MoneyExpert: Unloved And Unused: Millions Of Credit Cards Languish

Millions of adults in the UK are lumbering their wallets with plastic that never gets used, said a Morgan Stanley survey.

The average adult keeps 2.1 credit card on their person at all times . A quarter have cards that they have not used for the past year however, while one in nine people has two.

Around one in ten people are still carrying cards that last saw service in mid 2003, the survey revealed. Most of the unused cards were balance transfer cards with old deals.

“There has been much speculation about the increasing use of plastic in the UK but our report shows that British cardholders are perhaps more savvy than they have been given credit for,” said Patrick Muir, marketing director for the Morgan Stanley Credit Card

“Millions of cardholders are taking advantage of loyalty schemes for their everyday spending, with these cards least likely to be lying idle in wallets.”

Morgan Stanley warned that unused cards could leave owners vulnerable, as the account is still active but unlikely to be regularly checked.

If a fraudster got hold if any personal details they could have the billing address changed – leaving them free to run up debt, with months before the fraud is discovered.

This article: © Moneyexpert Ltd.

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