Credit Card Issuance in the UK
Credit card issuance revenue has fallen at a compound annual rate of 3.5% over the five years through 2023-24 to £13.9 billion, despite growth of 0.8% in 2023-24. The COVID-19 outbreak dealt a hefty blow to credit card issuers as households began to use their cards for fewer purchases. Meanwhile, the cost of living crisis has been both a blessing and a curse – on the one hand, households have turned to credit cards to pay for necessities as incomes fall; on the other hand, it has caused a higher rate of defaulting.
The industry deals with issuance of credit and charge cards, which provide a line of credit or cash to businesses or consumers to use for purchases. Credit card balances roll over month to month. The balances can be repaid in full or on an instalment basis. Charge card balances must be paid in full monthly. Cards are not issued directly by Visa, MasterCard, Diners Club or American Express, but these companies do provide the transaction processing networks.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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