Credit Cards Plus

This page contains credit card statistics — including statistics on credit card debt, credit card delinquencies, credit scores, credit card interest rates, bankruptcies, average credit card debt and more — compiled by the CreditCards.com staff. Statistics on this page will be updated regularly as we receive new or updated credit card data.  Some data may appear multiple times on the page because the information is applicable in multiple categories.

If you have credit card statistics that you’d like to share, or if you have a question, comment or concern about what has or hasn’t been included on the page, please e-mail us at Editors@CreditCards.com.

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• Average credit card debt per household with credit card debt: $15,788* 
• Total credit cards in circulation in U.S: 576.4 million, as of yearend 2009 (Source: Nilson Report, February 2010)
• Total debit cards in circulation in U.S: 507 million, as of yearend 2009 (Source: Nilson Report, February 2010)
• Average number of credit cards held by cardholders: 3.5, as of yearend 2008 (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Average APR on new credit card offer: 14.10 percent (Source: CreditCards.com Weekly Rate Report, May 2010.)
• Average APR on credit card with a balance on it: 14.67 percent, as of February, 2010 (Source: Federal Reserve’s G.19 report on consumer credit, May 2010)
• Total U.S. revolving debt (98 percent of which is made up of credit card debt): $852.6 billion, as of March 2010 (Source: Federal Reserve’s G.19 report on consumer credit, March 2010)
• Total U.S. consumer debt: $2.45 trillion, as of March 2010 (Source: Federal Reserve’s G.19 report on consumer credit, May 2010)
• U.S. credit card 60-day delinquency rate: 4.27 percent. (Source: Fitch Ratings, April 2010)
• U.S. credit card default rate: 13.01 percent. (Source: Fitch Ratings, April 2010)

Credit card statistics roadmap

Below is a list of the various categories of statistics on this page. Click the link for more information. Most popular searches Card issuer and network statistics Total cards in circulation U.S. purchase volume and transactions Market share Profitability Customer satisfaction Consumer statistics Bankruptcy Business credit cards Card ownership Credit limits, usage Credit scores Debit cards Debt totals Delinquencies, late payments Demographics – Asian-Americans – African-Americans – Elderly – Gender – Hispanics – Young adults – Other Fees Identity theft Interest rates, APRs Online use Payment trends Prepaid cards Rewards Total charges and transactions Types of cards  History Industry history International stats (Will open in new window) Australia Canada UK

CREDIT CARD ISSUER STATISTICS

Total cards in circulation in U.S.
(Through year-end 2009)

• Visa credit: 270.1 million, down 11 percent (Source: Visa.com)
• Visa debit: 382 million, up 18 percent (Source: Visa.com)
• MasterCard credit: 203 million, down 22 percent (Source: MasterCard.com) 
• MasterCard debit: 125 million, up 1 percent (Source: MasterCard.com)
• American Express credit: 48.9 million, down 9 percent (Source: AmericanExpress.com)
• Discover credit: 54.4 million, down 6 percent (Source: Discover.com)
• TOTAL CREDIT CARDS: 576.4 million
• TOTAL DEBIT CARDS: 507 million

Customer satisfaction 

J.D. Power and Associates 2009 Credit Card Satisfaction Study Rankings
(Based on a 1,000-point scale)
1. American Express — 762
2. Discover Card — 751
3. National City — 740
4. Wells Fargo — 724
5. Barclaycard — 717
6. U.S. Bank — 715
7. Chase — 708
8. Citi — 699
9. First National Bank of Omaha – 689
10. Bank of America — 687
(Source: J.D. Power and Associates, September 2009)

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U.S. credit card outstandings
(Through yearend 2009)
Visa – $366.05 billion (Was $405.80 billion)
MasterCard – $267.57 billion (Was $305.22 billion)
American Express – $86.06 billion (Was $96.30 billion)
Discover $52.51 billion (Was $55.08 billion)
TOTAL – $772.19 billion (Was $862.40 billion)
(Source: Nilson Report, February 2010)

Credit card purchase transactions in U.S.
(Through yearend 2009)
Visa – 9.0 billion (Down 2 percent)
MasterCard – 5.9 billion (Down 6 percent)
Discover – 1.6 billion (Down 0.3 percent)
American Express – 3.6 billion (Down 7.4 percent)
TOTAL – 20.2 billion (Down 4 percent)
(Source: Nilson Report, February 2010)

Debit & prepaid cards total dollar volume in U.S.
(Through yearend 2009)
Visa – $1.18 trillion (Up 9 percent)
MasterCard $450 billion (Up 7 percent)
TOTAL – $1.63 trillion (Up 8 percent)
(Source: Nilson Report, February 2010)

Debit & prepaid card transactions in U.S.
(Through yearend 2009)
Visa – 26.9 billion (Up 13 percent)
MasterCard – 9.3 billion (Up 11 percent)
TOTAL – 36.2 billion (Up 13 percent)
(Source: Nilson Report, February 2010)

Top 15 U.S. general purpose card issuers based on outstandings as of June 30, 2009
1.  Chase – $165.87 bil.
2.  Bank of America – $150.82 bil.
3.  Citi – $102.54 bil.
4.  American Express – $78.16 bil.
5.  Capital One – $55.46 bil.
6.  Discover – $48.90 bil.
7.  Wells Fargo – $30.89 bil.
8.  HSBC – $26.09 bil.
9.  U.S. Bank – $20.17 bil.
10. USAA Savings – $12.96 bil.
11. Barclays – $10.67 bil.
12. Target – $7.78 bil.
13. GE Money – $7.17 bil.
14. PNC Bank – $5.08 bil.
15. First Nat’l Nebraska – $4.32 bil.
(Source: Nilson Report, August 2009)

Most general purpose credit cards in circulation in 2008
1. Chase – 119.4 million
2. Citi – 92 million
3. Bank of America – 80.2 million
4. Discover – 48 million
5. American Express – 46.5 million
6. Capital One – 46.3 million
7. HSBC – 38.8 million
8. GE Money – 27.2 million
9. Target – 23.4 million
10. Wells Fargo – 17.3 million
(Original source: Nilson Report, February 2009)

