out of 10 consumers that use BNPL prefer this option to their credit cards, citing affordability and ease of management as key reasons. Over half (54%) of them said that BNPL will replace their use of credit cards.
Credit cards are still a constant in consumer lives
The survey shows that UK consumers still rely heavily on their credit cards, with 64% reporting to use their credit card at least once per week. Over two-fifths (42%) use their credit cards to make five or more purchases a week.
What do consumers want next from their credit providers?
The report found that consumer interest in different types of credit cards is high, as they look for new ways to build and spend their rewards. Our report details what attracts consumers to credit providers and how financial institutions and fintechs can keep up.
