Request a Call

Credit Card Statistics

Search
credit card statistics

Credit Card Statistics

(Updated August 2021) 

While the number of credit cards in Americans’ wallets has decreased, Americans are still using them to make purchases. In fact, as the popularity of rewards cards rise, Americans are making more purchases than ever on credit. Current cash vs credit card spending statistics show current credit card usage statistics. It shows that people tend to spend WAY more when paying with a credit card.

Incidentally, in 2019, credit card stats showed that the average consumer credit card debt was higher than it ever had been. Now, in 2021, credit card debt has decreased for the first time in years! Check out our average credit card debt statistics page to find more in depth coverage on the topic of credit card debt facts & average credit card debt statistics.

On this page, you’ll find some facts about credit cards, including credit card ownership statistics, the average number of credit cards currently in use, the average number of credit cards per person, the leading issuing banks & credit card brands, and how many cards each bank has in circulation.

Additionally, you can find how many cards are in circulation by brand, the users per card brand, the market share of each brand, and how many people use credit cards by generation.

QUICK CREDIT CARD FACTS

  • 1.06 billion credit cards in use in the United States of America
  • 2.8 billion credit cards in use worldwide
  • Mastercard leads among the most popular credit cards with 551 million credit cards in circulation worldwide
  • 70% of people have at least one credit card
  • Americans are 40% likely to use a credit card on a purchase
  • 14% of Americans have at least 10 credit cards
  • 60% of Americans believe the US will soon become a cashless society
  • Average credit cards per person in America: 2.7 credit cards per person
  • Average outstanding credit card debt: $5315

Credit Cards in the USA

According to a recent survey by the Federal Reserve Bank, respondents revealed that more credit cards are in use today and the national average credit card debt is also rising. Unsurprisingly, the national average household credit card debt sat at $5,331 in 2019. As of quarter 3 in 2020, the average credit card debt has decreased for the first time in several years, falling to an average of $5315. Out of the countries in the top 10 GDP,  the United States of America’s average credit card debt is almost $1,200 more than the second highest country. Credit card debt makes up the bulk of revolving debt in America.

credit cards in circulation

Consumers are finding that they don’t need as many credit cards as they once thought they did. So how many credit cards does the average person have in America? Credit card stats show that the average American has 2.7 credit cards, down one whole card from 3.7 in 2009. However, as the prevalence of reward cards continues to grow and consumers get more back on their purchases, trends in credit statistics show they will spend more on these cards and thus create more debt by doing so.

number of credit cards per person in USA

What Percent of the US Population has a Credit Card?

Data shows just how many people have credit cards, and more specifically how many Americans have credit cards. 70% of the United States population carries a credit card, with 34% of Americans carrying 3 or more cards. Most Americans carry multiple credit cards, most likely because it will raise credit limits as the funds are dispatched among multiple different outlets.

Issuing Banks – Who issues the most credit cards?

An issuing bank is the institution that actually issues a consumer’s credit card. Credit card issuers include Chase, Bank of America, and Capital One. Discover and American Express are their own bank and their own credit card issuer.

leading issuing banks and cards per bank

Which Bank Issues the Most Credit Cards?

Chase is by far the most popular of the issuing banks out there, with 93 million credit cards in circulation. Each issuer offers several different types of cards than other issuers. Because of this, you’ll find different rates and perks with each issuing bank.

What are the Four Major Credit Card Companies?

The four major credit card companies are Visa, Mastercard, Discover and American Express. It is important to note that all major credit cards have left their mark on consumers internationally, making up the majority of the 2.8 billion credit cards in the world.

number of credit cards in use by brand

The powerhouses of the credit card industry are definitely Visa and Mastercard. Of the different credit card companies, those two make up the vast credit card percentage. With over a billion credit cards in circulation from them alone, they make up the majority of the total credit cards in circulation nationally, while American Express has the lowest credit card numbers.

market share by credit card brand

With those numbers, it’s no surprise that over half the credit card market share belongs to Visa, considering it has 335 million cards in circulation.

number of users per card brand

This shows that many Mastercard users own multiple cards across multiple credit card accounts, while fewer Visa users have multiple cards.