U.S. general purpose credit card market share in 2008 based on outstandings
(Note: 2007 ranking in parentheses)
1. JPMorgan Chase – 21.22 percent (17.74 percent)
2. Bank of America – 19.25 percent (19.36 percent)
3. Citi – 12.35percent (13.03 percent)
4. American Express – 10.19 percent (11.40 percent)
5. Capital One – 6.95 percent (6.95 percent)
6. Discover – 5.75 percent (5.65 percent)
7. Wells Fargo – 4.21 percent (3.07 percent)
8. HSBC – 3.47 percent (3.65 percent)
9. U.S. Bank – 2.14 percent (1.84 percent)
10. USAA Savings – 2.02percent (2.01 percent)
(Source: Nilson Report, April 2009)

U.S. general purpose credit card market share in 2008 based on purchase volume
1.  American Express – 23.46percent
2.  JPMorgan Chase – 17.56percent
3.  Bank of America – 13.23percent
4.  Citi – 11.05percent
5.  Discover – 4.75percent
6.  Capital One – 4.51 percent
7.  U.S. Bank – 3.49percent
8.  Wells Fargo – 2.26percent
9.  HSBC – 2.05percent
10. USAA Savings – 1.43percent
(Source: Nilson Report, July 2009)

Top 10 U.S. general purpose debit card issuers in 2008
(Note: 2007 ranking in parentheses)
1. Bank of America – $224.59 (1)
2. Wells Fargo – $167.30 (2)
3. Chase V/MC – $135.96 (5)
4. U.S. Bank – $34.78 (6)
5. PNC – $30.11 (18)
6. Regions Bank – $22.60 (7)
7. USAA (1) – $21.55 (11)
8. SunTrust – $21.12 (8)
9. TD Bank – $20.59 (29)
10. Citi – $20.22 (9)
(Source: Nilson Report, April 2009)

Top U.S. issuers of prepaid cards in 2008, based on purchase volume
1. H&R Block – $7.71 bil.
2. MetaBank – $3.52 bil.
3. JPMorgan Chase – $3.30 bil.
4. Comerica – $2.88 bil.
5. Comdata – $2.68 bil.
6. The Bancorp Bank – $1.74 bil.
7. US Bank – $1.59 bil.
8. Wells Fargo – $1.30 bil.
9. Citi – $1.25 bil.
10th ranked issuer info not immediately available
(Source: Nilson Report, July 2009)

Top 10 credit card issuers worldwide
(Ranked by total worldwide outstandings)
1. Bank of America/MBNA – $194.70 billion
(Includes outstandings from U.S., U.K., Ireland, Canada, Spain)
2. Chase – $184.09 billion
(U.S., Canada, France, Germany, Ireland, U.K., Mexico, & 22 other countries)
3. Citi – $148.90 billion
(U.S., Canada, Mexico, Brazil, Australia, Korea, Taiwan, Hong Kong, & 34 other countries)
4. American Express – $105.00 billion
(U.S., Canada, Australia/New Zealand, U.K., Mexico, Italy, Japan, France, Germany, Hong Kong, Singapore, & 34 other countries)
5. Capital One – $68.78 billion
(U.S., Canada, U.K.)
6. HSBC – $58.50 billion
(U.S., U.K., Mexico, Hong Kong, Turkey, Canada & 45 other countries)
7. Discover - $49.60 billion
(U.S.)
8. Wells Fargo – $36.40 billion
(U.S., Canada)
9. Barclays – $32.60 billion
(U.S., U.K., Germany, South Africa & over 30 others)
10. Lloyds TSB/HBoS – $19.29 billion
(U.K.)
(Source: Nilson Report, December 2009)

2008 worldwide purchase volume by card type
Visa credit – 31.7 percent
Visa debit – 28.6 percent
MC credit – 22.0 percent
Amex credit – 10.0 percent
MC debit – 6.3 percent
JCB credit – 0.9 percent
Diners credit 0.4 percent
(Source: Nilson Report, May 2009)

2009 global market share for general purpose credit cards
(Ranked in terms of purchase transactions)
Visa – 64.79 percent
MasterCard – 26.5 percent
American.Express – 4.57 percent
China UnionPay – 3.29 percent
JCB – 0.73 percent
Diners Club – 0.14 percent
(Source: Nilson Report, April 2010)

2008 U.S. market share for general purpose credit cards
(Ranked in terms of outstandings)
Visa – 47.23 percent
MasterCard – 35.33 percent
American Express – 11.14 percent
Discover – 6.30 percent
(Source: Nilson Report, April 2009)

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Profitability 

Profits or Losses at Top 10 U.S. Credit Card Issuers in 2008
1. Chase: $780 million profit
2. Bank of America: $520 million profit
3. Citi: $530 million loss
4. American Express: $850 million profit
5. Capital One: $1.00 billion profit
6. Discover: $710 million profit
7. Wells Fargo: $990 million profit
8. HSBC: $520 million profit
9. US Bank: $1.07 billion profit
10. USAA: Not listed
(Source: Nilson Report, March 2009)

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U.S. purchase volume and purchase transactions  

Credit card purchase volume in U.S.
(Through yearend 2009)
1. Visa – $764.2 billion (Down 7percent)
2. MasterCard – $476.9 billion (Down 13percent)
3. Discover – $100.4 billion (Down 5percent)
4. American Express – $419.8 billion (Down 10percent)
TOTAL – $1.76 trillion (Down 9percent)
(Source: Nilson Report, February 2010)

Credit card purchase transactions in U.S.
(Through yearend 2009)
1. Visa – 9.0 billion (Down 2percent)
2. MasterCard – 5.9 billion (Down 6percent)
3. Discover – 1.6 billion (Down 0.3percent)
4. American Express – 3.6 billion (Down 7.4percent)
TOTAL – 20.2 billion (Down 4percent)
(Source: Nilson Report, February 2010)

Debit & prepaid cards total dollar volume in U.S.
(Through yearend 2009)
Visa – $1.18 trillion (Up 9percent)
MasterCard $450 billion (Up 7percent)
TOTAL – $1.63 trillion (Up 8percent)
(Source: Nilson Report, February 2010)

