Summary
- • The average credit card debt in the U.S. is $5,315.
- • 68% of American adults have a credit card.
- • 53% of credit card holders carry a balance on their cards.
- • Millennials are the age group most likely to use credit cards for rewards points.
- • Credit card fraud losses reached $28.65 billion globally in 2019.
- • 29% of credit card users say they pay their balance in full each month to avoid interest charges.
- • The average APR on credit cards in the U.S. is 16.03%.
- • About 14% of Americans have maxed out their credit cards.
- • Men are more likely than women to have a higher credit card balance.
- • 55% of credit card holders report having had their credit card information stolen.
- • The number of credit card transactions worldwide amounted to 376.66 billion in 2019.
- • 80% of credit card users have at least one rewards card.
- • The average credit card balance in the U.S. is $6,194.
- • 32% of credit card holders have been in credit card debt for at least a year.
- • Credit card transactions accounted for 31% of retail purchases in 2019.
Ah, the ubiquitous credit card – a tool for convenience, a source of temptation, and a breeding ground for financial drama. With the average American carrying a debt of $5,315, it seems like our plastic companions are both a blessing and a curse. From millennials chasing rewards points to the global woes of credit card fraud reaching a staggering $28.65 billion, its a wild world out there in the realm of credit. So, who are these mysterious credit card users, and what secrets lie hidden in those shiny pieces of plastic? Dive into the numbers, the trends, and the tales of triumphs and tribulations in the fascinating world of credit card users.
Average credit card debt
- The average credit card debt in the U.S. is $5,315.
- The average APR on credit cards in the U.S. is 16.03%.
- The average credit card balance in the U.S. is $6,194.
- The average credit card debt for households that carry a balance is $9,333.
- The average credit card APR on new credit card offers is 18.61%.
- Credit card debt reached $870 billion in the U.S. in 2020.
- Baby Boomers are more likely to have a higher credit card balance than Gen X and Millennials.
- The average credit card balance for consumers with excellent credit is $4,975.
- The average credit card APR for new credit card offers is 19.24%.
- Credit card transactions reached $1.04 trillion in the U.S. in 2020.
- The average number of credit cards per cardholder is 3.1.
- The average household credit card debt in the U.S. is $14,687.
- The average credit card debt for households with debt is $5,315.
- The average credit card debt per household in the U.S. is $8,398.
Interpretation
In a world where plastic reigns supreme, the numbers paint a picture of a nation swiping its way to financial complexity. With an average credit card debt hovering around $5,315, it seems like many Americans are dancing a delicate tango with revolving interest rates of 16.03%. But hold on to your wallets, because the average balance sits at a meatier $6,194. For those households that can't seem to break the debt spiral, their burden hits a sizable $9,333, while the alluring shine of new credit card offers tempts with an average APR of 18.61%. As credit card debt soared to a whopping $870 billion in 2020, it appears Baby Boomers are leading the charge with higher balances, leaving Gen X and Millennials pondering if their avocado toast was worth the sacrifice. In this financial maze, where excellent credit holders carry an average balance of $4,975 and credit card transactions reached $1.04 trillion, it seems the average American juggles a trio of 3.1 credit cards, while the specter of a household debt load of $14,687 looms overhead. So, as we navigate the plastic jungle, remember: a swipe here and a swipe there might lead to a house of cards collapsing, leaving us with an average national credit card debt per household of $8,398. Welcome to the land of opportunity, and maybe a pinch of financial caution wouldn't hurt.
Average credit card fee
- The average annual credit card fee in the U.S. is $149.
Interpretation
In a nation where the phrase "swiping left" used to refer to dating preferences, but now mostly pertains to credit cards, it seems that Americans are truly dedicated to their plastic companions. With an average annual credit card fee of $149, it appears that the cost of maintaining these relationships can really add up. Perhaps it's time we all take a second look at our wallet companions and ponder if they're truly the ones worth swiping for.
Average credit card interest rate
- The average credit card interest rate is 16.28%.
- The average credit card interest rate in the U.S. is 16.03%.
Interpretation
It appears that even credit card interest rates are engaging in a good old-fashioned American rivalry, with the U.S. leading the charge at 16.03% and the overall average still clocking in at a not-so-friendly 16.28%. Perhaps it's time for consumers to put on their negotiation hats and show these rates who's boss. After all, when it comes to battling interest rates, there's no room for playing nice.
Average credit limit on a new credit card
- The average credit card limit for new credit card accounts is $4,261.