Average Number of US Credit Cards Per Individual By Generation

Baby boomers have the most amount of credit cards per person, with Generation Z having the fewest. As baby boomers in their 40’s and 50’s, the economic prime of life, it makes sense that they would have the most amount of credit cards because they can pay them off with more ease than individuals in another generation.

Gen Z, on the other hand, has the lowest average credit cards per individual because they are the youngest generation. Right around the age of 18, they have little to no credit history or need for a credit card. In fact, many are not even old enough to get a credit card without their guardian’s signature. Some college students open a credit account to begin building their credit history.

Finally, the silent generation has, on average, a half less credit card than baby boomers. This shows that as people grow older, they may be more careful about using a credit card due have a fixed income. They also may have a great credit history and have cards with great interest rates and a lofty credit limit, so they wouldn’t need as many. They may be more careful about using a credit card thus giving them less average revolving credit card debt than other generations.

average credit cards by generation

Credit card statistics

downloads and resources

Data Resources

  • crnrstone.com
  • wallethub.com
  • paymentscardsandmobile.com
  • creditkarma.com
  • creditcardprocessing.com
  • cardrates.com
  • fool.com

Resource Downloads

Download web optimized versions of our data charts and infographics.

Pros and Cons of a Credit Card

Pros – Safe, Convenient, and Secure

When used responsibly, credit cards can be a safe & convenient way to pay for purchases or household expenses. It can be an easy way to see where your money is going and help you evaluate your budget. With the invention of chip technology, credit cards are also a secure way to pay.

Increase your credit score

Responsible use of these payment tools can help increase your credit score and get you a better percentage rate from when you apply for auto loans, need to finance a mortgage, or other financial aid. Lenders will run a credit report when you apply for these loans, they will usually look at your FICO score. A FICO score is a type of credit score and is a number that ranges from 300-850, and good credit scores are 670 or higher.  It lets them know at-a-glance how good you are at managing your money & how likely you are to repay a loan.

A good rule of thumb is to NOT spend money you do not have and say you’ll pay it off later. If you couldn’t pay cash for it right now, then it’s better not to spend the money. This will keep you from overspending and your future self will thank you.

Make payments on time

Make your monthly credit card payments, household bills & student loans on time. It will save you money on fees & interest and help you build better credit.

cons – It can be easy to buy but difficult to pay 

While credit cards are a great payment option, it is easy to get into trouble when used irresponsibly. Credit card users that overspend can quickly find themselves unable to pay off their credit card balances. If they do not have a 0% rate on their credit card, then they will be charged interest each month they carry a balance over from the previous month. The interest then becomes part of the principle payment and if it’s not paid off, then more interest accumulates on the new balance. Even with a maximum credit limit, credit card debt can rack up very quickly.

Make a plan

Carrying a balance from month to month needs to be resolved very quickly when carried on a credit card. Credit card debt statistics show the average credit card balance in America in 2019 was $6194. The most up to date information for 2020 shows that debt has decreased to an average of $5135.  A balance transfer to a card with a lower interest rate may be an option if you can’t pay off the debt in one fell swoop.

Pay off outstanding credit card debt as fast as you can

If you can’t pay off the credit card balance in full – pay as much as you can. Pay more than the minimum payment set by the issuing bank. But even if you can’t do that, avoid going into credit card delinquency by paying at least the minimum payment on time. Credit card delinquency will cause your credit score to plummet, and statistics show that credit card delinquency rates are on the rise.  If you find yourself in this situation, there are many budgeting programs out there to help get your finances back on track.

Use a debit card instead

If your main concerns with credit card ownership include the possibility to overspend, consider a debit card. Many debit cards have the same protection as credit cards and you only spend the money that you have.

Conclusion – Use Your Credit Card Wisely

Credit card use has grown year after year since their invention as a payment option. They offer the perks of being fast, convenient & secure. Most places accept them and it’s a great way to make online purchases.  Some even have rewards programs or money back offers on every purchase made. Even business credit cards can have perks & rewards too, like air miles. Used carefully and in moderation, they are a great alternative to cash.

