But almost 50% of households with income in the 60-90% percentile have credit card debt.


7 largest credit card issuers generated $3.517 trillion in purchase volume in 2021, up 25.6%.

The Average Amount of Money Owed on Credit Cards by Region.

Americans make an average of 41 payments per month, 12.4 of which they make with cash.


American Express: $868 billion.

Poll: Americans are sitting on $15 billion in unused gift cards and credits. Cash represents 19% of all transactions in the US. Bank of America: $414 billion. The total purchase volume for the top seven was more than $3.5 trillion and comprised 77% of the total US card sector, up 25.6% compared with 2020.

Contactless payments accounted for 57 per cent of all credit card and 71 per cent of all debit card transactions. (Forbes) The average US business credit card interest rate is 19.71%. Despite the outbreak of the COVID-19 virus and the overall decrease in credit card spending, many more people decided to get credit cards during 2020. The average U.S. household spends $818 per year on public and other transportation 2, according to the BLS.

$75: Bureau of Labor Statistics.

Consumers paid back as much as $83 billion in American credit card debt in 2020.


Revolving credit debt dropped by $132 billion from February 2020 to January 2021. For travel rewards cards, that rate is 20.56%. (Source: Experian, 2020)

Digital wallets saw an increase of 20.4% in 2020.

Gas rewards: Earn 2 points per dollar at U.S. gas stations. Going into 2020, Americans owed an all-time high of $1.09 trillion in credit card debt, according to the Federal Reserve.

In addition, three of the four SMI index components fell below 100 (with gas well above 100) for the first time since February 2021. Studies suggest around 47%-58% of Canadians pay off their credit cards in full each month.

The average cash payment is $22 whereas the average non-cash transaction is $112. Pay your bills on time every month. If you have to carry a balance on your credit card, keep it at a reasonable percentage of your credit line. Do not cancel cards you aren't using regularly unless you're concerned about an annual fee or controlling spending.

; Half of millennials are regular donors. Cash transactions are appealing to only 12%.

(PR Newswire) Credit Card Ownership

Discover: $182 billion. Teens are spending big, but for the most part, they have a very limited understanding of personal finance basics, like what the difference is between debit and credit cards. These numbers help to pinpoint some interesting phenomena. Citi: $483 billion. Cash vs Credit Card Spending Statistics 18. Credit cards have overtaken debit cards as the most popular payment method in the US. The average college graduate has nearly $20,000 in debt; average credit card debt has increased 47 percent between 1989 and 2004 for 25-to 34-year-olds and 11 percent for 18-

Americans who earn less than $35,000 per year typically have $3,830 in credit card debt.


Members of Generation X have an average debt of $7,236.

These costs vary widely by city, See related: Credit card use and availability statistics.


It shows that people tend to spend WAY more when paying with a credit card. Dollars, Monthly, Seasonally Adjusted Jul 2000 to May 2022 (3 days ago) Billions of U.S. Consumer credit in the United States increased by USD 38.07 billion in April of 2022, after a downwardly revised USD 47.34 billion gain in the previous month and above market expectation of a USD 35 billion rise. 46% of consumers use a cashback card. Market size. In-store credit card transaction value will see 3.2% growth year-over-year in the US, reaching nearly $2.336 trillion.

The next popular method is debit cards as 29% of Americans are fond of them. (Shift Processing) Given these statistics, it is evident that the credit card industry is rapidly rising. An average American adult has a credit debt of $4,192. $1,888 average balance on store credit cards. 76% of consumers have at least one credit card. Put cards in order from highest interest rate to lowest.

In 2016, 15% of US households reported spending more than they received in income.

8. The average cash purchase is $22 while the average credit / debit card purchase is $112.

Spending Momentum Index (SMI) fell to 94.8 in May (seasonally adjusted), a 1.9-point decline from April.

While credit cards sometimes get a bad rap, having the best credit card or at least, the one thats best for you can make your life easier and more rewarding.

Consumer Loans: Credit Cards and Other Revolving Plans, Small Domestically Chartered Commercial Banks. Cash vs credit card spending statistics indicate that Americans prefer to use credit cards when it comes to sale payments.

We spend more because we focus on the benefits of what we buy, not on its cost. One of the natural consequences of decoupling the feeling of payment from the pleasure of buying is that consumers tend to overestimate the benefits of that purchase. That is another reason why we spend more when we pay with a credit card.