- The average credit limit on a new credit card account in the U.S. is $5,551.
Interpretation
It seems that when it comes to credit card limits, Americans are playing a bit of a high-stakes game of "Can you top this?" With an average credit limit for new accounts hovering around $5,551, it appears many are not shying away from the opportunity to rack up some serious charges. Whether these numbers reflect a confidence in financial responsibility or a willingness to test the limits (pun intended) of their purchasing power, the average Joe's credit card seems to be getting quite the workout in the land of the free and the home of the swipe.
Credit card delinquency rates in the US hit 236% in 2020 is categorized as Percentage of credit card holders carrying a balance
- Credit card delinquency rates in the U.S. hit 2.36% in 2020.
Interpretation
It seems like in the wild world of credit cards, a 2.36% delinquency rate is giving some users a bit of a reality check. While it may not sound like a high number, a closer look reveals there are quite a few folks out there struggling to make on-time payments. Maybe it's time for some credit card users to swap out their spending sprees for a crash course in budgeting 101.
Credit card fraud losses
- Credit card fraud losses reached $28.65 billion globally in 2019.
- 55% of credit card holders report having had their credit card information stolen.
- 41% of credit card users say they have fallen victim to credit card fraud.
Interpretation
With credit card fraud losses hitting a whopping $28.65 billion in 2019, it seems that the only thing more common than a credit card these days is the likelihood of having its information stolen. In a world where 55% of credit card holders have already experienced this digital pickpocketing, and 41% have fallen prey to credit card fraud, it's no wonder that swiping has become a high-stakes game of chance. Remember, folks, while plastic may be fantastic, it's essential to keep one eye on your wallet and the other on those crafty cybercriminals lurking in the shadows.
Number of credit card transactions worldwide
- The number of credit card transactions worldwide amounted to 376.66 billion in 2019.
Interpretation
In a world where swiping your plastic reigns supreme, the staggering statistic of 376.66 billion credit card transactions in 2019 serves as a testament to our collective addiction to convenience. Each swipe represents a choice, a spark of impulse melded with purchasing power. From indulging in that extra cup of artisanal coffee to splurging on designer shoes, the numbers don't lie – we are a society driven by the magnetic allure of the almighty credit card.
Percentage of American adults with a credit card
- 68% of American adults have a credit card.
- Millennials are the age group most likely to use credit cards for rewards points.
- 80% of credit card users have at least one rewards card.
- Credit card transactions accounted for 31% of retail purchases in 2019.
- 63% of Americans aged 18-29 have a credit card.
- 83% of Americans have at least one credit card.
- 76% of credit card users prefer using their credit card over cash for purchases.
- Millennials are more likely to have rewards points from credit card use than older generations.
- 87% of millennials have a credit card.
- The total number of credit cards in circulation in the U.S. is 511.3 million.
- 67% of Americans have a rewards credit card.
- The gender breakdown of credit card holders is 70% female and 66% male.
- 49% of Americans have used a contactless credit card for payment.
- Credit card rewards point redemptions increased by 93% in 2020.
- 67% of Americans have a credit card with no annual fee.
- 34% of credit card users say they have redeemed credit card rewards for travel.
- 64% of Americans have a credit card with a cashback feature.
- 46% of credit card users have checked their credit score in the past year.
- 80% of credit card users have used their card for online shopping in the past year.
- Over 90% of credit card transactions in the U.S. are non-cash payments.
- 38% of credit card users have used mobile payment apps linked to their credit cards.
- Millennials are more likely to have rewards credit cards compared to other age groups.
- 72% of credit card users prefer to use a credit card for online shopping.
- 17% of credit card users have applied for a credit card in the past year.
- 42% of Americans have used a retail store credit card in the past year.
- 69% of consumers have used a credit card to pay for a medical expense.
- 78% of millennials have a credit card.
Interpretation
In a world where cash is no longer king, credit cards reign supreme, with their magnetic allure pulling in the majority of American adults, especially the millennial crowd who have mastered the art of collecting rewards points like seasoned treasure hunters. The battleground of plastic versus paper is clearly tilted in favor of credit cards, with a staggering 80% of users wielding at least one rewards card in their arsenal. As credit card transactions continue to dominate retail purchases and the number of cards in circulation skyrockets, it's evident that this modern form of currency is not just a trend but a fundamental shift in how we exchange value. So, whether you're swiping for cashback, traveling on points, or tapping your way through contactless payments, remember, in the land of credit cards, the rewards are plenty, but the responsibility is key.
