UK Finance: Credit card spending fell 50 per cent in first month of lockdown
- The value of credit card transactions in April dropped to £8.7 billion half the value compared to April 2019
- In the first full month of social distancing measures the number of credit card transactions
- Outstanding balances on credit cards fell by almost £4.7 billion in April 2020
- Reduced opportunities to spend in shops due to the Covid-19 lockdown also led to a record proportion of card transactions
- Contactless card spending saw a notable drop in April with 404 million transactions in the UK
- The banking and finance industry has put in place a number of measures to help customers adapt to this new economic environment
