41 credit card statistics for 2024
Credit cards play a dual role in the modern financial landscape, serving as convenient spending tools and crucial components of building credit history.
For individuals, responsible credit card usage and debt management pave the way for favorable loan rates, mortgages, and even career opportunities. Similarly, small businesses might opt for a corporate card to cover operational expenses and reap valuable rewards on spend.
No matter why you’re using a credit card, Expensify is dedicated to empowering you to master your finances, offering tools and resources for informed credit card utilization and mindful debt management. Now, let's dive deeper into the fascinating world of credit card statistics!
General credit card facts
The ubiquitous presence of credit cards in our wallets paints a clear picture: they're deeply ingrained in our financial lives. To start, let’s take a look at how plastic powers the world with some fun facts about credit cards across borders:
1. Roughly 1.25 billion people have credit cards, or nearly 16% of the global population. [1]
2. About 83% of Canadians hold at least one card, the highest rate globally. [2]
3. Global payment card transaction volume surpassed $40 trillion in 2022. [3]
4. In the US alone, card transaction volume hit over $9.5 trillion in 2022. [4]
5. Visa (30%) and Mastercard (14%) take the top share of US card purchases. [4]
6. 82% of adults in the US had at least one credit card in 2022. [5]
7. There are around 4,000 credit card issuers in the US today. [6]
An inside look at debt: stats, facts, and figures
Credit cards can unlock an arsenal of financial superpowers for individuals and businesses alike. One of the most dynamic tools available is debt — and judging by this snapshot of American credit card debt statistics, the US isn’t afraid to keep a balance on the books:
8. Americans alone carry more than $1.08 trillion in total credit card debt. [7]
9. The average American has around $6,088 in credit card debt. [8]
10. Gen X has the highest average credit card debt at $8,266. [9]
11. Gen Z credit card debt is growing the fastest, rising 22.73% from 2022 to 2023. [10]
12. 1 in 3 Americans owe more on their credit cards than they have saved. [11]
13. The average monthly credit card payment in the US is $181. [12]
14. 51% of US cardholders carry a credit card balance each month. [13]
State-by-state credit card breakdown
Next, let’s take a closer look at how credit card habits and debt levels vary geographically across the US Since we’ve already covered the most financially viable cities on our blog, we’ll instead focus on how states compare when it comes to financial culture:
15. Alaska tops the state debt charts, with residents carrying an average balance of $7,338. [14]
16. On the flip side, Wisconsin boasts the lowest average debt at $4,808. [14]
17. Minnesota takes the crown for highest average credit score at 742. [15]
18. Mississippi holds the bottom spot for credit scores, with an average of 680. [15]
19. Hawaii has the most residents with perfect credit scores (2.62%). [16]
20. New Jersey residents average the most credit card accounts at 4.54 per person. [17]
21. Credit card delinquency rates are increasing fastest in Oregon. [18]
Statistics on credit card usage
Whether it’s card count, credit card fraud statistics, or rewards programs, there’s a treasure trove of data hidden within the mountain of swipes (and taps!) that happen daily in the US. Let’s dig in:
22. Roughly 31% of Americans use a credit card for purchases. [19]
23. 50% of US consumers have at least two credit cards, and 20% have five or more. [20]
24. The average amount per transaction for a US cardholder is $95. [19]
25. The average credit card interest rate in the US is 21.47%. [21]
26. Around 10% of Americans report credit card theft or fraud every year. [20]
27. US cardholders earn more than $40 billion in credit card rewards annually. [6]
28. Americans pay around $120 billion in credit card interest and fees every year. [22]
Demographic credit card statistics
Credit card usage among different groups reveals fascinating trends and potential disparities across gender, race, generation, and more. Much like our exploration of women in business statistics, let’s uncover how various demographics stack up when it comes to the almighty swipe:
