Credit Card Statistics 2022: 65+ Facts for Europe, UK & US (2023)

Credit cards have been around since the 1920s, issued by stores to allow loyal customers to easily spend money. The first Diner's Club cards came out in 1950, the original "universal" credit cards.

Since then we have seen the creation of corporate credit cards, debit and deferred debit cards, magnetic strips, security strips and evenvirtual credit cards.

Credit and cashlessness are an integral part of the modern economy. And businesses around the world depend on credit to pay and be paid.

In the first half of this article we look at some interesting facts about the adoption and use of credit cards in the UK, US and Europe.

Next, let's take a closer look at credit card statistics.Fraudin these markets and some reasons why prices may be different in each.anti-fraudit is critical to a functioning credit system, and the differences in these markets are fascinating.

Credit Card Statistics 2022: 65+ Facts for Europe, UK & US (1)

credit card statistics

Let's start by looking at some very interesting data points on credit card usage, both personal and professional. Let's start with how widespread credit card use really is.

card ownership

  • There are 1.06 billion credit cards in use in the United States and 2.8 billion credit cards worldwide. (layer processing)

  • Americans have an average of four credit cards. (Experian)

  • In the EU, the number of cards per inhabitant ranges from 0.8 to 3.9. (European Central Bank)

  • Luxembourg leads Europe in the number of cards carried, but this includes the proportion of cards issued to cardholders who do not live in Luxembourg. (European Central Bank)

  • In the UK there were 32.3 million people with a credit or charge card in 2016, around six in ten adults. (Die UK Card Association)

  • In 2016 there were 51.1 million debit cardholders in the UK, more than nine in ten adults (96%). (The UK Cards Association)

  • Total spending across all debit and credit cards in the UK reached £800bn in 2018, with 20.4bn transactions made over the course of the year. (UK finance)

  • Card payments accounted for 78.4% of all UK retail sales at the end of the first quarter of 2017. (smart trader)

  • In 2018 there were 368.92 billion card transactions worldwide. (

  • The average value per card payment in the UK isdecreasingfast:

Credit Card Statistics 2022: 65+ Facts for Europe, UK & US (2)

Image source:smart trader

This is most likely due to the rise of contactless payments. These have spending limits of £30 and these small transactions have replaced what would previously have been cash payments.

As credit card use increases, credit card debt must also increase. Businesses and individuals are taking out small loans from their card providers in hopes of paying them back before interest hits.

So how important is credit card debt around the world?

credit card debt

  • US credit debt exceeded $1 trillion in 2017 and was $868 billion as of August 2019. (Reuters)

  • However, 2020 was the first year that average credit card debt increased in the USreduces- 14% less than 2019. (Experian)

  • Alaskans have the highest average credit card debt among the states, followed by Connecticut and New Jersey. (experimental)

  • Iowa had the lowest average amount of credit card debt in 2020, followed by Wisconsin and Mississippi. (experimental)

  • Together, Brits have £72.1 billion in credit card debt. (The fool)

    (Video) Everything you NEED to Know Celebrity Cruises

  • German customers are notorious for being debt-averse, while British and Turkish customers (amongst others) often have large revolving debts. (Deloitte)

Credit Card Statistics 2022: 65+ Facts for Europe, UK & US (3)

Image source: Deloitte

new technologies

As we will see shortly when we look at fraud, new technologies can have a major impact on the way people pay.

Now we come to a certain form of credit card that is widely trusted around the world.

Effects of Covid-19

The Covid-19 pandemic as of 2020 has made society more hygiene conscious and seems to have affected people's preferences for cash over card.

  • Cash volumes in the UK have fallen by up to 60% in 2020. (

  • In the US, 28% of people have given up cash altogether. (FRBSF)

  • Online shopping accounted for 28% of UK sales in 2020, up from 19% the year before. (

These three stats show that credit card use has almost certainly increased during the pandemic, especially compared to cash. No doubt contactless payments will also have increased and some countries will require them.

And, of course, business travel (and all travel) collapsed. Which, of course, will have reduced the overall cost of the credit card for labor costs.

