-2012 holiday card spend up 10% in UK, according to FICO.
BANKING AND CREDIT NEWS-February 19, 2013--2012 holiday card spend up 10% in UK, according to FICO(C)2013 M2 COMMUNICATIONS http://www.m2.com
19 February 2013 -- US analytics and decision management technology firm FICO (NYSE: FICO) said that its quarterly UK cards data showed that average total sales per "classic" credit card hit a two-year high in December of GBP 600.25, surpassing the level from December 2011 by 10%.
The latest data from the FICO Benchmark Reporting Service showed that average sales per Irish card also rose, hitting a two-year high of EUR 732.55, while student cards were slightly above 2011 levels.
Only premium cards fell in terms of spending compared to December 2011, FICO said.
According Nigel Brayne, FICO's senior director of global business consulting, growth in card spending far outstripped the growth in December retail sales compared to last year, which the UK government puts at 1.8%, excluding fuel.
He said that the move suggests that many consumers shifted their spending to credit cards, perhaps so that they could pay for gifts over a longer period of time.
For accounts on the books less than 12 months, FICO's data also showed a drop of 22% in the percentage of payments to balance, compared with December 2011. For these accounts, average total sales were up 4% over last year and utilization was up 5%.
FICO said that payment trends were still positive in the most recent data, with the percentage of balances that were two cycles (60 days) delinquent hitting a two-year low.
Find out more at www.fico.com/news..
1 USD = 0.646385 GBP
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