Leap of 16.6% in Kuwait’s Credit Card Use 

The Central Bank of Kuwait made an official statement showing the overall data regarding credit card spending which has increased by 16.6% in 2023 to reach 4 billion Kuwaiti dinars.

An official statement was issued but the Central bank of Kuwait which revealed that spurge of 16.6% in order to reach a total of 4 billion dinars in contrast with the previous years, was made in total spendings though credit cards in 2023 according to reports done by Al-Anba daily. This represented a net increase of 581 million dinars and represented a significant increase over the 3.48 billion dinars reported in 2022.

Credit cards are a common preference for travelers due to electronic purchases overseas and several benefits come along such as cash withdrawals. It is crucial to remember that interest rates are applicable to credit card transactions, and that depending on the terms and amounts of the withdrawal, additional cumulative interest may be charged on cash withdrawals.

Global Rates

An increase in global rates reached 4.25% over the previous year, cardholders that withdraw cash might face interest charges higher than the previous year, according to the Central Bank’s announcement.

The following are the report’s main points: Total Spending: From 3.48 billion dinars in 2022 to 4 billion dinars in 2023, credit card transactions increased by 16.6%. Interest Rates: According to the Central Bank of Kuwait, worldwide interest rates have increased to 4.25%. This means that cardholders will pay more interest, especially when making cash withdrawals.

Domestic Vs International Spendings

Startlingly withdrawals in Kuwait were higher than withdrawals abroad. According to the report, overdrafts that were spent in Kuwait totaled for 62.5% which is equivalent to 2.54 billion Kuwaiti dinars. On the other hand, International spendings and withdrawals totaled for 37.5%, which amounts to 1.52 billion Kuwaiti dinar.

Overall Development

Both domestically and internationally, credit card spending for a variety of uses, such as in-person purchases, online transactions, and cash withdrawals, increased significantly. These patterns imply how credit cards are becoming more and more common for transactions purposes, both domestically and internationally, and how consumer behavior is changing in the digital era. Kuwait is a rich contrary both financially and resourcefully. The development of the country with the savvy rules and regulations it has in place only allows it to flourish even more and more.

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