Read more about the impact of Covid on business travel.

business credit cards

Businesses, large and small, rely on credit cards for a line of credit, but more importantly, to make business purchases. As long as we don't thinkclassic corporate credit cardsare the best option for most, it is clear that most companies still see them as an essential tool.

  • About 67% of small businesses have a business credit card, but only 24% say it's their top business payment method. (Forbes)

  • Although relatively few, small business credit cards account for about 1 in every $6 spent on general purpose cards in the US.

  • Only 29% of US small business owners who collect credit card rewards use them to pay for business expenses. (Forbes)

  • The average interest rate for US business credit cards is 19.71%. For travel award cards, this rate is 20.56%. (Die Balance)

  • There are 500,000 business credit cards in use in the UK. (

  • SMEs make up 99% of UK businesses and 13% of them use credit cards. (

Credit Card Fraud Statistics

Now we come to a major problem for businesses and individuals around the world: credit card fraud. According to Merchant Savvy,Global payment fraud has tripledfrom 2011 to 2020 from US$9.84 billion to US$32.39 billion.

Using statistics, we will try to understand the nature of this problem in Europe, the United Kingdom and the United States. But first, we need to identify the types of credit card fraud people may encounter.

Types of Credit Card Fraud

In the following data points we will use some terms repeatedly. Rather than repeating their meaning each time, here are the key definitions for the different types of credit card fraud:

  • CNP-Betrug (Card Not Present).: These are scams that do not require a physical card. This usually means online payments. It is also known as "remote buying" scam.

  • Online Fraud: A type of CNP scam related to online payments.

  • Fraud in mail and telephone orders: Other CNP scams involving stolen credit card details used over the phone or in the mail.

  • Card Existing Fraud: This is a general term for types of fraud that require a physical card.

    (Video) Watch these hackers crack an ATM in seconds

  • Fake card scam: This is where scammers copy your card details via your magnetic stripe (often using a skimmer) and then recreate your credit card. This is card fraud as it requires your physical card.

  • Lost and stolen card fraud: This is where your physical card is lost or stolen and used by others to shop.

  • identity card theft: In this case, your card details are known to a criminal who then uses them to create a new account in your name.

  • ATM fraud: This typically includes cases where a card was loaded but no cash was delivered, or a physical card was skimmed (resulting in a fake card scam).

  • Point-of-Sale (POS)-Betrug: Also commonly referred to as retail scams. This usually refers to an employee cheating on their employer at the point of sale.

There is another important term that you will see a lot in a moment:

  • SEPA: The Single European Payments Area is an agreement that standardizes bank transfers between 36 countries. These are the 28 EU member states plus Iceland, Liechtenstein, Norway, Switzerland, Andorra, Monaco, San Marino and Vatican City. In particular, it regulates payments and transfers in euros.

Now that those definitions are out of the way, let's get into the statistics.

UK Fraud Statistics

As a major financial center with a large banking sector, credit card fraud is a major problem in the UK. As we shall see, fraud is present even in the strictest of countries and seems to increase with the size of the economy.

  • In 2018, total fraud losses from UK-issued cards were £671.4 million, a 19% increase on 2017. (UK Finance)

  • The share of fraud losses in total spending volume also increased, rising from 7p per £100 to 8.4p per £100 in 2018. This is still below the 2008 rate of 12.4p per £100. (UK Finance)

  • Online shopping fraud rose to £506.4m in 2018 (up 25% from 2017), including an estimated £265.1m of online fraudBritish retailers(up to 29%). (UK Finance)

  • Overall, 78% of all online shopping scams were committed online. (UK Finance)

  • Mail order and phone order fraud against UK retailers also increased by 14%. (UK Finance)

  • Broken down by channel, card fraud losses break down as follows: ATM fraud (3%), point-of-sale fraud (20%) and CNP fraud at 77%. (

  • E-commerce fraud still accounts for 50% of total card fraud losses in the UK at £310.2m. (

  • UK Finance put the amount of e-commerce fraud even higher: £393.4 million or 59% of all card fraud cases.

