Key Highlights
- As of 2023, there are approximately 1.1 billion credit cards in circulation worldwide.
- The United States has over 430 million credit card accounts.
- The average U.S. household carries 3.8 credit cards.
- In 2022, global credit card transaction volume reached approximately $44 trillion.
- The U.S. credit card market revenue was valued at approximately $100 billion in 2022.
- Over 55% of Americans use at least one credit card for everyday purchases.
- 45% of consumers in the US report that they have been target of credit card fraud.
- The average credit card debt per U.S. household with debt is about $6,300.
- Approximately 70% of credit card holders pay their balances in full each month.
- The typical interest rate charged on credit cards in the US is around 20.5% as of 2023.
- The global credit card fraud losses were estimated at $28.65 billion in 2022.
- The percentage of Americans who own at least one credit card has been stable at roughly 75% over the past five years.
- In 2022, about 50% of credit card transactions in the U.S. were made via contactless payments.
With over a billion credit cards in circulation worldwide and U.S. consumers carrying nearly four on average, the credit card industry continues to evolve as it drives global transactions worth trillions while facing rising challenges like fraud, debt, and shifting consumer preferences.
Consumer Credit Usage and Ownership
- As of 2023, there are approximately 1.1 billion credit cards in circulation worldwide.
- The United States has over 430 million credit card accounts.
- The average U.S. household carries 3.8 credit cards.
- Over 55% of Americans use at least one credit card for everyday purchases.
- The percentage of Americans who own at least one credit card has been stable at roughly 75% over the past five years.
- 25% of credit card users in the U.S. have at least one store-branded credit card.
- The average credit cardholder has a credit utilization ratio of about 33%, impacting their credit score.
- In 2022, over 60 million Americans held subprime credit cards.
- The total number of credit cards issued in China surpassed 900 million in 2023.
- The average credit limit on U.S. credit cards is approximately $8,000.
- About 30% of consumers report that they have received a pre-approved credit card offer in the past month.
- The number of new credit card accounts opened in the US decreased slightly in 2022, by about 2% compared to the previous year.
- Approximately 25% of credit card users have more than 5 credit cards.
Consumer Credit Usage and Ownership Interpretation
Debt, Rewards, and Consumer Behavior
- The average credit card debt per U.S. household with debt is about $6,300.
- Approximately 70% of credit card holders pay their balances in full each month.
- The typical interest rate charged on credit cards in the US is around 20.5% as of 2023.
- 35% of U.S. consumers with credit cards carry a balance from month to month.
- The average rewards earning rate on U.S. credit cards varies from 1% to 5%, depending on the card.
- In 2022, the number of American credit card accounts with active rewards programs exceeded 150 million.
- The average duration for which Americans keep their credit cards has decreased to about 3 years.
- The average cashback reward rate on U.S. credit cards is around 1-2%.
- Over 80% of new credit card offers in 2023 are for rewards programs.
- The number of defaults on credit card payments in the US fell by 10% in 2022.
- The majority of credit card charge-offs in the US happen during economic downturns, notably in 2020 and 2022.
Debt, Rewards, and Consumer Behavior Interpretation
Fraud, Security, and Detection
- 45% of consumers in the US report that they have been target of credit card fraud.
- The global credit card fraud losses were estimated at $28.65 billion in 2022.
- About 90% of credit card fraud in the US is due to card-not-present fraud.
- Credit card fraud detection technology increased fraud prevention effectiveness by an estimated 35% in 2022.
- The majority of credit card fraud occurs via online transactions rather than in-person.
- Approximately 15% of credit card users have experienced identity theft resulting from a data breach.
Fraud, Security, and Detection Interpretation
Market Size and Revenue
- The U.S. credit card market revenue was valued at approximately $100 billion in 2022.
- Americans paid over $108 billion in credit card late fees in 2022.
- The average gift card load value in the US was $70 in 2023.
- The global mobile credit card payment volume is projected to reach $8 trillion by 2025.
- The total value of credit card cash advances in the US was over $50 billion in 2022.
- The average annual fee for premium credit cards in the US is around $550.
- The global credit card issuing market is expected to grow at a CAGR of around 6% from 2023 to 2028.
Market Size and Revenue Interpretation
Transaction Volume and Payment Methods
- In 2022, global credit card transaction volume reached approximately $44 trillion.
- In 2022, about 50% of credit card transactions in the U.S. were made via contactless payments.
- Approximately 40% of credit card holders have experienced a declined transaction due to insufficient funds.
- The total number of credit card transactions in the US was about 44 billion in 2022.
- Approximately 80% of credit card transactions in the UK are contactless.
- Credit cards account for roughly 25% of total retail sales in the U.S.
- The number of contactless credit card transactions in Canada increased by 45% in 2022.
- The majority of credit card users in Japan prefer using their cards for everyday purchases, emphasizing convenience.
- The overall share of digital payment transactions, including credit cards, is projected to hit 89% worldwide by 2024.
- Approximately 60% of consumers prefer to use credit cards over cash for online shopping.
- About 40% of U.S. credit card users utilize digital wallets like Apple Pay or Google Pay for transactions.
- Approximately 65% of global credit card transaction volume occurs in North America and Asia-Pacific regions.
- The percentage of Millennials using credit cards for online shopping exceeds 70%.
Transaction Volume and Payment Methods Interpretation
Sources & References
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