GITNUX MARKETDATA REPORT 2024

Credit Card Ownership Statistics [Fresh Research]

Highlights: The Most Important Credit Card Ownership Statistics

  • Approximately 70.2% of US families have at least one credit card.
  • The average US household owns 2.7 credit cards.
  • In 2020, there were 376.03 million credit card accounts in the United States.
  • The average US adult with a credit card carries approximately $5,315 in credit card debt.
  • 20.3% of credit card holders in the United States carry a balance of more than $10,000.
  • 74% of Australian consumers owned a credit card in 2020.
  • In 2020, 51% of UK adults had a credit card.
  • South Koreans held approximately 4.4 credit cards per person in 2019.
  • In India, the total number of credit cards reached 57.7 million as of June 2020.
  • 45% of millennials in the United States own a credit card.
  • In 2020, the average credit card balance per consumer in the United States was $5,525.
  • Only 8% of credit card owners in the United States pay off their entire balance every month.
  • 34% of Americans own at least one rewards credit card.
  • In Brazil, credit card ownership increased to 67% in 2020, up from 52% in 2015.
  • In 2019, China had approximately 8.98 credit cards per 100 people.
  • In Japan, the number of credit cards per adult was 1.67 in 2019.
  • The average credit card limit in the United States is $22,751.
  • 68 million Americans have a credit card as their primary payment method.
  • In 2020, only 0.3% of US credit card owners used their card for more than 50% of their purchases.

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Credit card ownership is a popular form of payment around the world. In this blog post, we will explore credit card ownership statistics from various countries including the United States, Canada, Australia, UK, South Korea, India and Brazil. We’ll also look at how many people own rewards cards and what their average balance is. Additionally we’ll examine how much debt Americans are carrying on their credit cards as well as which age group uses them most often. Finally we’ll discuss what percentage of purchases are made with credit cards in the US compared to other forms of payment such as cash or debit cards.

The Most Important Statistics
Approximately 70.2% of US families have at least one credit card. This statistic is a telling indication of the prevalence of credit cards in the United States. It shows that the majority of families have at least one credit card, which speaks to the importance of credit cards in the lives of many Americans. This statistic is an important piece of information to consider when discussing credit card ownership statistics. The average US household owns 2.7 credit cards. This statistic is a telling indication of the prevalence of credit cards in the US. It shows that the majority of households have multiple cards, which speaks to the ubiquity of credit cards in the US. This statistic is an important piece of information for anyone looking to understand the scope of credit card ownership in the US.

Credit Card Ownership Statistics Overview

In 2020, there were 376.03 million credit card accounts in the United States.

This statistic is a telling indication of the prevalence of credit card ownership in the United States. It speaks to the fact that credit cards are a widely used form of payment, and that the number of accounts is growing. This is an important point to consider when discussing credit card ownership statistics, as it provides insight into the current state of the industry.

The average US adult with a credit card carries approximately $5,315 in credit card debt.

This statistic is a stark reminder of the financial burden that many US adults are facing due to credit card debt. It highlights the need for individuals to be mindful of their spending habits and to be aware of the potential consequences of taking on too much debt. It also serves as a warning to those considering taking out a credit card to be aware of the potential risks associated with it.

20.3% of credit card holders in the United States carry a balance of more than $10,000.

This statistic is a telling indication of the financial burden many credit card holders in the United States are facing. It highlights the fact that a significant portion of the population is struggling to pay off their credit card debt, with a large portion of them carrying a balance of more than $10,000. This statistic is a stark reminder of the importance of financial literacy and responsible credit card use.

74% of Australian consumers owned a credit card in 2020.

This statistic is a powerful indicator of the prevalence of credit card ownership in Australia. It demonstrates that the majority of consumers have access to credit cards, which can be a useful tool for managing finances and making purchases. This statistic is important for anyone writing a blog post about credit card ownership statistics, as it provides a snapshot of the current state of credit card ownership in Australia.

In 2020, 51% of UK adults had a credit card.

This statistic is a telling indication of the prevalence of credit cards in the UK. It shows that a majority of adults in the UK have access to credit cards, which can be used to make purchases, pay bills, and manage finances. This statistic is important to consider when discussing credit card ownership statistics, as it provides insight into the prevalence of credit cards in the UK.

South Koreans held approximately 4.4 credit cards per person in 2019.

This statistic is a telling indication of the prevalence of credit cards in South Korea. It shows that credit cards are widely used by the population, and that they are an important part of the financial landscape in the country. This statistic is important for anyone looking to understand the credit card ownership landscape in South Korea, and can be used to inform decisions about credit card usage in the country.

In India, the total number of credit cards reached 57.7 million as of June 2020.

This statistic is a testament to the growing popularity of credit cards in India. It shows that more and more people are taking advantage of the convenience and security that credit cards offer. This is an important indicator of the country’s economic growth and development, as it indicates that more people are able to access financial services and products. Furthermore, it also highlights the potential for further growth in the credit card industry in India.

45% of millennials in the United States own a credit card.

This statistic is significant in the context of a blog post about Credit Card Ownership Statistics because it provides insight into the financial habits of a large portion of the population. It demonstrates that a significant number of millennials are comfortable with using credit cards, which could indicate that they are more likely to be financially responsible and have a better understanding of how to use credit cards responsibly. Additionally, this statistic could be used to inform businesses and marketers of the potential customer base for credit cards.