Credit cards are very useful payment tools that eliminate the inconvenience of having to carry cash and change with you. They carry many positives, like building credit, but can also carry many negatives. Credit card users should be wise when using their card. Only spend money that you have, not money you think you’ll have in the future, and be sure to track all purchases that you make.

With all the known negatives of using plastic out there and the constantly rising average credit card debt and credit card delinquency rates, it’s reasonable to be hesitant to acquire a credit card. However, they can be a very strong financial tool when used responsibly.

If you’re searching for the average debt credit card users have, or which countries have the lowest average credit card balance, check out our page on average credit card debt statistics to find out the numbers.

Share this Statistic:

Download a Zero Fee Case Study

Learn more about how Zero Fee Processing has actually put money back in the pockets of a real-life business owner.

Related Posts

coffee shop employee giving good customer service

Customer Service Statistics

Customer Service Statistics (Updated February 2021)  Most businesses who are winning in this day and age make it a priority to give their customers the [...]

Read More
customer making retail return

Retail Returns Statistics

Retail Returns Statistics (Updated February 2021)  Returns are costing retailers more and more each year. The increasing return rate is mostly due to the increase [...]

Read More
student loan debt

Student Loan Debt Statistics

Read More
girl trying to figure out why there's a charge that shouldn't be there

Chargeback Statistics

Chargeback Statistics (Updated September 2021)  Chargebacks are a huge headache for any business. Not only do businesses lose profit and merchandise, they often have to [...]

Read More

Request A Call From A Dual Payments Representative

We know you’ve got questions. You could spend the day reading every word of our website, but you might find answers more quickly by just asking someone from our team. That’s what we’re here for!

Download a Zero Fee Case Study

Learn more about how Zero Fee Processing has actually put money back in the pockets of a real-life business owner.

Don't have time to read it all right now?​

Download your free PDF of “The Complete Guide to Credit Card Processing“. Just give us your email and we’ll send it to you right away!

Example of High Risk Merchants

  • 1-900 Phone companies – If you’re the type of company that charges people to have a chat on the phone, you’ll be considered high risk.
  • Adult Bookstores – Clearly a part of the adult entertainment industry, and an easy mark for the high risk tag.
  • Adult Entertainment – Any business labeled with the “adult” descriptor will automatically be assigned a high risk status.
  • Adult Toys – As “adult” is in the name, it’s an easy target for association with the adult entertainment market.
  • Airline Industry – Due to cancellations on high ticket purchases, this will put your airline company in the high risk category
  • Amazon Stores – By having a high rate of return, Amazon stores are seen as high risk.
  • Ammo Sales – Association with the weapons industry guarantees high risk status.
  • Annual Contracts – Any time an annual contract is involved it can be considered highrisk because most consumers forget they signed up and chance of chargeback can be high.
  • Antiques – With a high average ticket per item, antiques are considered a risky merchant type.
  • Astrology – The study of the celestial bodies and the influence on human affairs can be a chargeback target if customers feel like they aren’t getting the answers they want.
  • Auctions – Because of the nature of bidding on a product and not having a set price the risk level goes up.
  • Autographed Collectables – There is almost always a question as to whether an autograph is authentic, and therefore chargebacks are much higher in this industry.
  • Automotive Brokers – Brokers of automobiles have a very high average ticket are are therefore of higher risk.
  • Bankruptcy Attorneys – Since the people who are working with bankruptcy attorneys are usually in financial trouble, the odds that a payment would be charged back is higher.
  • Betting Services – In many states betting is illegal but for the legal states betting with a credit card has huge chargeback implications.
  • Brokering – When a third party is involved with selling a product the risk level goes up ten fold.
  • Business Loans (Merchant Cash Advances) – Loaning money is always risky, but with business loans and startup lending, high risk is present by the nature of the business.
  • Casino – Just like a betting service, if a customer gambles with their credit card the chargeback rate sky rockets.
  • CBD Products – CBD itself poses high chargebacks because of the legitimacy of the product and the health benefits promised.
  • CBD E commerce – CBD E Commerce has twice the charge back of retail CBD because many consumers don’t feel like the product they receive gives them the benefits promised.
  • Check Cashing (Check Processing) – The level of fraud in check cashing and cash advances is what gives this industry a higher risk consideration.
  • Cigarettes – With higher levels of risk for theft and criminal activity, cigarette sales are deemed high risk.
  • Collection Agencies (Collection Agency) – Many banks see collections as an unsustainable business model that is many times unreliable.
  • Collectible Coins – A higher level of chargeback in this industry gives it a high risk tag.
  • Collectible Currency – Due to the level of inauthentic collectibles, the risk of chargebacks are much higher with collectibles.
  • Copyrighted eBooks – When someone sells something copyrighted without permission many legal issues can arise.
  • Coupon Programs – With many coupon programs the coupons expire and once they expire the consumer wants the money back they spend.
  • Credit Counseling – Due to their clients usually being in financial problems, this industry is fraught with non-payment and fraud.
  • Credit Protection – Most people that need credit protection are bad with money so chargebacks abound.
  • Credit Repair – If a consumer needs credit repair then chances are they are a high risk for chargebacks.
  • Currency Sales – Many businesses that exchange currency do it at incorrect rates hence more chargebacks.
  • Dating Services – Dating is a volatile industry, and is also lumped in with the adult entertainment industry, making it a high risk account.
  • Debt Collection Services – As the collection of debt isn’t always possible, this industry retains the tag of risky.
  • Debt Consolidation Services (Debt Consolidators) – Consolidating debt is a challenging business and as debt is usually the problem, it’s seen as unsecure from a payment perspective.
  • Debt Repair Services – Since the clients of debt repair services are usually having financial challenges, it makes this industry seem a higher risk.
  • Discount Health Programs – Many people don’t feel they are really getting a discount so they try to get their money back and if they don’t the chargebacks sky rocket.
  • Discount Medical Care Programs – Just like the discount health programs if they don’t save the consumer wants their money back.
  • Drug Paraphernalia – Anything that is associated with the drug trade is considered high risk. Offshore merchant accounts are commonly used for this type of business.
  • E Commerce – As the source of the payment is unverifiable at the point of sale, any transaction without the card present has a higher risk of credit card fraud.
  • Ebay Stores – Many people sell items that aren’t as described so chargebacks can be an issue.
  • Electronic cigarettes – much like traditional cigarettes, e-cigarette sales are also deemed high risk.
  • Electronics – This industry has a much higher ticket compared with many other businesses. A chargeback for a $3,000 tv or two and your account can be in jeopardy rather quickly.
  • Escort Services – This is deemed a part of the adult entertainment industry and therefore needs a high risk merchant account and payment solution.
  • Event Ticket Brokers – If a customer buys a ticket and doesn’t use it they feel like they can charge the transaction back.
