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Direct purchases accounted for 52.28% of total credit card spending in the first half of the year, amounting to KD 1.13 billion.
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Cash withdrawals made up 13.3% of spending, totaling KD 289.2 million, while online spending reached KD 744.4 million.
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Spending on credit cards through points of sale increased by 11.38%, totaling KD 115.8 million from January to the end of June 2024.
Data shows that credit card spending by citizens and expatriates in Kuwait rose by 13.5% in the first half of this year, totaling KD 258.7 million and reaching KD 2.16 billion, up from KD 1.9 billion during the same period in 2023, according to Al Anba newspaper.
The data showed an increase in spending through credit cards issued by banks, which allow holders to purchase goods and services or withdraw cash based on specific agreements. This increase reflects growth in economic activity and a greater reliance on credit cards as a primary means of purchasing and withdrawing cash. Credit cards offer flexibility in payment, allowing cardholders to repay the borrowed amount in full by a certain date or in installments, while bearing interest on any unpaid balance.
Regarding spending distribution, direct purchases accounted for 52.28% of total credit card spending in the first half of the year, amounting to KD 1.13 billion. Cash withdrawals made up 13.3% of spending, totaling KD 289.2 million, while online spending reached KD 744.4 million, indicating a growing reliance on e-commerce and digital transactions.
In terms of geographical distribution, spending within Kuwait accounted for 66.11% of total credit card spending, totaling KD 1.43 billion during the first six months of the year. Spending outside Kuwait amounted to KD 734.3 million, representing 33.89% of the total. This distribution indicates that domestic demand remains strong, while credit card use continues to be significant for travel and spending abroad.
Points of sale
Spending on credit cards through points of sale increased by 11.38%, totaling KD 115.8 million from January to the end of June 2024, reaching KD 1.13 billion compared to KD 1.01 billion during the same period in 2023.
Domestic spending through points of sale increased by 14.93%, amounting to KD 108.1 million and reaching KD 831.9 million in the first six months of the current year, up from KD 723.8 million in the same period in 2023.
Spending through points of sale with credit cards abroad increased by 2.6%, totaling KD 301 million in the first half of the year, compared to KD 293.2 million during the same period in 2023.
Automated withdrawals
Cash withdrawals via credit cards jumped by 12.22%, reaching KD 289.2 million in the first six months of the year, compared to KD 257.7 million during the same period in 2023.
The value of cash withdrawals at home rise 13.14%, totaling KD 270.3 million, up from KD 238.9 million in the first half of 2023. Withdrawals abroad also rose by 1.06%, reaching KD 19 million by the end of June 2024, compared to KD 18.8 million for the same period in 2023.
Online spending
Online spending via credit cards increased by 17.58%, reaching KD 744.4 million during the first six months of the current year, compared to KD 633.1 million for the same period in 2023.
Spending at home also rose by 23.9%, amounting to KD 330.2 million in the first six months of the current year, up from KD 266.3 million in the same period in 2023.
Online spending abroad increased by 12.98%, reaching KD 414.3 million during the first six months of the current year, compared to KD 366.7 million for the same period in 2023.
