Summary
- • The global credit card market size was valued at $1.8 trillion in 2020.
- • The average American carries a credit card balance of $6,194.
- • Credit card fraud losses amounted to $28.65 billion in 2019.
- • 53% of credit card users in the U.S. pay their bills in full each month.
- • The average credit card debt per cardholder in the U.S. is $5,315.
- • Credit card transactions worldwide are projected to reach 438 billion by 2022.
- • 26% of Americans have credit card debt over $10,000.
- • The average American has 3.4 credit cards.
- • U.S. consumer credit card debt is over $800 billion.
- • The credit card industry is forecasted to grow at a CAGR of 3.5% from 2021-2028.
- • 60% of credit card users in the U.S. have carried a balance for at least two years.
- • The average APR on credit cards is around 16% in the U.S.
- • Millennials carry an average credit card balance of $4,712.
- • The majority of Americans (69%) have at least one credit card.
- • Credit card spending in the U.S. totaled $3.8 trillion in 2020.
Swiping, tapping, and splurging – welcome to the whirlwind world of credit cards, where plastic reigns supreme and debt dances with delight. Did you know that the global credit card market is a whopping $1.8 trillion behemoth, while the average American carries a balance that could make your eyes water at $6,194? With credit card fraud losses soaring to a staggering $28.65 billion and 53% of users paying their bills in full each month, its a financial frenzy out there. Dive into the dizzying stats and surprising insights that shape the ever-evolving landscape of the credit card industry in our latest blog post!
Debt Statistics
- The average American carries a credit card balance of $6,194.
- The average credit card debt per cardholder in the U.S. is $5,315.
- 26% of Americans have credit card debt over $10,000.
- U.S. consumer credit card debt is over $800 billion.
- 60% of credit card users in the U.S. have carried a balance for at least two years.
- The average APR on credit cards is around 16% in the U.S.
- Millennials carry an average credit card balance of $4,712.
- Credit card delinquency rates in the U.S. fell to 1.31% in 2020.
- The average credit card debt for American households is $5,315.
- Credit card debt per capita in the U.S. was around $2,746 in 2020.
- 56% of U.S. adults have credit card debt.
- The average credit card APR on new offers in the U.S. was 20.28%.
- Credit card charge-offs in the U.S. were 3.12% in 2020.
- Outstanding credit card debt in the U.S. reached $930 billion in 2020.
- Credit card interest payments in the U.S. totaled $121 billion in 2019.
- Credit card balances carried from month to month in the U.S. totaled $474 billion in 2020.
- Millennials are more likely to carry credit card debt than other age groups, with 65% having a balance.
- Average credit card debt per consumer in the U.S. was $5,315 in 2020.
- Male credit card holders in the U.S. have an average credit limit of $10,594.
- The average credit card debt for Americans peaked at $6,194 in 2020.
- 25% of U.S. households are considered "credit invisible," meaning they have no credit history.
- Men hold higher credit card balances than women in the U.S., averaging $7,407 compared to $5,245, respectively.
- Millennials hold an average of $4,712 in credit card debt.
- 46% of U.S. adults have credit card debt that they carry from month to month.
- Retail credit card debt in the U.S. totaled $83 billion in 2019.
- The average credit card APR in the U.S. is around 16%.
- 30% of U.S. consumers have credit card debt exceeding $10,000.
- The average late fee for credit cards in the U.S. is $34.
Interpretation
In a nation where swiping is as effortless as breathing, the credit card industry paints a colorful canvas of financial habits. With the average American navigating through the labyrinth of credit balances, it's clear we've collectively mastered the art of spending now and worrying later. From the millennial maestros of debt to the seasoned veterans who juggle hefty balances, the symphony of credit card statistics dances to the tune of a $800 billion crescendo. As we tap our cards with frivolity, it seems the interest-laden bill is the punchline in this elaborate financial joke. So, as we ponder over our $6,194 balance and the tempting allure of that 16% APR, perhaps a moment of reflection is due – for in the world of credit, the real magic trick is turning debt into wealth.
Fraud Losses
- Credit card fraud losses amounted to $28.65 billion in 2019.
- Around 47% of Americans have experienced credit card identity theft.
- Credit card fraud losses are expected to reach $35.67 billion globally by 2025.
Interpretation
The credit card industry seems to have a flair for the dramatic, with its eye-popping statistics painting a rather alarming picture. It appears that in the grand theater of financial transactions, fraudsters have taken center stage, dancing away with a staggering $28.65 billion in 2019 alone. With nearly half the American population nodding in recognition at the mention of credit card identity theft, it's like a mass gasp resonating across the nation. And just when you thought the show couldn't get any more suspenseful, the industry hints at a blockbuster sequel by forecasting global fraud losses soaring to $35.67 billion by 2025. Buckle up, folks, it looks like we're in for quite the thrill ride in the world of credit card security!
Market Size
- The global credit card market size was valued at $1.8 trillion in 2020.
- Credit card transactions worldwide are projected to reach 438 billion by 2022.
- The credit card industry is forecasted to grow at a CAGR of 3.5% from 2021-2028.
- Credit card spending in the U.S. totaled $3.8 trillion in 2020.
- In 2020, credit card purchase volume in the U.S. reached $6.09 trillion.
