Understanding Credit Card Use in Wales
Credit cards are a part of daily life for many of us in Wales. We use them for everything from the weekly shop to the odd treat when payday rolls around. Contactless payments have made them even easier to use, and many people find they help smooth out monthly costs or make budgeting feel more manageable.
Across the UK, the average monthly spend on a credit card reached £850 by the end of 2023, a sign of how central they are to daily finances. In Wales, these habits are no different. Whether in Cardiff, Swansea, or smaller towns, credit cards remain a trusted way to pay. In June 2023 alone, there were 368 million credit card transactions in the UK. This is an increase of nearly 369 million by the end of that month, a 7% increase from the year before. This tells a story of how people manage spending and cash flow using credit cards.
There are a few areas, however, where credit cards can’t be used. Since April 2020, credit cards have been banned for gambling in Great Britain. This includes all forms of betting and online casinos, though they are still permitted for buying lottery tickets and scratchcards in shops.
Nonetheless, international credit card casino sites UK players can register at and continue to accept it for deposits and withdrawals. According to remote gambling expert Alex Hoffman, these offshore sites remain popular among players who like the convenience of credit card payments. They’re regulated outside the UK and often offer more games and exclusive bonuses than their UK-licensed counterparts. Hoffman does mention that using credit cards this way can involve extra fees, and not all cards allow withdrawals.
The most up-to-date figures offer a clear picture of how people across Wales and the UK are using their credit cards. By December 2023, the total UK credit card spend reached £65.7 billion, up 13% from the previous year, with contactless payments accounting for 65% of all credit card transactions. The average credit card balance in the UK stood at £1,675 as of May 2023, a 7.7% increase year-on-year, with total debt hitting £66.4 billion. This works out to around £2,363 per household or £1,248 for every adult, with balances at £1,780 in December 2023.
While credit card spending continues to increase, payment rates towards balances have declined, down to 36% in early 2024. Despite missed payments becoming more common, the percentage of consumers missing two payments dropped to 0.2% month-on-month, compared to the 3.8% in 2024. The average balance for missing payments has since increased, sitting at 2.5% in February 2024 to 6.4% in March 2024, averaging a 6.6% rise over the last year.
Credit card payment volumes are expected to grow steadily to an estimated 5.7 billion by 2033. This surge is predicted to be driven by ongoing growth in online shopping and the widespread use of contactless payments. Additionally, consumer credit borrowing, including credit cards, is predicted to increase from around £875 million in March 2025 to over £1,100 million by 2027. Even so, economic pressures such as inflation, stagnant wage growth, and rising missed payments are likely to slow spending growth in the near term.
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