Debit & prepaid card transactions in U.S.
(Through yearend 2009)
Visa – 26.9 billion (Up 13percent)
MasterCard – 9.3 billion (Up 11 percent)
TOTAL – 36.2 billion (Up 13percent)
(Source: Nilson Report, February 2010)

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HISTORICAL INFORMATION

Industry history

• The first widely accepted plastic charge card was issued in 1958 by American Express.
• The first general-use credit card that allowed balances to be paid over time was the BankAmericard (which in 1977 changed its name to Visa), issued in 1959. (Sources: PBS Frontline; American Express, Visa USA)
• How did MasterCard begin? In 1966, a number of banks formed the Interbank Card Association. In 1969, the Interbank Card Association bought the rights to use “Master Charge” from the California Bank Association. It was renamed MasterCard in 1979. (Source: MasterCard.com)

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CONSUMER STATISTICS

Card ownership

• 176.8 million credit cardholders in 2008 (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• 609.8 million credit cards held by U.S. consumers. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Some 29 percent of poll respondents reported that they do not have a credit card. That was a more than 10 percent jump from the number of respondents who reported having no credit cards in June 2009. (Source: Scientific poll for CreditCards.com, conducted Feb. 5-7, 2010)
• The average credit cardholder has 3.5 credit cards. Including both cardholders and non-cardholders, the average consumer has 2.7 cards each. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Total credit cards in U.S. through yearend 2009: 576.4 million, down 15 percent; Visa – 270.1. million, down 11 percent; MasterCard – 203 million, down 22 percent; Discover – 54.4 million, down 6 percent; American Express – 48.9 million, down 9 percent (Source: Visa, Amex, MasterCard, Discover Web sites, Nilson Report, February 2010)
• The average age at which a U.S. consumer under the age of 35 first adopted a credit card is 20.8 years. The average age of credit card adoption for a consumer over the age of 65 is 40.6 years. (Source: “The 2008 Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston)
• Eighty percent of consumers currently own a debit card, compared to 78 percent who own a credit card and 17 who own a prepaid card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 60 percent of consumers have a rewards credit card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 21 percent of consumer currently have a contactless debit card, while 26 percent have a contactless credit card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• 78 percent of American households — about 91.1 million — had one or more credit cards at the end of 2008. A year earlier, there were 90.4 million households with cards. (Source: Nilson Report, April 2009)
• In the fourth quarter of 2008, consumers over 60 had an average of 5.6 open bankcard and retail accounts. Overall, consumers had an average of 5.4 cards. A year before, those over 60 had 6.1 open cards and consumers overall had 5.5. In 2006, those over 60 had 6.2 open cards and consumers overall had 5.5. (Source: Experian marketing insight snapshot, March 2009)
• According to data from the U.S. Census Bureau, there were 159 million credit cardholders in the United States in 2000, 173 million in 2006, and that number is projected to grow to 181 million Americans by 2010. (Source: Census Bureau)
• In 2006, the United States Census Bureau determined that there were nearly 1.5 billion credit cards in use in the U.S. A stack of all those credit cards would reach more than 70 miles into space – and be almost as tall as 13 Mount Everests. (Source: NY Times, Feb. 23, 2009)
• The top 10 U.S. credit card issuers held an 87.55 percent market share of $972.73 billion in general purpose card outstandings in 2008. That includes Visa, MasterCard, American Express, and Discover and is up rom 84.70percent in 2007. (Source: Nilson Report, April 2009)
• As of yearend 2009, there were 270 million Visa credit cards and 382 million Visa debit cards in circulation in the United States. (Source: Visa.com)
• As of yearend 2009, there were 203 million MasterCard credit cards and 125 million MasterCard debit cards in circulation in the United States. (Source: MasterCard.com)
• As of yearend 2009, there were 48.9 million American Express credit cards in circulation in the United States. (Source: AmericanExpress.com)
• As of yearend 2009, there were 54.4 million Discover credit cards in circulation in the United States. (Source: Discover.com)
• Eighty-four percent of the student population overall have credit cards, an increase of approximately 11 percent since the fall of 2004. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
• Only 2 percent of undergraduates had no credit history. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
• Half of college undergraduates had four or more credit cards in 2008. That’s up from 43 percent in 2004 and just 32 percent in 2000.  (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
• Since 2004, students who arrived on campus as freshmen with a credit card already in-hand have increased from 23 percent to 39 percent. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
• Two-thirds of survey respondents said they would consider switching their primary credit card if a better feature were offered. (Source: ComScore, September 2008)
• 76 percent of undergraduates have credit cards, and the average undergrad has $2,200 in credit card. Additionally, they will amass almost $20,000 in student debt. (Source: Nellie Mae, “Undergraduate Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends”)
• 41 percent of college students have a credit card. Of the students with cards, about 65 percent pay their bills in full every month, which is higher than the general adult population. (Source: Student Monitor annual financial services study, 2008)
• Approximately 74.9 percent of the U.S. families surveyed in 2004 had credit cards, and 58 percent of those families carried a balance. In 2001, 76.2 percent of families had credit cards, and 55 percent of those families carried a balance. (Source: Federal Reserve Bulletin, February 2006)
• About a quarter have no credit cards, and an additional 30 percent or so pay off their balances every month. (Source: Federal Reserve Board survey of consumer finances, 2004)
• On average, today’s consumer has a total of 13 credit obligations on record at a credit bureau. These include credit cards (such as department store charge cards, gas cards, and bank cards) and installment loans (auto loans, mortgage loans, student loans, etc.). Not included are savings and checking accounts (typically not reported to a credit bureau). Of these 13 credit obligations, nine are likely to be credit cards and four are likely to be installment loans. (Source: myfico.com)
• The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time. In fact, one out of four consumers had credit histories of 20 years or longer. Only one in 20 consumers had credit histories shorter than two years. (Source: myfico.com)
• Approximately 51 percent of the U.S. population has at least two credit cards. (Source: Experian national score index study, February 2007)
• At about 20 percent, New Hampshire and New Jersey have the largest concentration of consumers with 10 or more credit cards. (Source: Experian national score index study, February 2007)
• Consumers carry more than 1 billion Visa cards worldwide. More than 450 million of those cards are in the United States. (Source: Visa USA internal statistics, 4th quarter 2006)