  • Fake card fraud cost £16.3m in 2018, down 33% from 2017 and 90% below the 2008 peak. (UK Finance) The significant drop between 2008 and today is likely the result of the chips on the cards.

  • identity card theftincrease59% are expected to reach £47.3m in 2018. (UK Finance)

Use: Most ID thefts are the result of “data collection” by criminals. Common tactics includePhishing-E-Mailsas well as physically stealing emails from external mailboxes.

Fraud in the SEPA area in general

As a reminder, SEPA statements include all EU countries (including the UK), the Nordic countries and several other major financial statements such as Switzerland, Monaco and Liechtenstein. These countries will also have their own specific rules, especially if the main currency is not the euro.

  • The total value of fraud involving cards issued in SEPA amounted to €1.8 billion in 2016. (European Central Bank)

  • 73% of this value comes from CNP payments, 19% from point-of-sale (POS) terminal transactions, and 8% from ATM transactions. (European Central Bank)It's worth noting that CNP scams are the only one of these categories that is growing. Meanwhile, card fraud fell by 9.5%.

  • Portugal is the only SEPA country with higher point of sale fraud than no card. (European Central Bank)

  • The level of fraud as part of transaction value ranges from 0.005% of cards issued in Poland to 0.073% of cards issued in Denmark in terms of value and from 0.002% in Poland to 0.043% of cards issued in France in terms of volume. . (European Central Bank)

Credit Card Statistics 2022: 65+ Facts for Europe, UK & US (4)

Image source: European Central Bank

  • In general, countries with significant card markets (high volumes and values ​​of card transactions per capita, notably the UK and France) also experience high levels of card fraud. (European Central Bank)

Data from another report also found high fraud rates in the UK and France, but lower fraud rates in the Nordic countries (compared to the previous ECB report).

  • The Netherlands (0.006%), Denmark (0.013%) and Norway (0.016%) have the lowest fraud to legitimate purchase ratios, compared to 0.53% in France and 0.5% in the UK. (

    (Video) Live it up with Vitality 65+

Credit Card Statistics 2022: 65+ Facts for Europe, UK & US (5)

Image source:

As the report says:

“The Netherlands and the Nordic countries are examples of best anti-fraud practice in Europe, thanks to the managed fraud and risk prevention services of their pan-European processors, covering cross-border fraud prevention expertise. In contrast, the UK and France continued to see higher card fraud losses, mainly from CNP fraud on internet purchases, lost and stolen card fraud and cross-border fraud losses on domestic cards used abroad.

  • The fraud fee is highhigher for late credit and debit cards than for debit cards. (European Central Bank) In other words, scammers prefer to target loans.

  • Cross-border payments, howeverwithinSEPA accounts for 43% of all fraud cases, followed by domestic fraud (35%) and non-SEPA cross-border fraud (22%). (European Central Bank)

The general decrease in most types of card fraud is likely to be presentthe result of EMV chips becoming the norm in the west. This has made it significantly more difficult for skimming readers to use stolen credit card information.

Similar,We expect a drastic decrease in CNP fraud in the coming years, especially in the SEPA area. Recent updates to PSD2 regulations, including the implementation of 3D Secure payments, make it much more difficult to commit fraudulent payments online.

Learn more about PSD2 and 3D-S and how they affect online payments for businesses.

These are the statistics and trends for the whole SEPA region. But it's also worth breaking into some specific markets.

Credit fraud in France

France has its own card system known as CB (cartes bancaires). This means that in addition to the standard rules for SEPA countries, there are some other rules for payments.

These rules can lead to credit card fraud being committedwithinFrance much more difficult. But, just like in the UK, rates in France are still respectable.

  • Domestic fraud losses on French cards have stalled at 0.032%. (

  • But the fraud rate for French cards used abroad in non-SEPA countries was 16 times higher than for domestic transactions in 2017, while the rate for foreign cards used in France was 12.1 times higher. (

  • Card data theft accounted for 66.1% of all domestic card fraud losses in France. (

  • The top engagement methods responsible for fraud losses are Loss and Theft Fraud (16.3%) and CNP Fraud (72.3%), based on card credential theft. Combined, the two categories accounted for 88.6% of losses in 2017. (


The Netherlands introduced a new digital identification service (iDIN) in 2016. This cooperation between Dutch banks aims to increase online security.

