Cost of living crisis | Consumers using cards for basics

Card machine

JOHANNESBURG – Data from Standard Bank shows that more consumers are relying on their credit cards for day-to-day living.

The trend is set to continue during the festive season.

READ: Consumers turn to credit amid high interest rates

The bank’s Tumelo Ramugondo said some consumers use credit cards as an emergency transactional product.

“Whenever they’re in a tight position they dip into their credit card for spend.

“But we’ve also seen a significant increase in the trend where consumers actually use credit cards as part of their day-to-day spend,” he said.