Most Crucial Credit Card Statistics And Trends For 2022 To Show The Growth
WHAT WE HAVE ON THIS PAGE
Credit Card Statistics: Nowadays, credit cards play a crucial role in people’s day-to-day financial interests. As inflation is rising across the world, more and more people appear to be depending on credit cards for their daily financial transactions. Credit card penetration differs majorly across the globe as in some countries nearly all consumers use Visa or MasterCard-issued credit cards while consumers in some nations barely use these credit cards. Here we will discuss some of the most prominent credit card statistics showing the number of people using credit cards, their preferred issuers and networks, and how often and purposes behind using these cards.
Important Credit Card Statistics:
- As per the 2021 credit card statistics, around 84% of people in the US possessed at least one credit card.
- Visa has nearly 48.71% of the credit card market share worldwide.
- MasterCard accounts for 37% of the credit card market share globally.
- Visa, MasterCard, American Express, and Discover are major credit card networks.
- Gen Z accounts for the lowest average number of credit cards.
- In 2021, credit card utilization has been recorded at 25.6%.
- An average user in the US has around 3 credit cards.
- Around 40.1% of credit card users in the US with income below $100000 are more likely to carry a month-to-month balance.
- People in the US owe around $887 billion in credit card debt.
- 14% of people in the US utilize credit cards to pay their monthly bills.
- Nearly 49% of people in the US have not changed their primary credit card in the last five years.
- Chase is the top issuer of general-purpose credit cards in the United States.
- Around seven leading credit card issuers made around $3.517 trillion in purchase volume last year.
- A debit card is still the most preferred type of payment that accounts for 10 of the 35 payments made and a 28% share of card payments.
By Usage, Ethnicity, Generation, And Income
#1. 92% of Asian adults, 87% of white adults, 72% of people of color, and 76% of Hispanic adults own credit cards
The usage of credit cards differs by race and ethnicity. 87% of white adults own credit cards and nearly 44% of them have carried over a balance at least once in the last year. While more than 90% of Asian adults possess a credit card and only 3 out of 10 Asian adults have carried over a balance at least once in 2021.
(Source: Federal Reserve)
#2. An average user in the US has at least 3 credit cards
As per a report on the economic well-being of US households, around 84% of adult people have a credit card. The 2021 credit card statistics show that an average person in the US has at least three credit cards.
#3. Almost all top-earning people in the US have a credit card
A recent Federal Reserve Report has revealed that nearly 98% of US citizens earning $100000 or more own a credit card. While 54% of people in the US earning between $50000 and $99999 and 84% of US citizens in the $25000 to $49999 income bracket per year have at least one credit card.
#4. New Jersey accounts for the most credit cards per person
The state accounts for 4.54 credit cards per person. New Jersey is followed by Connecticut with 4.21 credit cards per person. Rhode Island, Florida, New York, and Delaware as well have the highest number of credit cards per person.
#5. Gen Z accounts for the lowest average number of credit cards
Baby boomers account for the highest average number of credit cards.
#6. Nearly 49% of US citizens have not switched their credit cards in the last five years
Around 26% of them have not changed their top-of-the-wallet card. While 12% of them had done so about 5 to 10 years ago. Credit card statistics show that 11% of them had switched their primary credit cards around 10 years ago. Only 21% of US citizens changed their primary credit cards last year.
#7. Cashback is the most cherished feature among credit card holders in the US
A recent study has shown that around 41% of credit card holders have opted for the cashback feature of their credit cards. 14% of respondents have opted for the most widely popular credit cards. 9% of people have chosen credit cards with low-interest rates and 5% of surveyed credit card holders have chosen credit cards with low fees. Around 6% of them have said that they like to choose credit cards that offer travel rewards.
#8. Nearly 62.14% of people in the US utilize their credit cards to pay their monthly expenses.
Around 52.92% of US citizens use their credit cards to pay travel bills. Around 36.5% of them utilize their credit cards to pay for their medical bills. 11.9% of people use their credit cards to pay for new car expenses. 10.21% of them pay their rent using their credit cards.
#9. In 2021, the average US credit card limit has been $12945
The limit of the average US credit card has gone up by 0.43% in 2021. A limit of around $13000 is held in reserve for people with first-rate credit scores, no debt, and high income. While others can get a credit line with a limit closer to the national average.
#10. About 40.1% of credit card holders in the US carry over a balance month-to-month
Such credit card holders are also known as revolvers. They tend to utilize some parts of their credit lines and carry the rest of the balance over to the next month at least once in each quarter. Revolvers have contributed to 40.1% of all credit card holders in the fourth quarter of 2021. While 36.2% of credit card holders have not taken advantage of their credit lines in the 4th quarter of 2021.
#11. Alaska has the highest average credit limit in the US
Credit card holders in Alaska have received a credit limit of $16657. Credit card owners in the District of Columbia have been given a credit limit of $16216. States such as New Jersey, Connecticut, New York, and Hawaii as well have high credit limits of $15977, $15404, $15781, and $15126 respectively.
#12. Wisconsin, Indiana, and Mississippi have the lowest credit limits of $11221, $11118, and $11055 respectively.
#13. Adults in the US who earn below $100000 owning credit cards are more likely to utilize their credit cards to carry over balances from month to month.
#14. As a report, 15.26% of US citizens have utilized their one credit card to pay for another one.
Credit Card Issuers And Networks Statistics
#15. Visa, MasterCard, American Express, and Discover are four major credit card networks
Credit card statistics show that Visa has around 340 million credit cards in circulation; MasterCard has 246 million credit cards in distribution. Discover contributes to 57 million credit cards and American Express accounts for 53.8 million credit cards in circulation.
(Source; Visa Inc)
#16. Chase is the top issuer of general-purpose credit cards in the US
Chase acquired a purchase value of $950 billion in 2021 making it the top issuer of general-purpose credit cards in the US. It is also the leading business credit card issuer in the US.
(Source: Nilson Report)
#17. Visa has nearly 48.71% of the credit card market share worldwide
This figure makes Visa the most widely used credit card in the world.
(Source: Nilson Report)
#18. The global credit card market size is expected to reach $101.98 billion in 2022
The worldwide credit card market size has been approximately $99.08 billion in 2021. It reflects a compound annual growth rate (CAGR) of 2.9%.
#19. American Express has acquired a purchase value of $868 billion.
#20. Citibank, Capital One, Bank of America, Discover, and the US bank with purchase values of $483 billion, $455 billion, $414 billion, $182 billion, and $166 billion respectively are some leading issuers of general-purpose credit cards as well.
Credit Card Debts Statistics And Facts
#21. The median credit card debt per household in the US is $8590
As per the latest credit card debt statistics, each household in the US has a debt of $8590 on average in non-revolving credit.
#22. People in the US falling in the 90th and 100th yearly income%ile have a median credit card debt of $12600
When it is broken down by household income, it shows that the higher the income, the bigger the credit card debt.
#23. An average US citizen owes around $5769 in credit card debt
As per credit card debt statistics, it is around 3% more than in the first quarter of 2021.
#24. 33% of credit card holders in the US believe it will take them over two years to pay their credit card debt
Nearly 39% of them think that they can pay off their credit card debts by the next year, while 24% of them think it will take them two years. Around 5% of people think they need five years to clear their dues while 3% of them are not sure about being able to pay off their dues.
#25. New Jersey has the highest credit card debt
New Jersey tops the chart with an average credit card debt of $7872 followed by Connecticut.
(Source: Lendingtree)
#26. Americans have a total credit card debt of $887 billion
As per credit card debt statistics for the second quarter of 2022, Americans owe a total credit card debt of $887 billion. In the first quarter of 2022, the figure has been around 841 billion; however, it has gone up by 46 billion.
(Source; Lendingtree)
Some Interesting Facts about Credit Cards
#27. Around 16% of people in the US use credit cards to handle a $400 emergency
Although 68% of people in the US say that they have saved enough cash to cover emergencies, the rest of them still need to find other means. Around 2% of US citizens say that they need to use a bank loan or a line of credit to cover sudden expenses.
#28. A credit card scam is the second most reported kind of identity theft in America
Around 389737 cases of credit card fraud have been reported in the US in 2021. The theft of federal documents is another type of most common identity theft in the US. Nearly 395948 reports of federal document theft have been reported in the same year.
#29. Debit cards payment is still the most preferred mode of payment
Debit card payment contributes to 10 of the 35 payments made.
#30. Many people in the US take credit cards to improve their credit scores
As per credit card statistics, around 25.7% of people in the US open credit cards to start improving their credit scores. People from Gen Z are most likely to follow this practice.
Conclusion
Many people think that credit cards play a major role in plunging into overspending, however, when used sensibly, they might become vital to reaching bigger financial goals. Nowadays, people own more credit cards than ever before. However, people are still quite skeptical about spending and use only a quarter of their credit limits. There is surely a positive change in the way people use their credit cards. In the wake of the pandemic, the average credit card balance has reduced as people are slashing their expenses. Credit card statistics show that the usage of credit cards is extensive and will continue to be a significant player in people’s financial lives.
Sources
FAQ.
The minimum amount due on a credit card is the payment that a credit card owner needs to make on or before the due date of the payment.
The interest-free period of a credit card can vary from 18-48 days to 25-55 days based on the payment due date of the credit card.
Visa is the most widely used credit card network around the world.
Nearly 84 percent of adults in the United States own at least a credit card. An average user in the US has at least three credit cards.
An analysis of 147 countries across the world shows that 19.8 percent of people in the world have at least one credit card.
Barry is a lover of everything technology. Figuring out how the software works and creating content to shed more light on the value it offers users is his favorite pastime. When not evaluating apps or programs, he's busy trying out new healthy recipes, doing yoga, meditating, or taking nature walks with his little one.