- Credit card rewards accounted for $31 billion in value in the U.S. in 2019.
- The number of credit cards in circulation globally was over 1.08 billion in 2020.
- E-commerce credit card spending in the U.S. reached $790 billion in 2020.
- The credit card market in Asia-Pacific is projected to reach $2.1 trillion by 2028.
- There were over 4.29 billion global credit card transactions in 2020.
- The credit card market in Europe is expected to grow at a CAGR of 4.2% from 2021-2028.
- Credit card balance transfers accounted for $50.9 billion in transactions in the U.S. in 2020.
- The mobile payment transaction value via credit cards is forecasted to reach $6.8 trillion by 2025.
- The credit card market in North America was valued at $670 billion in 2020.
- Credit card penetration in the Asia-Pacific region is expected to reach 2.1 billion cards by 2025.
- U.S. consumers held over 1.15 billion credit cards in 2020.
- Credit card rewards accounted for $22.6 billion in value in the U.S. in 2020.
- Over 60% of U.S. adults have a general-purpose credit card.
Interpretation
In a world where plastic reigns supreme and swiping is an art form, the credit card industry stands as a trillion-dollar titan, with numbers that could make even Scrooge McDuck pause for a moment of reflection. As credit card transactions skyrocket into the stratosphere and dollar signs dance in financial forecasters' eyes, it's clear that the age-old question of "cash or credit" has been definitively answered. With billions upon billions being spent and earned through a multitude of perks and rewards, it seems the plastic fantastic revolution shows no signs of slowing down. So, grab your card, tap your way to that coveted reward, and remember: in the world of credit, the limit does not exist – at least not when it comes to market potential and financial growth.
Payment Trends
- Cash transactions accounted for only 23% of payments in the U.S. in 2020.
- The contactless payment adoption rate for credit cards in the U.S. increased by 150% in 2020.
- The average credit card late fee is $34 in the U.S.
- Debit cards accounted for 66.7% of all card transactions worldwide in 2020, surpassing credit cards.
- Online credit card transactions in the U.S. grew by 21% in 2020.
- 61% of retail purchases in the U.S. were made with credit cards in 2020.
- The adoption of contactless credit cards in the U.S. doubled from 2019 to 2020.
- In 2019, U.S. merchants paid $64 billion in credit card interchange fees.
- Credit card transactions accounted for 41% of all non-cash transactions in the U.S. in 2020.
- The credit card industry saw a 25% increase in spending on home improvement purchases in 2020.
- The average credit card purchase amount in the U.S. was $90.04 in 2020.
- Mobile contactless card payments in the U.S. increased by 40% in 2020.
Interpretation
In a world where plastic money reigns supreme, it seems cash is no longer king but more like a distant cousin visiting from a bygone era. The stats paint a picture of a society swiping, tapping, and clicking their way through transactions faster than you can say "late fee." With debit cards taking the lead globally, credit cards are not too far behind, showing off their prowess in online shopping and home improvement splurges. It's a swipe-left for cash and a swipe-right for contactless, as we navigate a digital world where the only heavy lifting we do is when we max out our credit limits.
User Behavior
- 53% of credit card users in the U.S. pay their bills in full each month.
- The average American has 3.4 credit cards.
- The majority of Americans (69%) have at least one credit card.
- Nearly 75% of Americans have at least one credit card.
- The U.S. personal savings rate reached 33.7% in April 2020 due to the pandemic, impacting credit card spending.
- Credit card owners in the U.S. have an average of $1,155 in annual cash back rewards.
- 36% of credit card holders in the U.S. do not know their interest rate.
- Over 48% of U.S. adults believe credit card rewards are the most valuable card feature.
- 26% of U.S. adults have at least one credit card that offers travel rewards.
- 38% of Americans have used a credit card to pay for a medical expense.
- 47% of U.S. adults have a co-branded credit card.
- Over 70% of college students have at least one credit card.
- 64% of U.S. adults believe credit cards are the most secure payment method.
- 30% of Americans aged 18-29 have used credit cards for emergency expenses.
- 41% of U.S. adults have applied for a new credit card in the past year.
- 51% of Americans say they have used a credit card to pay for a large or unexpected expense.
- 60% of credit card holders in the U.S. are confident they will pay off their balances in full each month.
- The average credit card approval rate in the U.S. is 60% for prime borrowers and 40% for subprime borrowers.
- Gen Z consumers prefer debit cards over credit cards, with 67% holding a debit card compared to 33% holding a credit card.
Interpretation
In a world where plastic reigns supreme, the credit card statistics paint a fascinating portrait of America's financial habits. With over half of credit card users paying their bills in full each month, it seems fiscal responsibility is not entirely a lost art. Yet, the average American juggling 3.4 credit cards hints at a balancing act that could easily veer off course. The pandemic-induced surge in savings rate may have put a dent in credit card spending, but the allure of cash back rewards still dangles like a tantalizing carrot. With a significant percentage of cardholders clueless about their interest rates, it appears ignorance truly is bliss until the bill comes due. Despite the convenience and security that credit cards offer, the trend of using them for large expenses, medical bills, and even emergencies raises questions about financial preparedness. As the younger generation leans towards debit cards and older adults chase reward points, the credit card landscape continues to evolve, reflecting a complex relationship between consumer culture and financial responsibility.
