2.5 million Brits to lose their bank card during the Christmas period

Reports | Retail | Surveys
2.5 million Brits to lose bank cards over Christmas period

Metro Bank predict that 2.5 million people will lose, misplace or have their debit or credit cards stolen over the festive period, five times more compared to same time last year.

If they do lose their card, in addition to the stress of not being able to access their hard-earned money, consumers could have to wait up to an average of 11 days for a replacement card to be posted to them from other high street banks.

29% of Brits have lost, misplaced or had a bank card stolen within the last five years, losing an average of two cards per year.

This has increased by 7% compared to 2016, revealing a significant rise in the number of people being without access to plastic over the festive break.

Of those that have lost their card, 850,000 did so between Christmas and New Year, over 670,000 were at a Christmas party, and more than 1.2 million did so when out Christmas shopping.

As the festive party season heats up, Metro Bank’s research revealed that 18-34 years olds continue to be the worst hit, losing an average of two cards a year. Men were also much more likely to lose a card on a night out versus women (24% vs 13%).

Just over half of those who lost their card (53%) got it back, however almost a third (32%) were unable to use it as they had already frustratingly cancelled it.

Adding to misery, a massive 7.4 million people have had a banking issue over the festive period, most commonly not being able to access cash or deposit their Christmas money into their account as their branch was shut.

Craig Donaldson, CEO at Metro Bank commented: “Losing a card at any time of the year is frustrating, but losing one at Christmas can be downright painful, especially when you add in the number of bank branches that are closed and a reduced postal service over the bank holidays.

“What’s more, doing the right thing and cancelling a misplaced card is often the last straw when you only go and find it again. With 40% of Brits using their cards more over the Christmas period, waiting an average of 11 days to receive a replacement just isn’t on.”

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