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Debt totals

• Average credit card debt per household with credit card debt: $16,007* 
• Average total debt in 2009 (including credit cards, mortgage, home equity, student loans and more) for U.S. households with credit card debt: $54,000. (That’s down from $93,850 in 2008.) 
• Average total debt in 2009 (including credit cards, mortgage, home equity, student loans and more) for all U.S. households: $16,046. (That’s down from $35,245 in 2008.)
• Total U.S. consumer debt (which includes credit card debt and noncredit-card debt but not mortgage debt) reached $2.45 trillion at the end of 2009, down sharply from $2.56 trillion at the end of 2008. (Source: Federal Reserve’s G.19 report, March 2010)
• Total U.S. consumer revolving debt fell to $866 billion at the end of 2009, down from $958 billion at the end of 2008. About 98 percent of that debt was credit card debt. (Source: Federal Reserve’s G.19 report, March 2010)
• The mean, or average, unpaid credit card balance last month was $3,389. The median is $90. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 56 percent of consumers carried an unpaid balance in the past 12 months. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 45 percent of consumers said their unpaid credit card balance had gotten “lower” or “much lower” in the past 12 months. Only 26 percent said it had gotten “higher” or “much higher.” (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Slightly more than half of Americans — 51 percent — said that in the past 12 months, they carried over a balance and was charged interest on a credit card. (Source: “Financial Capability in the United States,” FINRA Investor Education Foundation, December 2009)
• Total U.S. credit card outstandings through yearend 2009: $772.19 billion (Was $862.4 billion); By credit card company: Visa – $366.05 billion (Was $405.80 billion); MasterCard – $267.57 billion (Was $305.22 billion); American Express – $86.06 billion (Was $96.30 billion); Discover $52.51 billion (Was $55.08 billion); (Source: Nilson Report, February 2010)
• At the end of 2008, Americans’ credit card debt reached $972.73 billion, up 1.12 percent from 2007. That number includes both general purpose credit cards and private label credit cards that aren’t owned by a bank. (Source: Nilson Report, April 2009)
• Average credit card debt per household — regardless of whether they have a credit card or not — was $8,329 at the end of 2008. (Source: Nilson Report, April 2009)
• The average outstanding credit card debt for households that have a credit card was $10,679 at the end of 2008. One year earlier, that average was $10,637. (Source: Nilson Report, April 2009)
• The average balance per open credit card — including both retail and bank cards — was $1,157 at the end of 2008. That’s up from $1,033 at the end of 2006, a growth of nearly 11 percent in two years. (Source: Experian marketing insight snapshot, March 2009)
• As of March 2009, U.S. revolving consumer debt, made up almost entirely of credit card debt, was about $950 Billion. In the fourth quarter of 2008, 13.9 percent of consumer disposable income went to service this debt. (Source: U.S. Congress’ Joint Economic Committee, “Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery,” May 2009)
• “As household wealth has declined in the downturn, more American families are facing financial distress due to high debt burdens. In 2007, before the recession began, 14.7 percent of U.S. families had debt exceeding 40 percent of their income.” (Source: U.S. Congress’ Joint Economic Committee, “Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery,” May 2009)
• In 2007, the average balance for those carrying a balance rose 30.4 percent, to $7,300. Meanwhile, the median balance — meaning half owe more and half owe less — for those carrying a balance rose 25.0 percent, to $3,000. These increases followed slower changes over the preceding three years, when the median increased 9.1 percent and the average climbed 16.7 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• In the fourth quarter of 2008, consumers over 60 had an average balance of $763 per open bankcard or retail accounts. A year before, that balance was $746. The year before that, it was $735 — meaning the average has jumped about 4 percent in 2 years. (Source: Experian marketing insight snapshot, March 2009)
• In 2007, credit card balances made up 3.5 percent of the total debt for all U.S. families, including those with and without credit card debt. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• In 2007, fewer than half of U.S. families (46.1 percent) held credit card debt. That’s virtually unchanged from 2004′s 46.2 percent number. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Undergraduates are carrying record-high credit card balances. The average (mean) balance grew to $3,173, the highest in the years the study has been conducted. Median debt grew from 2004’s $946 to $1,645. Twenty-one percent of undergraduates had balances of between $3,000 and $7,000, also up from the last study. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
• Balances on bank cards accounted for 87.1 percent of outstanding credit card balances in 2007, up from 84.9 percent in 2004. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Of the 73.0 percent of families with credit cards in 2007, only 60.3 percent had a balance at the time of the interview; in 2004, 74.9 percent had cards, and 58.0 percent of these families had an outstanding balance on them. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• “Total bankcard debt per bankcard borrower” is $5,710. This was alternately described as the total balance of bank-issued credit cards per consumer. (Source: TransUnion, December 2008)
• The average American with a credit file is responsible for $16,635 in debt, excluding mortgages, according to Experian. (Source: U.S. News and World Report, “The End of Credit Card Consumerism,” August 2008)
• Among the 35 percent of college students with credit cards that do not pay their balances in full every month, the average balance is $452. This is down 19 percent from 2007. Moreover, this balance is approximately one-third the size of the average balance for active nonstudent young adult accounts and one-fourth the size of active accounts for older adults. (Source: Student Monitor annual financial services study, 2008)
• As of 2007, the majority of U.S. households had no credit card debt. (Source: Federal Reserve Board survey of consumer finances, February 2009)
• When you take a snapshot of how much an individual bank cardholder has in debt on a given day, and ignore whether that debt will be paid off in the grace period, Alaska is the state whose cardholders have the highest debt: $7,827. Alaska is followed by Nevada at $6,636 and Tennessee at $6,568. At the other end of the scale, the states whose citizens carry the lowest card debt at a given moment are Iowa ($4,277), North Dakota ($4,403) and West Virginia ($4,517). (Source: TransUnion, December 2008)
• About 40 percent of credit cardholders carry a balance of less than $1,000. About 15 percent are far less conservative in their use of credit cards and have total card balances in excess of $10,000. When you look at the total of all credit obligations combined (except mortgage loans), 48 percent of consumers carry less than $5,000 of debt. This includes all credit cards, lines of credit and loans — everything but mortgages. Nearly 37 percent carry more than $10,000 of nonmortgage debt as reported to the credit bureaus. (Source: myfico.com)
• The typical consumer has access to approximately $19,000 on all credit cards combined. More than half of all people with credit cards are using less than 30 percent of their total credit card limit. Just over one in seven is using 80 percent or more of their credit card limit. (Source: myfico.com)
• 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-to 24-year-olds. Nearly one in five 18-to 24-year-olds is in “debt hardship,” up from 12 percent in 1989. (Source: Demos.org, “The Economic State of Young America,” May 2008)
• More than 90 percent of survey respondents believe they had the same amount — or less — debt as the average American. (Source: CreditCards.com survey, June 2007)
• Miami residents are the biggest overspenders, one study says. The 50 largest U.S. metropolitan areas were ranked in terms of percent of median yearly household income owed to credit card companies and Miami residents owed 22.61 percent. Tampa (17.1 percent) and Los Angeles (16.81 percent) came in second and third, respectively. (Source: Forbes.com, Equifax and US Census Bureau, April 2009)

