The analysis revealed that Thursday is the new Friday:
· Thursday has become the new Friday, with more money spent on credit cards on Thursday evening than any other night of the week;
· Saturday afternoon shopping ensures more money is spent on this afternoon than in any other period of the week;
· Less is spent on credit cards on Tuesday morning and afternoon than on any other morning and afternoon of the week;
· Sunday nights appear to be the most popular for sitting in front of the TV with less spent on cards than on any other day of the week.
GOING FOR A SONG…
“Saturday Nights Alright for Fighting” (Elton John)
It just might be - if your partner sees your credit card receipts from the days’ spending.
Credit card spending peaks with the Saturday afternoon shopping spree. Saturday afternoons have the highest spending on credit cards of any period during the week. Credit card spending during this peak period outstrips its nearest rival – Friday afternoon - by a massive 60%.
The spending continues well into the night, with the hour between 2300-0000 marking the heaviest hour of fevered late night spending. The early hours of Saturday morning – 00.01am to 6am - beats every other day of the week, no doubt reflecting the habits of Friday night’s die-hard all night revellers.
“Sunday’s not my day” (Charles Aznavour)
It seems the same is true for credit card holders. Sunday sees the spending hangover begin to kick-in.
Saturday night partygoers continue to keep card spending ticking over in the early hours of Sunday morning, but spending declines as the day wears on. Less is spent on credit cards on Sunday night than on any other night of the week as people stay in to watch the TV and prepare for the working week ahead.
“Tell me why I don’t like Monday’s” (Boomtown Rats)
Start of the week blues as credit card holders march in tune with the Boomtown Rats anthem “Tell me why I don’t like Mondays…”
Mondays are one of the slowest days of the week for credit card holders with spending relatively flat throughout the day.
“Ruby Tuesday” (Rolling Stones)
Or not so, it would appear for credit card holders.
Tuesday is a day when most people seem to be credit card shy, whether it’s a backlash from the weekend splurges on their cards or a reflection of people’s downbeat moods early in the week.
Tuesday mornings – between 6am and midday – and Tuesday afternoons – between 1pm and 5pm - are respectively the morning and afternoon where people spend less on their credit cards than any other morning or afternoon during the rest of the week.
“Wednesday Morning 3am” (Simon and Garfunkel)
Credit card spending in the wee small hours on Wednesday morning – between 00.01am and 6am – somewhat out of kilter with the rest of Wednesday is the second highest of the week. Only the spending of all night revellers carrying their Friday night partying into Saturday morning keeps it from the top slot.
The rest of the day sees low expenditure on cards. Indeed, Wednesday night spending on cards – despite a boost in the early evening from some areas where late night shopping is available – is nevertheless the second lowest of the week. The low spending suggests eating out and partying are far from the minds of many credit cards holders on this mid-week day.
“Every Thursday Night” (Gregory Isaacs)
This appears to be the motto for credit card holders. When Thursday evening comes - the spending really kicks-off. It appears that Thursday has become the new Friday as credit card holders hit the town.
More money is spent on credit cards on Thursday nights - between 6pm and midnight - than any other night of the week, including both Friday and Saturday nights. Late night shopping no doubt fuels part of this rash of card spending but spending remains higher than Fridays well after the shops have shut.
“Friday I’m in love” (The Cure)
It seems that cards are just the cure for working blues on Fridays as spending on cards steps up on Friday morning.
Credit card spending on Friday morning is second only to Saturday, likely due to ticket booking, travel and purchases for the weekend ahead or simply a reflection of people’s more upbeat mood and a desire to treat themselves at the end of a hard week. The trend continues into Friday afternoon with spending again second only to Saturday afternoon’s shopping spree.
Commenting on the hour-by-hour guide to the spending habits of credit card holders, Grenville Turner, Chief Executive said:
“The convenience of paying with credit cards has led to a huge upsurge in spending on cards. But those who don’t always pay off their whole bill every month should shop around for a card with a permanent low interest deal or they’ll end up paying over the odds in extra interest. At just 8.9% APR and with its offset option which allows consumers to get some or all of their borrowings at 0% there is no other card on the market that can match our card.”
