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This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each 1 received, consumers on average spent 0.80. We find a strongannouncement effect – 19 percent of the response occurs during thefirst two-month announcement period via credit cards. Subsequently,consumers switched to debit cards after disbursement before finallyincreasing spending on credit cards in the later months. Consumerswith low liquid assets or with low credit card limit experienced strongerconsumption responses. (JEL D12, D14, E21)