Home » Finance » Credit

Ten Reasons why Credit Cards are so Popular in the UK

Aug 17, 2007
According to APACS (Association for Payment Clearing Services), in 2004 we Brits charged just about 269bn on our plastic. Cash sales for the same period totaled just about 268bn. For the first time in history, credit card sales topped cash sales. If it wasn't official before, it is now - credit card UK spending is a way of life. What has made them so popular in the UK in just a generation?

1. Living on the never-never has become living for today. Today's culture is more mobile - both socially and financially. We've come to expect that we'll have more to do with tomorrow than we have today. With that comes the realisation that debt is less a burden of shame than it is a payment in advance from tomorrow's wealth.

2. We're richer faster than ever before in history. It's a hurry hurry get it now culture that's fuelled in part by watching housing values soar while interest rates remained low. As a result, we're feeling richer and more able to take on some debt in the interests of living well NOW.

3. And then there's the American influence.
It has to be said. In the mid-90s, American lenders set up shop and started doling out easy credit terms and quick turn-around times on credit card and loan applications. With the advent of online applications and scoring checks, what used to take days now takes minutes.

All right, you're saying - what's all this got to do with the popularity of credit cards in the UK? Simply this - in less than a decade, aggressive marketing, more fluid credit and more affluence set the stage for plastic to become an every day necessity rather than a luxury afforded the precious, privileged few. Credit cards offer advantages in so many ways that once they became easier to acquire, we've quickly made up for lost time.

4. Increased purchasing power. Using a card allows you to make a purchase now rather than wait till you've saved up for it. If you're realistic about what you can afford, this isn't living beyond your means - it's tapping into your future savings

5. Ease of purchase. A credit card allows you to make purchases in places where cash is difficult to handle - over the telly or online for instance.

6. Protecting your purchases. If your purchases are lost or damaged, you have proof from your credit records that the purchase was made. It's far easier to get reimbursement with that proof. In addition, many card issuers insure purchases made on their cards for up to a year.

7. Building your credit history. Using credit wisely builds a strong credit history - a very good thing when you go to apply for a mortgage or car loan.

8. Quick cash for emergencies. Cash advances make it easy to get cash in a real emergency - without resorting to bank loans or begging relatives.

9. Ease of record keeping. Regular statements give you a handy record of all your purchases for verification when you need it.

10. Credit card benefits. Cash rewards and cash back and discount programs from various card issuers can save you a good bit.

It's easy to apply for a credit card online. There are some really good comparison sites online where you'll find listings of credit cards that make it easy for you to compare them against each other. If you're looking for the best credit card UK issuers
have to offer, you'll be able to find all the information you need at some really good online comparison sites.
About the Author
Jon Francis has been involved with finance for many years! With an in-depth knowledge of the credit card UK market help helps others get the best from a credit card.
Rating:
Please Rate:
(Average: Not rated)
Views: 154
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources