Debit cards gain favour among consumers even as credit card preferences shift

Banks are seeing shifts in the way people use credit cards.
Banks are seeing shifts in the way people use credit cards.PHOTO: ISTOCKPHOTO

SINGAPORE - Consumers are increasingly opting for debit cards as the pandemic has made them more wary of chalking up credit card debt.

Lenders are also seeing shifts in the way people use credit cards, with cashback gaining traction even as customers hold on to their miles in the hope of travel eventually resuming.

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