Dutch shoppers rely on debit cards much more than credit cards, and the country also has a popular money transfer service that allows customers to pay online from their bank account.

In general, credit card fraud in the Netherlands is low and has decreased significantly in recent years.

  • The level of fraud was significantly reduced from €33.3 million in 2013 to €12.6 million in 2018. (payment union)

  • 39% of card fraud losses in 2018 occurred on debit cards. This is a decrease from 57% in 2017. (Betaalvereniging)

  • While debit card fraud has decreased significantly, internet banking fraud has increased in 2018. This was typically due to phishing techniques, including “fraudulent emails and text messages, fake apps, fake invoices, identity fraud, and defrauding corporate finance staff (known as CEO fraud). ).“ (Beta Alvereniging)

This may also be partly due to the popularity of iDEAL, the bank transfer system mentioned above. Overall, fewer customers are using credit cards, and bank accounts themselves can be a more attractive target for scammers.

Regardless, the Netherlands can be considered a success story in the fight against credit card fraud.

“The fact that the map in generalFraud losses remain significantly lower in the Netherlands than in comparable European countriespoints out that its online issuer authorization strategy combined with 3D-Secure, geo-blocking of debit cards and the use of sophisticated fraud prevention systems by national card processors has been effective in fighting fraud.” . (


As explained above, we have somewhat conflicting data on Danish fraud rates (as a percentage of total card payment value). The European Central Bank (ECB) gives Denmark the highest percentage of fraud in total payments. For its part, claims to have one of the lowest rates.

Part of the reason for this may simply be that the ECB report was published in 2016 while published its report later.

  • CNP losses rose significantly between 2014 and 2016 and "show no signs of slowing down as fraudulent attacks continue to migrate across Europe, away from France and the UK". (

  • Denmark also has an unusually high level of loss and theft fraud (52.7% of total losses), possibly due to high credit limits. (

    (Video) 13 Signs Your Hotel Is Overpriced

  • In Q2 2018, contactless card fraud accounted for 65% of all fraudulent card payments, even though only 56% of all payments were contactless. ( In other words, contactless accounts are responsible for a disproportionate share of card fraud in Denmark.

“In the case of Denmark, official card fraud statistics show that theThe high rate of fraud in 2016 is mainly due to the high rate of fraud in cross-border e-commerce, which must be seen against the background of the large number of e-commerce transactions carried out in Germany in combination with a high proportion of cross-border transactions in general. However,The number of domestic fraud cases in Denmark remains low." (European Central Bank)


Like France and Denmark, Norway has its own national card scheme called BankAxept. Many Norwegians also use the Vipps app for person-to-person payments. In 2004, Norway implemented the online identification and digital signature service BankID, similar to iDIN in the Netherlands.

  • Norwegian banks recorded losses of NOK 145.6 million from payment card misuse in 2017, up from NOK 126 million in 2011. (

  • These losses were mainly due to the misuse of card information online (70.7%) and the theft of card details in Norway and their use on counterfeit cards inside or outside Norway (12.3%). (


Sweden does not have its own national card system. But Swish's instant payment service is unique in Sweden.

  • Card fraud losses amounted to €25.9 million in 2017, around 0.02% of payments. (

  • CNP fraud accounted for 48.6% of total fraud losses in 2017. This means the rates of lost or stolen scams (25.6%) and fake scams (21.8%) are higher than in countries like France and the UK.

US Fraud Statistics

Obviously the United States is not part of SEPA and has its own banking and payment system. We saw (above) that Americans not only have the world's largest economy, but also have a special affinity for paying on credit.

Maybe as a result of that, or maybe because the country is a big destination forexternCredit card fraud is much more common in the US than in Europe.

