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Credit card cash advances not so popular

14/04/2011

Cash withdrawals on credit and charge card accounts are making up a rapidly declining proportion of total transactions – both in terms of volume and value.

In February 2011, the percentage of all transactions made up by cash advances fell to just 1.71%. The proportion of the value of cash withdrawals is also in very serious decline, down to 4.53%.

That decline in cash advances is generally indicative of many things, not least of which consumers becoming more savvy when it comes to the way they use their credit cards (cash advances attract higher issuer fees and interest rates).

It also reflects a general trend away from cash and toward electronic forms of payments – something we have seen now for some time.

Source: MasterCard



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