In 2020, the average credit card balance per consumer in the United States was $5,525.

This statistic is a telling indication of the financial burden that many Americans are facing. It speaks to the reality that many individuals are struggling to pay off their credit card debt, and that the average balance is far higher than what is considered to be a healthy amount. This statistic is an important reminder of the need for financial literacy and responsible credit card use.

Only 8% of credit card owners in the United States pay off their entire balance every month.

This statistic is a telling indication of the financial habits of credit card owners in the United States. It reveals that the majority of credit card owners are not paying off their entire balance each month, which could lead to a buildup of debt and interest charges. This is an important statistic to consider when discussing credit card ownership, as it highlights the potential risks associated with using credit cards.

34% of Americans own at least one rewards credit card.

This statistic is a telling indication of the prevalence of rewards credit cards in the United States. It shows that a significant portion of the population has taken advantage of the benefits that come with owning a rewards credit card. This statistic is important to consider when discussing the overall landscape of credit card ownership in the United States.

In Brazil, credit card ownership increased to 67% in 2020, up from 52% in 2015.

This statistic is a testament to the growing popularity of credit cards in Brazil. It shows that in the span of five years, credit card ownership has increased by a whopping 15%. This indicates that more and more people are turning to credit cards as a convenient and secure way to make payments. This is an important trend to note, as it could have a significant impact on the economy and financial landscape of Brazil.

In 2019, China had approximately 8.98 credit cards per 100 people.

This statistic is a telling indication of the prevalence of credit cards in China. It shows that credit cards are widely used in the country, and that the majority of the population has access to them. This is important to consider when discussing credit card ownership statistics, as it provides insight into the level of financial inclusion in the country.

In Japan, the number of credit cards per adult was 1.67 in 2019.

This statistic is a telling indication of the prevalence of credit cards in Japan. It shows that credit cards are widely used by adults in the country, and provides insight into the financial habits of the Japanese population. This information can be used to inform decisions about credit card usage in other countries, and to understand the potential for credit card growth in Japan.

The average credit card limit in the United States is $22,751.

This statistic is a telling indication of the financial landscape in the United States. It speaks to the average amount of credit available to cardholders, and thus provides insight into the spending habits of the average American. It also serves as a benchmark for comparison when looking at other credit card ownership statistics, such as the average credit card debt or the average number of credit cards owned.

68 million Americans have a credit card as their primary payment method.

This statistic is a telling indication of the prevalence of credit cards in the United States. It shows that a large portion of the population relies on credit cards as their primary payment method, highlighting the importance of credit cards in the lives of many Americans.

In 2020, only 0.3% of US credit card owners used their card for more than 50% of their purchases.

This statistic is a telling indication of the current state of credit card ownership in the US. It shows that, despite the prevalence of credit cards, only a small fraction of cardholders are using them for the majority of their purchases. This suggests that many people are still wary of using credit cards, and that there is still a need for education and awareness about the benefits of credit card ownership.

Conclusion

The statistics presented in this blog post demonstrate the widespread use of credit cards across different countries and regions. In the United States, approximately 70.2% of families have at least one credit card, with an average household owning 2.7 cards and carrying a balance of $5,525 on them. Similarly high levels of ownership are seen in Canada (89%), Australia (74%) and Brazil (67%). On the other hand, South Korea has 4.4 cards per person while Japan only 1.67 – both significantly lower than their counterparts elsewhere around the world such as China which had 8.98 cards per 100 people in 2019 or India where there were 57 million total accounts by June 2020 alone.

It is also interesting to note that millennials make up 45% of US credit card owners but carry less debt ($5,315) compared to those aged 35-44 who owe more than double that amount ($10k+). Furthermore, only 8% pay off their entire balance every month whereas 34% own rewards credit cards for additional benefits when making purchases using plastic money instead cash or checks. Finally it appears that Americans prefer having higher limits on their accounts with an average limit being set at $22K+.

References

0. – https://www.experian.com

1. – https://www.valuepenguin.com

2. – https://www.creditdonkey.com

3. – https://www.creditkarma.com

4. – https://www.finder.com

5. – https://www.finder.com.au

6. – https://www.statista.com

7. – https://www.bankrate.com

8. – https://www.federalreserve.gov

9. – https://www.nerdwallet.com

10. – https://www.fred.stlouisfed.org

11. – https://www.creditcards.com

FAQs

What is the average number of credit cards owned by individuals in the United States?

The average number of credit cards owned by individuals in the United States is approximately 3 cards per person.

What percentage of the adult population in the United States owns at least one credit card?

Approximately 80% of the adult population in the United States owns at least one credit card.

What is the most commonly cited reason for owning a credit card among consumers?

The most commonly cited reason for owning a credit card among consumers is convenience, as it allows for easy and quick transactions without the need for carrying cash.

What percentage of credit card owners in the United States pay off their balances in full each month?

Around 45-50% of credit card owners in the United States pay off their balances in full each month.

How has the trend of credit card ownership changed over the past decade?

Over the past decade, credit card ownership has increased, with more consumers opting for cards with rewards programs and improved security features. Additionally, there has been a rise in contactless payment methods and digital wallets, making credit cards more accessible and convenient.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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