  • With 38.6%The US leads the world in reported losses from credit card fraudab 2018. (layer processing)

  • Credit card fraud has been on the rise over the past five years. At the same time, reports of outright fraud and identity theft have declined. (

  • CNP scam 81% more likely than point-of-sale scam in US (shift processing)

  • CNP fraud reached $4.57 billion in the US in 2016, up 34% from 2015. (Die Washington Post)

  • Credit card fraud is by far the most common form of identity theft in the US:

Credit Card Statistics 2022: 65+ Facts for Europe, UK & US (6)

  • Georgia, Nevada and California are the three states with the highest incidence of identity theft (by population). (

  • It is believed that 80% of the credit cards in circulation in the US have been compromised. (Washington Post)

  • Actual losses from credit card fraud decreased from $8.1 billion in 2017 to $6.4 billion in 2018. (Forbes)

  • 73% of Americans are very or somewhat concerned that their financial accounts, email, orsocial profiles could be hacked. (Experiant)

“Although credit card fraud is on the rise, the types of credit card fraud are changing.The United States took longer than the rest of the world to adopt EMV chip technologyon his credit and debit cards, but he's been catching up. As of October 1, 2015, the responsibility for in-store counterfeit card fraud shifted to the party that had not adopted EMV chip technology (merchants without chip readers and banks that do not issue chip cards).

“With chip transactions, it is almost impossible to counterfeit the credit card. That means the number of card scams out there, where a criminal uses a fake card to make a purchase, is going down because criminals have fewer opportunities to create those fake cards.” (

How to respond to credit card fraud

If all of these facts and figures have you worried about credit card fraud in your own business, we've put together an article just for you.

How to Respond to Business Credit Card Fraud

That was the credit card statistics for 2020

You've just seen the X most interesting credit card stats available at the end of 2020.

Do you feel like we've missed something? Let us know!

And if you need help managing payments for your growing business, this is the guide for you:

(Video) How to Solve Naturalization “Continuous Residence Issue”

Credit Card Statistics 2022: 65+ Facts for Europe, UK & US (7)


What percentage of Europeans have credit cards? ›

The average for 2021 based on 38 countries was 37.99 percent. The highest value was in Iceland: 74 percent and the lowest value was in Albania: 4.94 percent. The indicator is available from 2011 to 2021. Below is a chart for all countries where data are available.

What percentage of UK adults have a credit card? ›

In the UK, 68% of adults have at least one credit card. Of these, 46% have more than one credit card, with over half of these (56%) being acquired online.

Why are credit cards less popular in Europe? ›

Because merchants pay commissions to credit-card companies, small European businesses (B&Bs, mom-and-pop cafés, gift shops, and more) often prefer that you pay in cash. Vendors might offer you a discount for paying with cash, or they might not accept credit cards at all.

Which credit card is used most in Europe? ›

The most widely accepted credit cards in Europe are Visa and Mastercard credit cards. Visa and Mastercard are the two most widely accepted credit card networks, not just in Europe but worldwide. So, any card on either network will work everywhere you want to use it.

How common are credit cards in the UK? ›

Approximately 35 percent of payment cards issued in the United Kingdom (UK) were credit cards, reaching a total of over 60 million in 2021. Debit cards were found more often in the country, as that year there were around 107 million of these cards.

How many people use credit cards in the UK? ›

There were 2.1 billion debit and credit card transactions in the UK in October, 4.8 per cent more than in October 2021. The total spend of £74.2 billion was 3.8 per cent higher than October 2021. Contactless payments accounted for 61 per cent of all credit card and 75 per cent of all debit card transactions.

What percentage of the US has a credit card? ›

84% of U.S. adults had a credit card in 2021. About 73% of Americans have a credit card by age 25, making credit cards the most common first credit experience for young adults. In Q4 2022, credit card users reached a total of 166 million according to TransUnion, up from the prior three years.

What percentage of US citizens have a credit card? ›

83% of Americans own at least one credit card. There are 1.1 billion credit cards in the U.S. as of 2022. The average credit card debt of U.S. families is $6,270. The average American has 3.8 credit cards.

Do British people use credit cards? ›

There are an estimated 60 million credit cards in circulation in the UK, and – according to our recent Forbes Advisor poll – more than two thirds of people have at least one.