According to cash vs credit card spending statistics, cash is still king, although its share is declining on a yearly basis, from 33% of all payments in 2015 to 30% in 2017.

The Survey of Consumer Finances also found that just 20% of households in the lowest income bracket carry debt.

The overall credit card debt in the US for 2019 was $830 billion. June 10, 2022 Visas U.S. $152,000 to $290,999 $9,780. But by July, Americans had put a $99.5 billion dent in that balance, owing less than $1 trillion for the first time since September 2017. The following statistics relate to credit card spending habits.

The average credit card debt in Canada is $2,627. Data from 2019 tell us that 36% of students leaving college have a credit card debt of at least $1,000. 80% prefer card payments over cash. Monthly credit card spending increased toward the end of 2020, but purchase volumes are still well below pre-pandemic levels.

Revolving credit, which includes credit card debt, rose by USD 17.77 billion while non-revolving credit, which includes auto and student loans went up by USD 20.3 billion.

Out of the 68 monthly purchases the typical consumer makes, 18 are made with a credit card.

( The Balance) There are 500,000 business credit cards in use in the UK. (Source: Debt.org) National credit card debt statistics point out a strange trend the average debt increases with earnings. Americans arent necessarily canceling their cards. Its the first decrease since the first quarter of 2021. Reduced spending allowed consumers to put more money towards paying off their credit balances.

Credit card statistics highlight how many Americans are in debt. Following a record-setting reduction in 2020, consumers added a total of $86.2 billion in new credit card debt to their tab during 2021, capped off by a $73.1 billion increase during the fourth quarter alone.

According to NPD's most recent "Checkout Receipt Data," credit cards now make up 82.1% of all retail (in-store) transactions in the U.S. amid coronavirus (up from 78.7% in 2020 saw Americans repay over $80 billion in credit card debt.

In the period between 2013 and 2017, debit cards were the most preferred payment method among Americans. Each month, the average shopper uses 3.6 different payment methods. 1.

Americans have 3.84 credit cards on average. Billions of U.S.

Each observation in the data corresponds to a single transaction (for example, a consumer using a credit card, debit card, or gift card).

Latest Release. For the typical U.S. household, gasoline purchases are the ninth-largest categorized expense for credit card spending in a typical year. They track the daily CHAPS payments made by credit and debit card payment processors to around 100 major UK retail corporates, based on

This is reflective of a growing tendency among the public at large to pay for even necessities using credit cards. US Bank: $166 billion. That APR Only 29% of American small-business owners who collect credit card rewards actually use these to pay a business expense. The USs second most common payment method is debit cards with 29%, followed by cash with 12%, signifying the declining use of physical money for purchases. Come 2020, however, credit cards were used for 38% of point-of-sale payments, compared to 29% for debit cards.

Millennial Spending Statistics (Editors Pick): 60% of millennials would spend more than $4 on coffee.

Take a look at the averages per income level: $290,000 and more $12,600.

More than 1 in 3 students are leaving college with credit card debt. Paraguay: credit card ownership rate 2011-2017, by income level; Haiti: credit card ownership rate 2011-2017; Chile: credit card ownership rate 2011-2017, by income level Incidentally, in 2019, credit card stats showed that the average consumer credit card debt was higher than it


Americans total credit card balance is $841 billion in the first quarter of 2022, according to the latest consumer debt data from the Federal Reserve Bank of New York. Travel spending. 3.

As of 2019, 37% of US households are part of the revolving credit card debt.

Out of that group, 80% prefer to pay with credit cards versus cash. The average amount of money owed per individual on revolving credit accounts is $5,146.


Capital One: $455 billion.

Heres an overview of credit card debt among U.S. consumers: $1,621 per account, U.S. adults with a credit report and Social Security number.

The underlying card transaction data for these estimates of spending by industry group were collected by Fiserv, one of the largest card intermediaries in the country. Visa owns most of the credit card market share at 52.8%, followed by Mastercard with 31.6%. Essential Credit Card Spending Statistics 1.

Do you work in the Payments & Commerce industry? As of 2021, the average American family holds over $5,000 in credit card debt. Thats a $15 billion drop from $856 billion in the fourth quarter of 2021.

$5,111 per cardholder, excluding unused cards and store cards 1.