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Business credit cards

• In 2008, JPMorgan Chase was the largest issuer of small business credit cards with $34.5 billion in total card volume. Bank of America is second with $26.31 billion and Capital One is third with $20.7 billion. (Source: Nilson Report)
• Credit cards are now the most common source of financing for America’s small-business owners. (Source: National Small Business Association survey, 2008)
• 44 percent of small-business owners identified credit cards as a source of financing that their company had used in the previous 12 months —- more than any other source of financing, including business earnings. In 1993, only 16 percent of small-businesses owners identified credit cards as a source of funding they had used in the preceding 12 months. (Source: National Small Business Association survey, 2008)

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Online use

• Seventy-one percent of survey respondents said they have logged into their credit card account via the Internet. (Source: ComScore, December 2009)

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Delinquencies, late payments

• According to Fitch Ratings, the number of cardholders 60 or more days late on payments fell in January of 2010 to 4.50 percent. That number is flat year-to-year. Those 30 days late declined to 5.72 percent and is down 5 percent year-to-year. (Source: Associated Press, March 2010)
• According to Fitch Ratings, the number of credit card defaults hit 11.37 percent, the highest level since a record 11.52 percent in September 2009. (Source: Associated Press, March 2010)
• In the last 12 months, 15 percent of American adults, or nearly 34 million people, have been late making a credit card payment and 8 percent (18 million people) have missed a payment entirely. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
• 26 percent of Americans, or more than 58 million adults, admit to not paying all of their bills on time. Among African-Americans, this number is at 51 percent.  (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
• Penalty fees from credit cards will add up to about $20.5 billion in 2009, according to R. K. Hammer, a consultant to the credit card industry. (Source: New York Times, September 2009)
• Only eight percent of cards with penalty rate conditions offered to restore the original rate terms when payments are made on-time, usually after 12 months. (Source: Pew Safe Credit Cards Project, March 2009)
• 72 percent of cards included offers of low promotional rates which  issuers could revoke after a single late payment. (Source: Pew Safe Credit Cards Project, March 2009)
• From 1989 to 2004, the percentage of cardholders incurring fees due to late payments of 60 days or more increased from 4.8 percent to 8.0 percent. (Source: Demos.org, “Borrowing To Make Ends Meet,” November 2007)
• One-fourth of the students surveyed in US PIRG’s 2008 Campus Credit Card Trap report said that they have paid a late fee, and 15 percent have paid an “over the limit” fee. (Source: U.S. PIRG, “Campus Credit Card Trap”)
• When finances are tight, 59 percent of people would pay their credit card bills last. A majority — 52 percent — would pay the mortgage first and 38 percent say they would pay for utilities before paying other obligations. (Source: CreditCards.com survey, December 2008)
• On average, today’s consumers are paying their bills on time, with less than half of all consumers have ever been reported as 30 or more days late on a payment. Only three out of 10 have ever been 60 or more days overdue on any credit obligation. Seventy-seven percent of all consumers have never had a loan or account that was 90+ days overdue, and fewer than 20 percent have ever had a loan or account closed by the lender due to default . (Source: myfico.com)

Bankruptcy

• Total bankruptcy filings in 2009 reached 1.4 million in 2009, up from 1.09 million in 2008. The vast majority were personal bankruptcies — Chapter 7 and Chapter 13. Business bankruptcies made up 6 percent of all filings. (Source: AACER, the American Bankruptcy Institute, January 2010)
• Nevada surpassed Tennessee atop the listing of bankruptcies per capita, with more than 11 bankruptcies filed for every 1,000 residents. Tennessee and Georgia took the second and third slots behind the Silver State. Compared to 2009 third-quarter data, the biggest mover was Arizona, which rose six spots from No. 21 to No. 15. At the other end of the scale is Alaska, which had only 1.4 bankruptcies per capita, meaning the average Nevadan was eight times more likely to file bankruptcy than the average Alaskan. (Source: AACER, the American Bankruptcy Institute, January 2010)
• Young Americans now have the second highest rate of bankruptcy, just after those aged 35 to 44. The rate among 25- to 34-year-olds increased between 1991 and 2001, indicating that this generation is more likely to file bankruptcy as young adults than were young boomers at the same age. (Source: “Generation Broke: Growth of Debt Among Young Americans”)
• Memphis, Tenn., consumers have suffered the most bankruptcies. (Source: Men’s Health magazine’s personal debt survey, July 2008)
• Yonkers, N.Y., has suffered the fewest bankruptcies. (Source: Men’s Health magazine’s personal debt survey, July 2008)