  • Extended Warranty Companies – Warranties are rarely used so people try to charge back the money that has been spent paying for them.
  • Federal Firearms License Dealers – Any organization associated with guns or firearms is automatically considered in this category.
  • Fantasy Sports Websites – Just like gambling, if a person starts to lose too often they try and charge back the transaction.
  • Finance Brokers – The entire financing industry is risky. By simply extending credit to other individuals, this business is betting that a majority of them will actually pay what they say they will.
  • Financial Advising/Consulting – The high risk tag on financial advisors isn’t about the advisors or their firm. It’s about the clientele and their current circumstances.
  • Financial Loan Modification Services – Due to a clientele in financial struggles, the high risk term is applied to any payments in this industry.
  • Financial Planning – Anything that includes risk for the consumer can have consumer implications with chargebacks.
  • Financial Strategy – Another risk and reward category, if money is lost, consumers try charging back making this a high risk industry.
  • Fortune Tellers – When a person doesn’t hear what they want to hear, or what is told doesn’t happen, the fortune teller can receive huge chargebacks.
  • Furniture Sellers – High risk only when its custom furniture.
  • Gambling – If money is lost the chargebacks rise.
  • Gaming – Chargeback levels skyrocket when consumers don’t win.
  • Get Rich Quick Programs – It’s rather common in this industry for an individual to purchase the training and then chargeback their purchase saying it didn’t deliver on what was promised.
  • Google Stores – With a high rate of return on their items, Google stores are considered high risk.
  • Gun Sales (Firearm Sales) – The gun and projectile industry is automatically associated with high risk credit card processing.
  • High Average Ticket Sales – With any high average ticket, just a couple of chargebacks can mean a massive shift in how risky the account is deemed by the processor.
  • Home/Vacation Rentals – Many issues with chargebacks can take place if the consumer decides not to travel.
  • Horoscopes – Many people believe this is hocum so will chargeback transactions.
  • How To Programs – A common practice in this industry is to purchase the program and charge it back with the description that it didn’t deliver what it promised.
  • Hypnotists – Many merchants will charge back these transactions if results they hoped for were not met.
  • Import/Export Business – Another example of taking goods over country borders which automatically brings in additional risk to any processing account.
  • Indirect Financial Consulting – When using a third party to consult, the high risk status gives the processor fraud protection.
  • International Cargo – Any time you introduce a multi-country element to credit card processing, the ability for fraud to be introduced skyrockets.
  • International Merchants operating in the US – Since the merchant isn’t operating from the United States, there are many unknowns about what is happening on the other side of their business, thus increasing the risk.
  • International Shipping – Transporting goods between countries is risky and introduces all sorts of elements to the financial stability of any transaction.
  • Investment Books – consumers get upset if the investor isn’t right which can lead to chargebacks.
  • Investment Firms – As investments are never a “sure thing” this is considered a risky industry for having a merchant account.
  • Investment Strategy – Anything with future promises can lead to chargeback.
  • Knife Sales – weapons of any kind are automatically given high risk status.
  • Kratom E Commerce – Accepting payments online is high risk, and Kratom is a substance in the health and wellness industry, which is also considered high risk.
  • Life Coaching – With no tangible goods involved in the transaction, life coaching is considered high risk.
  • Lingerie Businesses – Associated with the adult entertainment industry, chargebacks abound.
  • Lotteries – In most states you can buy lottery tickets with a credit card but if you’re allowed to and the ticket is not a winner, consumers try to chargeback the transactions.
  • Magazine Sales – Many magazine sales are recurring subscriptions, which can have issues with chargebacks.
  • Magazine Subscriptions – Same as magazine sales chargebacks can be huge when a recurring subscription happens. (often referred to as recurring billing.)
  • Mail Order Companies – When something is ordered through the mail chargeback risk can go up.
  • Marijuana Dispensaries – As marijuana isn’t a legal substance in every state, this is considered high risk due to the legality of the product. Cannabis credit card processing is available through Shift Processing.
  • Matchmaking Services – Another branch of the dating tree, and often associated with the adult entertainment industry.
  • Medical Devices – If a medical device doesn’t do what’s promised the purchaser may chargeback the transaction.
  • Membership Organizations – This is another instance of where the transactions don’t have any tangible product and are easily charged back to the merchant account.
  • Merchants on the MATCH list – If you are a merchant who has been reported to the MATCH list (Member Alert to Control High Risk Merchants) or the TMF (Terminated Merchant File) you are given high risk status.
  • Merchants with Poor Credit – Merchant accounts are given based on the credit score of the business owner. It’s assumed that the business owner is going to be making the financial decisions for the business, and a poor credit score reflects on the viability of any business transactions.
  • Modeling Agencies – At many agencies models are promised the world and it doesn’t happen. The consumer then wants their money back.
  • Movie Downloads – Transference of a digital product is considered of higher risk. Also, rarely is a physical card present at time of purchase.