Does American credit matter in Europe? ›

Typically, a credit score is only applicable within its respective country. If you decide to move to another country, you'll likely need to build a new credit score. Your credit score in the U.S., for example, probably won't affect your score when establishing credit in Germany.

Should I use US credit card in Europe? ›

Despite some differences between European and US cards, there's little to worry about: US credit cards (Visa and MasterCard) generally work fine in Europe.

Do Europeans not use credit cards? ›

European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. Credit cards are generally accepted, especially in cities; but check with your card issuer about foreign transaction fees and currency exchange fees.

What is the most popular payment method in Europe? ›

Popular online payment methods in Europe
1Digital wallets44 percent
2Card42 percent
3PayPal32 percent
4Local payment method11 percent
5Pay on delivery11 percent
1 more row

Does Europe prefer Visa or MasterCard? ›

Visa is Europe's biggest payment brand...

Across all considered European payment figures, Visa outperforms MasterCard. For instance, credit cards and prepaid cards issued across the European continent were used for nearly 97 billion transactions in 2019.

What credit system do they use in Europe? ›

ECTS has been adopted by most of the countries in the European Higher Education Area as the national credit system and is increasingly used elsewhere.

Is UK credit the same as us? ›

The credit bureaus – same but different

However, your UK credit history does not translate to the US, and vice versa. In both countries, these credit bureaus collect information about your credit history and credit behaviors, as well as personal information. However, that's pretty much where the similarities stop.

Which country uses the most credit cards? ›

The average for 2021 based on 121 countries was 22.26 percent. The highest value was in Canada: 82.74 percent and the lowest value was in Afghanistan: 0 percent. The indicator is available from 2011 to 2021. Below is a chart for all countries where data are available.

How big is the UK credit card market? ›

Credit Card Issuance in the UK - Market Size 2011–2029
$17.2bnCredit Card Issuance in the UK Market Size in 2023
11.5%Credit Card Issuance in the UK Market Size Growth in 2023
1.5%Credit Card Issuance in the UK Annualized Market Size Growth 2018–2023
1 more row
Aug 5, 2022

Do most places in the UK take credit cards? ›

Like the US, you can pay for most of your travel with a credit card. You'll find that most major credit cards are accepted everywhere.

How many credit card users are there in the US? ›

183 million Americans have credit cards according to the Census Bureau. This can be further broken down by type: 104 million Visa cards. 99 million store cards.

What age group uses credit cards the most? ›

Americans who have reached middle age or older—Gen X and baby boomers—hold the most credit cards, with an average of more than four per person. Members of Gen Z held just half that—among those old enough to have credit cards, that is.

What percentage of Americans pay off their credit card every month? ›

According to the Federal Reserve, only 45% of U.S. cardholders pay their card balance every month. Here's a closer look at the card payment numbers from the Fed: 45% always pay their card balance in full each month.

Who has the most credit cards in the US? ›

Credit Card Issuers With the Most Cardholders

One way of determining the largest credit card companies is by the number of active accounts. In 2021, Chase recorded the highest total number of cardholders at 149.3 million.

What is the most used credit card in the world? ›

And Visa is the most popular credit card network, with 353 million cards in circulation (vs. Mastercard's 319 million).

What is the average credit card limit in USA? ›

What is considered a “normal” credit limit among most Americans? The average American had access to $30,233 in credit across all of their credit cards in 2021, according to Experian. But the average credit card balance was $5,221 — well below the average credit limit.

What percentage of Americans have no debt? ›

What percentage of America is debt-free? According to that same Experian study, less than 25% of American households are debt-free. This figure may be small for a variety of reasons, particularly because of the high number of home mortgages and auto loans many Americans have.

Does UK credit card work in us? ›

You can use your credit card in most countries around the world, much as you would at home in the UK, making it easy to pay for the things you need now and spread the costs over time. It's just important to understand any extra costs which could apply to your transactions, increasing the cost of any borrowing.

Does American credit work in UK? ›

Your U.S. credit score won't follow you abroad

It's still your responsibility to pay any outstanding debts in the United States, though—paying what you currently owe is important no matter where you live. Starting from scratch can be a tremendous help to people with lower credit scores.