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Payment trends

• About 6 percent of consumers have used a prepaid card in the past months. About 9 percent have used one in the past year. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 69 percent of consumers have used a credit card in the last month. About 73 percent have used one in the past year. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 56 percent of consumers carried an unpaid balance in the past 12 months. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 45 percent of consumers said their unpaid credit card balance had gotten “lower” or “much lower” in the past 12 months. Only 26 percent said it had gotten “higher” or “much higher.” (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• “More consumers now have debit cards than credit cards, and consumers use debit cards more often than cash, credit cards, or checks individually.” (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Nearly one in three Americans — 29 percent — said that in some of the past 12 months, they paid only the minimum payment on their credit cards. (Source: “Financial Capability in the United States,” FINRA Investor Education Foundation, December 2009)
• More than half of Americans — 54 percent — said that in the past 12 months, they always paid their credit cards in full. (Source: “Financial Capability in the United States,” FINRA Investor Education Foundation, December 2009)
• 41 percent of cardholders from the ages of 18 to 29 made only the minimum required payment on a credit card in some of the past 12 months. (Source: “Financial Capability in the United States,” FINRA Investor Education Foundation, December 2009)
• Three in four cardholders age 60 or older always paid their credit card in full in the past 12 months. (Source: “Financial Capability in the United States,” FINRA Investor Education Foundation, December 2009)
• 26 percent of Americans, or more than 58 million adults, admit to not paying all of their bills on time. Among African-Americans, this number is at 51 percent.  (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
• The average credit card-indebted family in 2004 allocated 21 percent of its income to servicing monthly debt compared to the 13 percent dedicated to debt payments among all households. (Source: Demos.org, “Borrowing To Make Ends Meet,” November 2007)
  58 percent of Hispanics have not used a credit card in the past 30 days. (Source: Experian Consumer Research study, November 2008)
• 31 percent of Hispanics typically pay cash for their purchases. (Source: Experian Consumer Research study, November 2008)
• When finances are tight, 59 percent of people would pay their credit card bills last. A majority — 52 percent — would pay the mortgage first and 38 percent say they would pay for utilities before paying other obligations. (Source: CreditCards.com survey, December 2008)
• 41 percent of college students have a credit card. Of the students with cards, about 65 percent pay their bills in full every month, which is higher than the general adult population. (Source: Student Monitor annual financial services study, 2008)
• 27 percent of U.S. families had no credit cards in 2007. (Source: Federal Reserve Board Survey of Consumer Finances, February 2009)
• One in six families with credit cards pays only the minimum due every month. (Source: Experian national score index study, February 2007)
• Of every $100 spent by consumers, nearly $40 is in a form other than cash or check. (Source: Visa USA internal statistics, 4th quarter 2006)
• 28 percent of those surveyed say their ability to pay off their credit card balance has become more difficult. (Source: Javelin Strategy & Research, “Credit Card Issuer Profitability in a Difficult Economy,” July 2008)

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Debit cards

• In 2009, Visa had $1.8 trillion in U.S. debit and prepaid card transaction volume. That’s up 9 percent from 2008. (Source: Nilson Report, February 2010)
• In 2009, Visa had 26.9 billion U.S. debit and prepaid card transactions. That’s up 13 percent from 2008. (Source: Nilson Report, February 2010)
• In 2009, MasterCard had $450 billion in U.S. debit and prepaid card transaction volume. That’s up 7 percent from 2008. (Source: Nilson Report, February 2010)
• In 2009, MasterCard had 9.3 billion U.S. debit and prepaid card transactions. That’s up 11 percent from 2008. (Source: Nilson Report, December 2010)
• Eighty percent of consumers currently own a debit card, compared to 78 percent who own a credit card and 17 who own a prepaid card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 21 percent of consumer currently have a contactless debit card, while 26 percent have a contactless credit card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• “More consumers now have debit cards than credit cards, and consumers use debit cards more often than cash, credit cards, or checks individually.” (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Top 10 U.S. general purpose debit card issuers (Note: 2007 ranking in parentheses) 1. Bank of America – $224.59 (1); 2. Wells Fargo – $167.30 (2); 3. Chase V/MC – $135.96 (5); 4. U.S. Bank – $34.78 (6); 5. PNC – $30.11 (18); 6. Regions Bank – $22.60 (7); 7. USAA (1) – $21.55 (11); 8. SunTrust – $21.12 (8); 9. TD Bank – $20.59 (29); 10. Citi – $20.22 (9) (Source: Nilson Report, April 2009)
• Debit & prepaid cards in U.S. through yearend 2009: 507 million, up 13 percent. Breakdown by card company: Visa – 382 million, up 18 percent; MasterCard – 125 million, up 1 percent. (Source: Nilson Report, February 2010)  
• Debit & prepaid cards total dollar volume in U.S. through yearend 2009: $1.63 trillion, up 8 percent. Breakdown by card company: Visa – $1.18 trillion, up 9 percent; MasterCard – $450 billion, up 7 percent. (Source: Nilson Report, February 2010)
• Debit & prepaid card transactions in U.S. through yearend 2009: 36.2 billion, up 13 percent. Breakdown by card company: Visa – 26.9 billion, up 13 percent; MasterCard – 9.3 billion, up 11 percent. (Source: Nilson Report, February 2010)  
• There were 34 billion U.S. debit card transactions in 2008, totalling $1.33 trillion. That’s way up from 16.1 billion transactions totalling $583 billion in  2003. (Source: Nilson Report, December 2009)
• In 2008, 72 percent of consumers indicated they used a debit card in the past year. In 2007, that number was 65 percent. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• Debit card usage grew from 2007 to 2008, with 66 percent of consumers indicating they used a debit card in the month preceding the September 2008 survey, compared to 57 percent of consumers in 2007. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• Only 47 percent of Americans over 65 said they had used a debit card in the month before the September 2008 survey, 19 points lower than any other age group. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• 76 percent of Americans aged 25 to 34 indicated they had used a debit card in the month preceding the September 2008 survey. 63 percent of that age group said that had used a credit card in the same period. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• 71 percent of Americans aged 18 to 24 said that they had used a debit card in the month preceding the September 2008 survey. Just 51 percent of that same age group indicated they had used a credit card in the same period. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• As of December 31, 2008, there were 126 million MasterCard debit cards in circulation in the United States. (Source: MasterCard.com)
• 74 percent of monthly college spending is with cash and debit cards. Only 7 percent is with credit cards. (Source: Student Monitor annual financial services study, 2008)