  • Multilevel Marketing Sales – Often associated with pyramid schemes, MLM sales are considered a risky business.
  • Music Downloads – Purchasing any digital product is considered to be of higher risk than a physical transaction. Most of the time the card is not present in a digital transaction using a shopping cart.
  • Not A US Citizen Doing Business In The US – It’s possible to get a merchant account without a US social security number, but not having a SSN will increase the risk the processor will have in issuing a merchant account for your business.
  • Online Adult Membership Sites – If you’re running a website that is adult themed and requires payment for access, this is a highly volatile account and definitely high risk.
  • Offshore Corporations (Offshore Merchants) – The international element is what gives the high risk tag when looking for domestic merchant accounts.
  • Online Gambling (Online Gaming) – Without a card being present and gambling as the activity, there are two reasons why this would be on this list. Online payment alone is risky even without the gambling element.
  • Overseas Exporting Services – The introduction of the international element is what gains access to this list.
  • Pawn Shops – There’s a general stigma that goes along with pawn shops, and it’s reflected in their assignment to the high risk processors list.
  • Penny Auction Sites – Even though the customers are usually bidding at only a penny more per bid, users will commonly charge back the transaction when they don’t win.
  • Pepper Spray – Considered a type of weapon, pepper spray vendors are considered risky.
  • Points Programs – Points programs that cost money can cause chargeback issues if points are not used.
  • Pornographic Merchants – If you’re a part of the adult entertainment industry in any way, you’re considered high risk.
  • Precious Metals – Counterfeit metals can be a problem in this industry, making it more risky to accept payments for.
  • Prepaid Calling Cards – Anything prepaid that a consumer may not use increases chargeback issues.
  • Prepaid Debit Cards – When they expire or are lost consumers want their money back.
  • Psychic Services – “Honey, did you visit a psychic? No babe, I don’t remember visiting a psychic.” I’ll just reverse that charge then.
  • Real Estate – A common target for scams and identity theft is how real estate makes this list.
  • Replica Products (Watches, Handbags, Wallets, Sunglasses, Etc…) – As the product being sold isn’t authentic to the original manufacturer, the percentage of requests for refund is much higher than a traditional merchant.
  • Rewards Programs – If rewards are not spent, the consumer wants the money back.
  • Self-Defense – Since the payment provided is for instruction and not a physical product, the self-defense industry makes this list.
  • Self-Hypnosis Services – Yet another instance where the goods being transferred are of a service and not a physical product.
  • SEO Services – With a high rate of request for refund, SEO agencies make this list.
  • Social Networking Sites – Just like a dating site, if a consumer does not get what they want from it, they always like to chargeback.
  • Software Downloads – The software industry makes their way on to this list because of the digital nature of the goods being sold.
  • Sports Forecasting – An example of paying for information and not for a product, and usually not in person where the card would be present for the transaction.
  • Startups – Every startup is considered risky, and the percentage of startups that make it is quite small compared to the number that fail.
  • Student Loans – With the cost of a college education continually on the rise, so is the percentage of loans that default and never receive payment.
  • Strip Clubs – Associated with the adult entertainment industry gains the strip club access to this list.
  • Stun Gun Sales – considered a type of weapon, which makes it a high risk merchant.
  • Supplement Sales – The request for refund in this industry is quite high due to the nature of the product.
  • Sweepstakes – “Hey, I entered a sweepstake and I didn’t win. I’d like my money back please.”
  • Talent Agencies – “I paid thousands of dollars for headshots and glamorous outfits and I haven’t gotten any paid gigs. Pay me back my money please.”
  • Telemarketing Services – Telemarketing services many times do not have the results the purchaser would like to see, so the services are charged back.
  • Telephone Order Sales – Anything ordered over the phone has a increased risk of chargeback.
  • Timeshare Companies – When timeshares aren’t used, people want their money back.
  • Travel Agencies – If trips are not taken, consumers would like their funds returned.
  • Travel Clubs – Many travel club discounts aren’t what they were promised, increasing risk for chargebacks.
  • Vacation Rental Brokers – Third party brokers on prepaid vacation can have issues when customers cancel their trips.
  • Vape Shops – The level of criminal activity and theft is higher with vape shop merchants and therefore carries a high risk label.
  • Vitamin Sales – If the vitamins don’t provide the results the merchant would like to see they chargeback the transactions.
  • Web Designer – Because this service is prone to chargebacks, it has been classified as high risk.
  • Weight Loss – Considered risky because the results aren’t really up to the company, but rather the individual has to stick to the plan to get results, often resulting in chargebacks.
  • Yahoo Stores – Since the goods sold through Yahoo can easily be returned, they are considered a risky merchant.

Turn Your Residuals into Immediate Cash Today

Selling your residuals doesn’t impact your merchants—they’ll keep processing happily. So, if you need extra funds, explore a credit card residual buyout. It’s fast, easy, and a smart move for your financial game plan.