29. Men have more credit card debt than women, on average ($6,357 vs $6,232). [11]
30. Women are slightly more likely to own a credit card than men (67.8% vs 65.5%). [2]
31. The Silent generation (age 77+) has the highest average credit score at 761. [23]
32. On average, Baby Boomers carry the most amount of credit cards (4.6). [24]
33. 98% of people making more than $100,000 have a credit card. [5]
34. 92% of Asian adults have a credit card, the highest of any racial group. [5]
35. White families tend to have the highest credit card debt, at $6,940. [25]
Small business credit card and debt statistics
Now, it’s time to talk business. Let’s explore some fun small business credit card statistics and then finish off with our favorite pro tip on how to manage your money better:
36. The US has more than 33 million small businesses. [26]
37. Roughly 30% of small businesses in the US rely on credit card debt as a primary funding source. [27]
38. The average monthly credit card spend of an American small business is around $13,000. [27]
39. The median credit card balance among US small businesses is around $7,000. [28]
40. The average small business bank loan is $663,000. [29]
41. 40% of American small businesses have more than $100,000 in outstanding debt. [30]
Corporate card management made easier with Expensify
Responsible corporate card use can be a powerful tool for building financial health, and Expensify is here to help you navigate the landscape with confidence. Whether you simply want to track receipts for personal tax returns or manage expenses for a growing team, Expensify can help you keep your money life organized.
And if you’re wondering how to get a corporate card, look no further than the Expensify Card. Not only does it save you money on your Expensify bill, it’s got cash back, spend controls and alerts, and plenty of advanced functionality that grows with you.
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Resources
The Growth of the Credit Card Industry in 2023 - Credit Card Processing and Merchant Account, Clearly Payments
Credit card ownership (% age 15+) - World Bank Gender Data Portal, The World Bank
Payment Card Volume Topped $40 Trillion Worldwide in 2022, Nilson Report
Issue 1235, Nilson Report
Report on the Economic Well-Being of U.S. Households in 2022 - May 2023, Board of Governors of the Federal Reserve System
2023 Consumer Credit Card Market Report, Consumer Financial Protection Bureau
Total Household Debt Reaches $17.29 Trillion in Q3 2023; Driven by Mortgage, Credit Card, and Student Loan Balances, Federal Reserve Bank of New York
Credit Balances on the Rise as Consumers Manage Higher Costs, TransUnion
Average American debt by age and generation in 2023, Credit Karma
Credit Karma’s State of Debt and Credit Report, Credit Karma
10 Surprising Credit Card Debt Facts, SoFi
Average Credit Card Debt in America in 2023, Credit Karma
Credit Card Issuers Must Confront Consumers’ Mounting Debt, J.D. Power Finds, J.D. Power
Average Credit Card Balances up 13.2% to $5,910 in 2022, Experian
States with the best and worst credit scores in 2023, Business Insider
The Perfect Credit Score: Understanding the 850 FICO Score, FICO
What Is the Average Number of Credit Cards per US Consumer?, Experian
States Where Credit Card Delinquency Is Increasing the Most, WalletHub
2023 Findings from the Diary of Consumer Payment Choice, Federal Reserve Bank of San Francisco
2022 Survey and Diary of Consumer Payment Choice: Summary Results, Federal Reserve Bank of Atlanta
Commercial Bank Interest Rate on Credit Card Plans, All Accounts, Federal Reserve Bank of St. Louis
Americans pay $120 billion in credit card interest and fees each year, Consumer Financial Protection Bureau
The average credit score by age, state, and year, Business Insider
How Credit Card Usage Differs by Generation, Experian
Demographics of Debt, Debt.org
Frequently Asked Questions About Small Business 2023, U.S. Small Business Administration Office of Advocacy
Intuit QuickBooks Small Business Index Annual Report 2023, Intuit
Cash or credit: Small business use of credit cards for cash flow management, JPMorgan Chase & Co.
Survey of Terms of Business Lending - E.2, Board of Governors of the Federal Reserve System
2023 Report on Employer Firms: Findings from the 2022 Small Business Credit Survey, Fed Small Business