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Prepaid cards

• In 2009, Visa had $1.8 trillion in U.S. debit and prepaid card transaction volume. That’s up 9 percent from 2008. (Source: Nilson Report, February 2010)
• In 2009, Visa had 26.9 billion U.S. debit and prepaid card transactions. That’s up 13 percent from 2008. (Source: Nilson Report, February 2010)
• In 2009, MasterCard had $450 billion in U.S. debit and prepaid card transaction volume. That’s up 7 percent from 2008. (Source: Nilson Report, February 2010)
• In 2009, MasterCard had 9.3 billion U.S. debit and prepaid card transactions. That’s up 11 percent from 2008. (Source: Nilson Report, December 2010)
• About 6 percent of consumers have used a prepaid card in the past months. About 9 percent have used one in the past year. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Eighty percent of consumers currently own a debit card, compared to 78 percent who own a credit card and 17 who own a prepaid card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Debit & prepaid cards in U.S. through yearend 2009: 507 million, up 13 percent. Breakdown by card company: Visa – 382 million, up 18 percent; MasterCard – 125 million, up 1 percent. (Source: Nilson Report, February 2010)
• Debit & prepaid cards total dollar volume in U.S. through yearend 2009: $1.63 trillion, up 8 percent. Breakdown by card company: Visa – $1.18 trillion, up 9 percent; MasterCard – $450 billion, up 7 percent. (Source: Nilson Report, February 2010)
• Debit & prepaid card transactions in U.S. through yearend 2009: 36.2 billion, up 13 percent. Breakdown by card company: Visa – 26.9 billion, up 13 percent; MasterCard – 9.3 billion, up 11 percent. (Source: Nilson Report, February 2010)  
• There were 5 billion U.S. prepaid card transactions in 2008, totalling $153 billion. That’s way up from 2.5 billion transactions totalling $69 billion in 2003. (Source: Nilson Report, December 2009)
• Based on purchase volume, H&R Block was the top issuer of prepaid cards in the U.S. The company had $7.71 billion in purchase volume on its prepaid cards in 2008. MetaBank ($3.52 billion) and Chase ($3.30 billion) were second and third, respectively, though their combined totals were less than that of H&R Block. (Source: Nilson Report, July 2009)
• The total amount loaded for prepaid cards in 2008 (including both open-loop cards — which are general purpose cards that carry the American Express, Discover, MasterCard or Visa logo and can be used wherever those cards are accepted — and closed-loop cards — which can only be used in specific places) was $247.7 billion, a $27.8 billion increase over the $220.27 billion load in 2007. That’s an increase of 12.4 percent.
  (Source: Mercator Advisory Group, “6th Annual Network Branded Prepaid Market Assessment,” September 2009)
• Open-loop gift cards (general purpose cards that carry the American Express, Discover, MasterCard or Visa logo and can be used wherever those cards are accepted) continue to grow in popularity. $60.42 billion was loaded on to open-loop prepaid cards in 2008, a 54.3 percent increase from 2007.
  (Source: Mercator Advisory Group, “6th Annual Network Branded Prepaid Market Assessment,” September 2009)

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Interest rates/ APRs

• 36 percent of respondents said they didn’t know the interest rate on the card they use most often. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
• The national average default rate as January 2010 stood at 27.88 percent and the mean default rate is 28.99 percent. (Source: CreditCards.com survey, January 2010)
• Slightly more than half of Americans — 51 percent — said that in the past 12 months, they carried over a balance and was charged interest on a credit card. (Source: “Financial Capability in the United States,” FINRA Investor Education Foundation, December 2009) 
• 93 percent of cards allowed the issuer to raise any interest rate at any time by changing the account agreement. (Source: Pew Safe Credit Cards Project, March 2009)
• Only eight percent of cards with penalty rate conditions offered to restore the original rate terms when payments are made on-time, usually after 12 months. (Source: Pew Safe Credit Cards Project, March 2009)
• 72 percent of cards included offers of low promotional rates which  issuers could revoke after a single late payment. (Source: Pew Safe Credit Cards Project, March 2009)
• For families having any bank-type cards, the median number of such cards remained at 2; the median credit limit on all such cards rose 21.4 percent, to $18,000, and the median interest rate on the card with the largest balance (or on the newest card, if no outstanding balances existed) rose 1.0 percentage point, to 12.5 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009)  
• Among 39 credit cards Consumer Action looked at from 22 financial institutions, the average interest rate for purchases was 12.83 percent. That’s a drop of more half a point from the 2008 survey results. Interest rates on purchases ranged from 4.25 percent to 22.99 percent, with the fixed rate credit cards averaging an interest rate of 10.03 percent and the variable rate credit cards averaging 13.20 percent. (Source: Consumer Action credit card survey, July 2009)

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Fees

• Penalty fees from credit cards will add up to about $20.5 billion in 2009, according to R. K. Hammer, a consultant to the credit card industry. (Source: New York Times, September 2009)
• In the first 3 months of 2009, 27 percent of card offers carried an annual fee, up from 18 percent in 2008, according to the financial research firm Tower Group. (Source: ConsumerReports.org Money Blog, August 2009)
• Thirty-one of the 39 credit cards did not charge an annual fee. That marked a larger number of credit cards with no annual fee than in 2008, when 35 of 41cards had no annual fee. The cost of those fees ranged from $18 to $150. (Source: Consumer Action credit card survey, July 2009)
• The average late fee was found to have risen to $28.19, way up from $25.90 in 2008. Consumer Action reported that late fees reached up to $39 per incident. (Source: Consumer Action credit card survey, July 2009)
• 92 percent of cards included a fee for exceeding the credit limit, including 100 percent of all student cards. The amount of the overlimit fee is $39 on most accounts. (Source: Pew Safe Credit Cards Project, March 2009)
• 64 percent of respondents said having “no annual fee” was an important reason why they chose the credit card they did the last time they got a new card. (Source: Aite Group survey, January 2008)

