The secret’s out – one in ten Brits has hidden credit card

17/10/2011

One in ten Brits has a credit card or prepaid card that their partner is not aware of, according to research from MoneySupermarket.

Furthermore, 11 per cent of those who do have credit cards deliberately hide their credit or bank statements from their loved one.

The comparison site revealed the top reason why people don’t show their partners their true statements is because they worry that their other half will be annoyed about the amount of money they spent. 38 per cent of people want to have their own purchasing freedom, while a further 21 per cent suggested it was because the purchases they make might be disapproved of.

Not all of the reasons were negative, however, with 29 per cent admitting they kept a credit card secret so they could buy their other half presents without them knowing.

The usages of these credit cards were shown to be 42 per cent on gifts for their partner, 25 per cent on expensive clothes or shows and 23 per cent on a holiday. Some users weren’t so generous however, with 13 per cent using their hidden card to fund gambling, a further 13 per cent using the card to pay for expensive nights out and 7 per cent using the card to pay for a secret relationship.

Kevin Mountford, head of banking at MoneySupermarket said: "As our research shows, a credit card can be an easy way to make purchases which will be kept separate from the general outgoings of your main bank account.

“They provide flexibility in repayment terms which allow you to purchase larger items such as gifts for a loved one or allow indulgence on something they couldn't normally afford to buy in one go, such as expensive clothes or shoes. It's great to see that not all the reasons for having a secret card are sinister, romance is still alive and well with a high number of people using a card to purchase surprise gifts for their partner or loved one."

Tags; Debt Management and Banking, Budgeting Advice, Credit Card Lifestyle,

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