The European Central Bank's (ECB) recent interest rate hikes, aimed at combating inflation, impacted consumer spending and credit card usage in Germany in 2024, which slowed compared to the previous year. However, as it succeeded in easing inflation, the Governing Council of the ECB decided to cut three key ECB interest rates by 25 percentage points in February 2025. Higher borrowing costs have made consumers more cautious about utilising traditional credit facilities, including credit cards. Th

In 2024, credit cards in South Africa continued to perform positively across all indicators. An increasing number of South African households have started relying on credit cards to meet month-end commitments, a scenario exacerbated by rising electricity and fuel prices having an accumulative effect on essentials such as groceries. The trend has been noticeable among low- and mid-income earners due to many experiencing difficulties in repaying asset-backed debts such as mortgages and vehicle fin

Morocco is a country heavily reliant on cash, and those consumers who do want a financial card historically favour debit cards to any other type of financial cards. Credit cards therefore remains significantly underpenetrated, partly due to limited consumer awareness, but also continues to suffer from a negative perception amongst locals due to fear of falling into financial difficulty, and concerns over fraud when transacting online. The application process for a credit card also remains length

2024 had barely rung in when Capital One made an enormous splash. Capital One, an enormous credit card issuer in the US, announced in February 2024 that it intended to purchase US credit card network and banking services provider Discover Financial Services. The domestic and international implications of this deal, if it is successful, will be broad and long-lasting. From an international perspective, Discover runs one of only a handful of truly global payment card networks, The Discover Global

The Danish credit card market enjoyed a strong year in 2024, with both transaction volumes and retail sales value continuing their strong growth trajectory. Credit card usage already surpassed pre-pandemic levels, with 2022 marking the point at which transactions volume and value exceeded 2019 figures, and further expansion has been recorded since. Despite this positive development, the number of credit cards in circulation continued its gradual but steady decline - a trend observed over several

Credit cards in the Czech Republic saw growth in volume and current value transactions slow sharply in 2024. This was mainly explained by the normalisation of usage patterns, in that as inflationary pressures receded and the wider macroeconomic climate improved, households and companies became less reliant on these instruments for financing essential needs and emergency purchases and more inclined to pay off balances accumulated earlier in the review period, when the cost of living and doing bus

Credit cards continued to record a steady increase in the volume of cards in circulation, mainly due to the relatively low penetration of such cards in Nigeria. Credit card transaction values saw strong growth as households battled against challenging economic conditions, with existing cardholders using their credit cards to meet their financial obligations. Nevertheless, overall performance was hampered by rising interest rate in response to the Central Bank of Nigeria’s more restrictive moneta

Credit cards in Israel struggled amid rising economic uncertainty and high interest rates in 2024. A noticeable shift has emerged among locals towards safer payment methods, and debit and charge cards are increasingly favoured as they provide a straightforward and reliable means of managing expenses without accruing unnecessary debt. The stability and control offered by these methods are particularly appealing in an environment marked by financial unpredictability.

Credit cards recorded a promising performance in Greece in 2024, thanks to relative stability and the start of economic growth in the country. This relates to transaction values and volumes and the number of cards in circulation. However, as seen in debit cards, an increase in everyday usage means smaller transactions per spend, in line with the increased frequency of use.

Credit cards in Sweden faced an upbeat performance in terms of transaction growth during 2024. Credit card use picked up over the year with transactions rising well above pre-pandemic levels, reflecting higher usage among existing customers. With inflation falling over 2024, transaction values were less impacted by inflation compared to the previous two years, yet value growth remained robust. After the pandemic, there was much pent-up demand for activities which were restricted, including going

While credit cards in Colombia showed a modestly improved result in terms of growth in current value transactions in 2024, the rate at which volume transactions rose fell well below that registered in 2023. Despite a series of interest rate cuts and an uptick in economic activity, expansion was constrained by the tendency of many households and companies to rein in their use of these instruments and instead pay off existing balances accumulated earlier in the review period, when they were freque

The rising number of credit cards and transactions in Turkey is primarily driven by the influx of new consumers entering the banking system and obtaining credit cards as they transition into the job market after graduation. There is also a strong correlation between inflation and credit card expenditure in Turkey, as consumers are more reliant on this payment method during an economic downturn. Whilst consumers are spending more on credit cards in 2024, inflation has directly impacted retail pri