Recent cash vs. credit card spending statistics reveal that 38% of point-of-the-sale payments in 2020 were by credit card.


Average household income is up and credit card debt is down, the data show.

Region with lowest average debt: West North Central $4,769. See related: Best credit cards for entertainment spending.

Key credit card statistics and takeaways.

Current cash vs credit card spending statistics show current credit card usage statistics. Now, consumers have started 2022 by paying down just $13.2 billion 76% less than last year. The global credit card industry is expected to grow to $107.69 billion in 2025 at a CAGR of 1.1%. Credit spending growth is expected to stabilize in 2022, as consumers lasting embrace of ecommerce will push online credit card usage past $500 billion for the first time.

Americans aged 50 to 59 just barely hold the most credit card debt at 22.6%. Consumers will spend up to 83% more when using a card vs cash.

In todays list of credit card statistics, well be sharing some of the most interesting findings from the credit market transforming the industry today. (2) Consumers aged 18 to 29 hold the lowest percentage of US credit card debt at 7.2%. . Most people use credit cards for convenience and security.

Cash vs credit card statistics show that 80% of consumers prefer spending with a card over cash. The average annual percentage rate (APR) for outstanding card accounts in May 2020 was 14.52%, according to the Federal Reserves Consumer Credit statistical release for that month.

; General Facts and Stats on Millennial Spending Habits

This is the largest annual drop in 20 years. These data series are experimental real time indicators for monitoring UK spending using debit and credit cards.

If you can make it happen, though, investing your credit card rewards is a great way to make the most of them and to enable you to use your card to improve your net worth over time. The total spend of 62.9 billion was 20.4 per cent higher than February 2021 and 14.4 per cent higher than February 2020.

People will spend more when using a credit or debit card vs cash.

Number of Master Card credit card holders in the U.S. (forecast) 97m. It is estimated that in 2022, contactless mobile payments will be accessed by almost a third of U.S. smartphone users, up from 25.3% in 2018.

A survey conducted by the Federal Reserve in 2019 revealed that 86% of respondents owned at least one credit card.

How to Get a Credit Card Limit IncreaseAutomatic Credit Limit Increase. Some credit card issuers automatically raise your credit limit as you handle credit responsibly. Requesting an Increase From Your Card Issuer. The Soft and Hard Pull. Increase Your Security Deposit. Credit Limit Increase Denied. Beware of Credit Limit Increase Fees.

Cash vs Credit Card Spending Statistics (Editors Pick): Almost 60% of consumers prefer using cards.

Fifty percent of U.S. adults currently have unredeemed gift cards or store credits.

The highest earners (over $100,000 annually) average $10,322 in debt almost double the average of $5,975 for the lowest earners (under $20,000). Regions with highest average debt: South Atlantic $5,504 and Middle Atlantic $5,491. Baby boomers are have the second largest average debt at $6,230, followed by Millennials at $4,569.

The average American household has about $6,473 in credit card debt, based on the most recent U.S. credit card debt and household data. The average consumer makes a credit card purchase 18 times per month (Source: Federal Reserve Bank of Atlanta) People shop with credit cards frequently.


Amex EveryDay Preferred Credit Card from American Express.

College students have 5.2 credit cards on average.

$3,824 per person, U.S. resident adults 9.

(The Ohio State University) The average American credit card debt is $6028. This 80% breaks down to 54% of consumers who prefer spending with debit cards and 26% of consumers who prefer spending with credit cards. 39% of first-year college students own a credit card.

[7] Credit card ownership by age: People over the age of 60 are most likely to own a credit card (93%).

The Average APR for Card Accounts is 14.52%. Dollars, Weekly, Seasonally Adjusted 2000-06-28 to 2022-06-22 (3 days ago) Billions of U.S. ; 51% of all new investors in 2020 are millennials. However, one of the studies, by TransUnion Canada, found 39% are uncertain about the benefits of paying off more than the minimum balance.

; Millennials income will reach an estimated $8.3 trillion by 2025.; 86% of millennials are online shoppers. A 2012 poll from ING Direct and Capital One found that 87 percent of teens say they know little to nothing about managing money. In the US, excluding unused and store cards, the average credit debt is $5,554 per cardholder.

80% of cash transactions are for payments under $25.


Meanwhile, only 14% specified that they preferred spending with cash.