What credit system does the UK use? ›

The UK credit score system centres around three main credit reference agencies (CRAs): Experian, Equifax and TransUnion. Each one collects information from creditors and factors these into an algorithm that calculates your credit score. Each CRA uses a unique rating scale and may receive different data points.

Does your UK credit rating follow you to USA? ›

While your credit history will not follow you from country to country, you would be able to provide any future lenders with this information to demonstrate your payment habits from the UK – thought whether they would be able to use it in a lending decision is questionable.

Can I use my American debit card in Europe? ›

Debit cards from any major US bank will work in any standard European bank's ATM (ideally, use a debit card with a Visa or MasterCard logo). As for credit cards, Visa and MasterCard are universal, American Express is less common, and Discover is unknown in Europe.

Is it better to use card or cash in Europe? ›

The main advantage of using a debit or credit card overseas is that you won't pay foreign transaction fees every time you spend. While many also won't charge fees for cash withdrawals, you will still usually be charged interest from the date of the transaction if you use a credit card.

Is it better to pay in USD or Euro on credit card? ›

If you use a US credit card in France, Italy, Spain, or another European country, you may be wondering whether to pay in euros or dollars on an American credit card. The short answer is: Always pay in the local currency (Euros), which allows your bank to set the exchange rate, and it will always be a better option.

What is the best way to get cash in Europe? ›

Throughout Europe, ATMs are the easiest and smartest way for travelers to get cash. You'll usually pay withdrawal fees, but you'll still get a better rate than you would exchanging dollars for local cash at a currency exchange booth.

Are credit cards popular in Europe? ›

In Europe, the credit card is a less popular payment choice as compared to the debit card.

Why are there no credit cards in Germany? ›

Many businesses in Germany don't accept credit cards because of the fees. Credit card providers get at least two or three percent of each transaction, taking a bite out of a firm's profit margins. For this reason, many German shops set a minimum amount (10 or 15 euros) for credit card purchases.

Is it better to take cash or card abroad? ›

When you exchange cash, you get a significantly worse exchange rate than when you use a card. The difference can be as much as 6%. This is why using a card is better. However, you should not use a credit card to get money out of ATMs.

Which payment method is mostly used in UK? ›

Visa and Mastercard are the most frequently offered payment methods in UK e-commerce. 98% of the top 500 online shops by net sales in 2021 in the UK offer payment by these methods. Followed by Paypal with a percentage of 77%.

Which country is No 1 in digital payment? ›

Number of E-money Payments
#16 CountriesMillion Units
1#1 Japan6,100.88
2#2 United States5,993.89
3#3 India4,554.94
4#4 Singapore3,561.64
12 more rows

What is the most popular payment method in USA? ›

Credit and debit card payments are the most common payment type. Credit card companies, including Visa, Mastercard, American Express, and Discover, extend credit to purchasers; they cover the purchase price, and customers pay their card balance every month.

Is it better to get euros in US or Europe? ›

no need. In most cases for Americans heading off to major European destinations, my answer is to just say “no” to buying euros in advance in the States. Unless you have a great bank that doesn't charge for the service — and gives real exchange rates, not lousy inflated rates — those euros will be overpriced.

Is MasterCard or Visa better UK? ›

Both Visa and MasterCard can be used almost anywhere globally that accepts card payments, either in-store or online. A retailer would rarely accept one but not the other, so it isn't a case of Visa vs MasterCard when it comes to where they're accepted. Either would be a fine choice.

Which European country has highest Visa success rate? ›

The list is a representation of the year 2021.
  • Lithuania. Lithuania is one of the easiest European countries to get a visa. ...
  • Estonia. Estonia is next on the list of the easiest countries to get a visa in Europe. ...
  • Finland. ...
  • Iceland. ...
  • Slovakia. ...
  • Latvia. ...
  • Czech Republic.
Nov 16, 2022

How do American credit cards work in Europe? ›

The convenience of ATM cards and Credit cards extends worldwide, including Europe, thanks to a few global cash networks. These networks allow debit and credit cards to be used in different countries just as you would used them at home in the US.