Percentage of credit card holders admitting to not knowing their current interest rate
- 29% of credit card holders admit to not knowing their current interest rate.
Interpretation
In a world where avocado toast and designer coffee take precedence over financial literacy, it seems that nearly a third of credit card holders are wandering through the financial jungle without a compass. Perhaps too busy swiping away their worries, these intrepid souls have decided to embark on a perilous journey without knowing the interest rate dragons that lurk in the shadows. But fear not, for ignorance is only bliss until the credit card bill arrives, revealing the true cost of living life in the fast lane. Let us raise our glasses (but maybe not on credit) to those brave souls who navigate the murky waters of finance with the audacity of a squirrel eating nuts in a hurricane.
Percentage of credit card holders carrying a balance
- 53% of credit card holders carry a balance on their cards.
- 29% of credit card users say they pay their balance in full each month to avoid interest charges.
- About 14% of Americans have maxed out their credit cards.
- Men are more likely than women to have a higher credit card balance.
- 32% of credit card holders have been in credit card debt for at least a year.
- 37% of credit card users say they have paid a late fee in the past year.
- About 25% of credit card users have more than $10,000 in debt.
- 47% of consumers have a co-branded credit card.
- 22% of credit card users say they change their primary credit card at least once a year.
- 28% of Americans don't know their credit card interest rate.
- 32% of credit card users have used their credit card for a cash advance.
- 45% of credit card users have requested a higher credit limit.
- 27% of credit card users have paid for a subscription service using a credit card.
- Approximately 21% of credit card users have missed a credit card payment at least once.
- Consumers with household incomes over $75,000 are more likely to have multiple credit cards.
- 18% of credit card holders have had their cards cancelled due to inactivity.
- 31% of credit card users have taken advantage of a 0% APR promotional offer.
- 22% of credit card holders have used their card to pay for a wedding.
- 58% of credit card users have transferred a balance to a lower-interest credit card.
- 33% of credit card users have had a late payment fee waived by their credit card issuer.
- The delinquency rate for credit card accounts in the U.S. is 2.70%.
- 56% of credit card holders have never paid a late fee on their credit card.
- 23% of credit card users have taken out a cash advance from their credit card.
- About 24% of credit card users have utilized a balance transfer offer on a credit card.
- 32% of credit card holders carry a balance on their cards every month.
- 48% of credit card users have paid their credit card bill late in the past year.
Interpretation
In a world where plastic reigns supreme, the colorful tapestry of credit card behavior weaves a telling narrative of financial habits. From the daring tightrope walkers who juggle multiple cards with sky-high limits to the cautious acrobats who tip-toe around late fees, the circus of credit card users is a spectacle to behold. Men, it seems, wield their plastic swords with a heavier hand, while the ladies glide gracefully with lighter balances. As the music of interest rates plays on, some dance to the tune of debt for years, while others master the art of balance transfers and 0% APR offers. Whether you're a high-wire act with a maxed-out card or a penny-pincher who pays in full, the credit card circus is a thrilling show where financial responsibility takes center stage.
Percentage of e-commerce payments made with credit cards
- Credit card transactions accounted for 52% of e-commerce payments in 2020.
Interpretation
In the ever-evolving digital landscape of commerce, credit card transactions have asserted their dominance once again by claiming a whopping 52% share of e-commerce payments in 2020. Like a stylish accessory that never goes out of fashion, credit cards continue to be the preferred method for online transactions, showcasing their enduring appeal and convenience in the modern world of shopping at the click of a button. So, as we swipe, tap, or click our way through virtual checkout lines, let us raise our glasses (and credit cards) to the reigning champion of e-commerce payments – the trusty plastic that always has our back in the digital age.
Total value of credit card transactions in the US in 2020 falls under the category of "Percentage of credit card holders carrying a balance"
- The total value of credit card transactions in the U.S. in 2020 was $8.45 trillion.
Interpretation
In a world where swiping a piece of plastic seems easier than saying "I.O.U.", the $8.45 trillion worth of credit card transactions in the U.S. in 2020 serves as a stark reminder of our society's obsession with financial flexibility. Whether it's easing the burden of heavy purchases or fueling our insatiable appetite for instant gratification, these numbers reflect not just a form of payment, but a reflection of our collective willingness to put a price tag on convenience and convenience on credit. So, the next time you tap, insert, or wave your card around with reckless abandon, just remember: it's not just a piece of plastic, it's a key to the vault of consumer culture.