In 2024, Ukraine’s credit card market continued to evolve amid ongoing economic challenges and the war. A gradual decline in interest rates played a pivotal role in supporting this recovery. The growing adoption of contactless payments, propelled by the expansion of supporting infrastructure and the popularity of digital wallets such as Apple Pay and Google Pay, further strengthened the market. Banks actively introduced credit card products with rewards and cashback incentives, exemplified by AT

The number of credit cards in Romania continues to grow but at a slower pace in 2024. Credit cards are facing growing competition from pre-paid cards and BNPL as well as a general lack of innovation. Nonetheless, transaction value growth remained relatively steady in 2024. Slowing inflation and rising disposable income has gradually improved the financial stability of consumers helping to boost purchasing power in 2024. However, the post-pandemic boost in expenditure over 2021-22 has largely dis

Credit card debt remained the most expensive forms of debt offered by financial institutions in Hungary in 2024. Under current regulations, the APR on credit cards can reach up to 39% percentage points above the prevailing base rate of the central bank. However, actual credit card rates are significantly below this maximum. Additionally, the APR on credit cards has been steadily decreasing, currently standing approximately 5ppt lower than the previous year. This trend is expected to continue, as

Credit cards face a decline in cards in circulation and number of accounts in Peru in 2024, while transaction values fare better with a positive performance. Ultimately, credit cards face ongoing competition from other payment methods, such as debit cards and pre-paid cards, being options which do not incur high interest charges as per credit cards. Indeed, while the economy in Peru is improving, consumers remain cautious about over indebtedness and are prudent with their finances due to the pre

Credit cards in Italy has shown another solid performance in 2024, with healthy growth in volume and current value transactions projected for the entire year. Usage levels have been buoyed by a substantial reduction in inflation, in that the easing of cost-of-living pressures has bolstered confidence and spending among consumers and made many more willing to borrow to finance purchases. The latter behaviour also reflects a longer-term cultural shift in which Italians are increasingly comfortable

Credit cards in Portugal benefitted from falling interesting rates and rising consumer confidence in 2024. Though inflation levels and interest rates remained relatively high, the slowdown of the Euribor interest rates bolstered consumer confidence. This was especially show from Q2, with a moderate rise in disposable incomes boosting credit card usage.

While credit cards benefit from similar strengths to debit cards, such as wide merchant acceptance, high level of digitalisation and strong brands, credit card usage is much lower. The number of credit cards in circulation is high, but there has been a downward trend for years, in terms of transactions and expenditure. Fewer Norwegians can get a credit card compared to debit cards. Credit card users also choose to use their credit cards far less frequently than their debit cards, whether stored

Credit cards face extinction due to the withdrawal of the "Gespreid Betalen Faciliteit" (Spread Payment Facility) in the Netherlands in 2024. The Dutch government and financial institutions have focussed on reducing fraud and enhancing consumer protection, leading to stricter regulations on credit card usage. This has resulted in International Card Services BV (ICS), a leading issuer of Visa and Mastercard credit cards in the Netherlands, ending the "Gespreid Betalen Faciliteit" from 1 October 2

Credit cards in Canada benefitted from 2024’s difficult economic environment, with persistent high inflation and interest rates, as purchasing power continued to deteriorate and Canadians increasingly relied on credit and credit cards to cover daily expenses. As a result, outstanding credit card balances as well as minimum payments requirements rose, motivating lenders be extra diligent when approving new limits or increasing existing ones.

The number of credit cards in Poland was diminishing in 2024. One reason for this trend was competition from deferred payments, which are gaining ground rapidly in Poland. Buy Now Pay Later (BNPL) services work on a similar principle to credit cards - they provide the user with a credit limit which, when repaid within a specified period, does not involve any costs. The given period is usually around 30 days. Other forms of consumer credit, particularly online loans, also constitute a rising alte

A key trend affecting credit cards in Egypt in 2024 centred on changing regulations around the use of such cards abroad. Whilst the Central Bank of Egypt (CBE) did issue restrictions on the use of Egyptian credit cards used abroad in in late 2023 and early 2024, the CBE then instructed banks to open the limits for the use of credit cards in foreign currencies in March 2024 [according to Reuters]. The CBE's directives came within the framework of a comprehensive economic reform programme that is

In 2024, credit cards in France recorded small increases among some segments as consumer credit continued to gradually recover. Though growth was low, it gave cautious hope to stakeholders as volumes of new consumer credits increased, enabling credit cards to stay afloat in terms of numbers, transactions and value.