Is the US the only country to have a credit score? ›

Countries around the world including Canada, the U.K., Spain, China, and Japan use credit scoring systems. Not all countries that use credit scores have systems like the U.S. Some only track negative marks like late or missed payments, while others track total debt or debt history.

Are credit cards commonly used in Europe? ›

European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. Credit cards are generally accepted, especially in cities; but check with your card issuer about foreign transaction fees and currency exchange fees.

Do people in Europe have credit cards? ›

Updated December 13th, 2022. In both the US and the European Union (EU), you can use credit cards at participating merchants and vendors. However, while both EU credit cards and US credit cards operate in similar ways, their rates and fees vary depending on how you use the card and where.

What race uses credit cards the most? ›

Credit scores by race and ethnicity
  • In 2020, 87% of white consumers had a credit card, compared to 72% of Black Americans and 76% of Hispanics.1.
  • However, Asian Americans buck this trend. ...
  • In fact, Asian Americans and white Americans are more likely than other groups to have multiple credit cards.

Do Brits use credit cards? ›

Almost half of people (44%) get their first credit card between 18 and 24 years of age. The average UK consumer spends £333.11 each month on credit cards. With an average credit card debt per person ringing in at £1,174.62, this makes us largely a nation of borrowers.

Do UK credit cards work in Europe? ›

You can use your credit card in most countries around the world, much as you would at home in the UK, making it easy to pay for the things you need now and spread the costs over time. It's just important to understand any extra costs which could apply to your transactions, increasing the cost of any borrowing.

Is it cheaper to use a credit card in Europe? ›

Another way to pay your way through Europe is with a credit card, and this strategy is one of the best — and most affordable — available. Using a credit card for purchases abroad means you'll get access to the most realistic and accurate exchange rates, meaning you won't pay more for something than you have to.

Is cash or card used more in Europe? ›

Cash remains the most frequently used means of payment

ECB (2022), “Study on the payment attitudes of consumers in the euro area (SPACE) – 2022”, December.

Which country uses the most credit? ›

The average for 2021 based on 121 countries was 22.26 percent. The highest value was in Canada: 82.74 percent and the lowest value was in Afghanistan: 0 percent.

What does Europe use instead of credit? ›

Credit Card Points and Rewards

While in the US credit cards are super popular and it is common for individuals to own several cards and be maxing them out, in Europe a lot of people don't even have a credit card. Instead, they use a debit card.

Why are credit cards so popular in the US? ›

Credit cards are convenient and secure, they help build credit, they make budgeting easier, and they earn rewards. And no, you don't have to go into debt, and you don't have to pay interest.

What credit card is all white? ›

The physical Apple Card is made out of titanium, and has Apple's simplicity-focused design aesthetic: it's all white, and doesn't have a card number, CVV, expiration date, or signature bar on the back.

What credit card company do rich people use? ›

Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card. These high-end credit cards are available only to people who receive an invitation to apply, which millionaires have the best chance of getting.


1. DGI-376 I Major MNCs from Japan and US plan to exit Taiwan I Midterms don't look good for the Dems
2. What non-CS students think Computer Science is
3. How to analyse Foreign Company Stocks? Explained by CA Rachana Ranade
(CA Rachana Phadke Ranade)
4. Surfshark Review in 2023
(Internet Multiverse)
5. What really is the fastest way in Classic WOTLK
6. Hulu Price Increase, Paramount+ Record Week, and more | Streaming News 11/19/2021
Top Articles
Latest Posts
Article information

Author: Manual Maggio

Last Updated: 03/02/2023

Views: 5846

Rating: 4.9 / 5 (69 voted)

Reviews: 92% of readers found this page helpful

Author information

Name: Manual Maggio

Birthday: 1998-01-20

Address: 359 Kelvin Stream, Lake Eldonview, MT 33517-1242

Phone: +577037762465

Job: Product Hospitality Supervisor

Hobby: Gardening, Web surfing, Video gaming, Amateur radio, Flag Football, Reading, Table tennis

Introduction: My name is Manual Maggio, I am a thankful, tender, adventurous, delightful, fantastic, proud, graceful person who loves writing and wants to share my knowledge and understanding with you.