Survey Finds Credit Card Habits Have Changed

The Morgan Stanley Credit Card Index carried out a study recently and found that credit card customers spending habits have changed when using their credit cards.

It was found that almost half of purchases made on credit cards, in the first 3 months of this year, were made on everyday products, such as fuel for the car, the weekly shopping and other household items, this is stark contrast of being used for more extravagant purchases, on clothes, restaurants and holiday’s.

Morgan Stanley Credit Card marketing director, Patrick Muir said that the reason for the change in the way that we use our credit cards, comes from the fact that credit cards have changed a great deal through the years, leading to credit card customers receiving benefits from reward schemes, which they wouldn’t get from using a credit card as a short term financial fix

He also said that credit card users are a lot more knowledgeable, when it comes to applying their credit cards to their advantage. With the incentives that credit card issuers are offering now to entice you to buy into the card in the first place, customers who clear their balances at the end of each month, will find that if they search for the best credit card deal that they can get their hands on, then the chances are they will find that for all that they spend, the rewards for spending on a credit card can be quite profitable.

With the British public now on average clearing their credit card balances, to the tune of 78 per cent, the using of credit cards will some day, overtake the use of paper money someday. Another significant find, which the Morgan Stanley Credit Card found was that the older and wiser generation were a great deal more conscious when it came to clearing their balances, with a massive 86% of the over fifty’s having clear accounts at the end of each month.