Credit scores

• Only 38 percent of survey respondents have obtained a copy of their credit report, and even fewer (36 percent) have checked their credit score in the past 12 months. (Source: “Financial Capability in the United States,” FINRA Investor Education Foundation, December 2009)
• More than half — 52 percent — of those who have checked their credit score in the past 12 months reported having credit scores above 720. By contrast, only 17 percent of those who have checked their credit score had credit scores below 620. (Source: “Financial Capability in the United States,” FINRA Investor Education Foundation, December 2009)
• From Q3 2008 to Q1 2009, the average TransUnion credit score fell 6 points to 651, the credit bureau says. Scores fell even further in the some economically challenged states: California fell 10 points and Arizona, 11. (Source: USAToday.com, April 2009)
• The U.S. average VantageScore® is 769. The average score rises to 837 when looking solely at the over-60 population. (Source: Experian marketing insight snapshot, March 2009)
• Nearly two-thirds of American adults (64 percent) — or 144 million people — have not ordered a copy of their credit report in the past year; this grows to nearly three-quarters (72 percent) among Hispanic Americans. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
• More than one-third of American adults (37 percent) admit that they do not know their credit score. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
• Only 2 percent of undergraduates had no credit history. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
• On average, today’s consumer has a total of 13 credit obligations on record at a credit bureau. These include credit cards (such as department store charge cards, gas cards, and bank cards) and installment loans (auto loans, mortgage loans, student loans, etc.). Not included are savings and checking accounts (typically not reported to a credit bureau). Of these 13 credit obligations, nine are likely to be credit cards and four are likely to be installment loans. (Source: myfico.com)
• The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time. In fact, one out of four consumers had credit histories of 20 years or longer. Only one in 20 consumers had credit histories shorter than two years. (Source: myfico.com)
• The average consumer has had only one credit inquiry on his or her accounts within the past year. Fewer than 6 percent had four or more inquiries resulting from a search for new credit. (Source: myfico.com)
• Corpus Christi, Texas, residents have America’s worst credit scores. (Source: Men’s Health magazine’s personal debt survey, July 2008)
• Sioux Falls, S.D., boasts America’s best credit scores. (Source: Men’s Health magazine’s personal debt survey, July 2008)

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Credit limits and usage

• In 2007, 97 percent of consumers indicated they used a credit card in the past year. In 2008, that number plummeted to 72 percent. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• Credit card usage fell dramatically from 2007 to 2008, with only 64 percent of consumers indicating they used a credit card in the month preceding the September 2008 survey, compared to 87 percent of consumers in 2007 — a 23 percentage point decline. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• 80 percent of Americans 65 or older indicated they used a credit card in the month preceding the September 2008 survey. That’s 13 points higher than any other age group. They also used debit cards far less than other age groups. Only 47 percent of those over 65 said they had used a debit card in the month before the survey, 19 points lower than any other age group. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• 63 percent of Americans aged 25 to 34 indicated they had used a credit card in the month preceding the September 2008 survey. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• Just 51 percent of Americans aged 18 to 24 indicated they had used a credit card in the month preceding the September 2008 survey. 71 percent of that age group said that they had used a debit card in the same period. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
• 92 percent of cards included a fee for exceeding the credit limit, including 100 percent of all student cards. The amount of the overlimit fee is $39 on most accounts. (Source: Pew Safe Credit Cards Project, March 2009)
• For families having any bank-type cards, the median number of such cards remained at 2; the median credit limit on all such cards rose 21.4 percent, to $18,000, and the median interest rate on the card with the largest balance (or on the newest card, if no outstanding balances existed) rose 1.0 percentage point, to 12.5 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009) 
• 58 percent of Hispanics have not used a credit card in the past 30 days. (Source: Experian Consumer Research study, November 2008)
• 31 percent of Hispanics typically pay cash for their purchases. (Source: Experian Consumer Research study, November 2008)
• More than 23 billion credit cards transactions were processed in the United States in 2007, and they are projected to grow by 26 percent over the next five years. (Source: Nilson Report)
• Approximately 14 percent of Americans use 50 percent or more of their available credit. (Source: Experian National Score Index Study, February 2007)
• At about 17 percent each, Alaska and Hawaii have the largest concentration of consumers who use 50 percent or more of their available credit. (Source: Experian National Score Index Study, February 2007)
• Residents of Jackson, Miss., use the highest percentage of their credit limit. (Source: Men’s Health magazine’s personal debt survey, July 2008)
• Lincoln, Neb., residents use the lowest percentage of their credit limit. (Source: Men’s Health magazine’s personal debt survey, July 2008)
• 95 percent of surveyed issuers have over-limit fees. The average over-limit fee, among institutions with over-limit fees, is $29.13. (Source: Consumer Action credit card survey, July 2008.)
• 37 percent of consumers say they are using their credit cards less. (Source: Javelin Strategy & Research, “Credit Card Issuer Profitability in a Difficult Economy,” July 2008)

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Rewards

• About 60 percent of consumers have a rewards credit card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Visa says rewards cards now make up more than half of all credit cards and about 80 percent of money spent on a credit card. (Source: Aite Group, January 2008)
• Consumers say rewards are the second-most important reason for choosing to apply for a specific card, behind no annual fees and ahead of low interest rates.  (Source: Aite Group survey, January 2008)
• More than one third of consumers choose which card to use in order to maximize card rewards. (Source: ComScore, September 2008)
• Two-thirds of survey respondents said they would consider switching their primary credit card if a better feature were offered. (Source: ComScore, September 2008)
• Among customers who said they would consider switching cards based on better rewards, more than two thirds (68 percent) said that cash back would be most influential in getting them to switch. (Source: ComScore, September 2008)

Total charges and transactions 

• Credit card purchase transactions in U.S. through yearend 2009: 20.2 billion, down 4 percent. Breakdown by card company: Visa – 9.0 billion, down 2 percent; MasterCard – 5.9 billion, down 6 percent; Discover – 1.6 billion, down 0.3 percent; American Express – 3.6 billion, down 7.4 percent. (Source: Nilson Report, February 2010)
• Debit & prepaid card transactions in U.S. through yearend 2009: 36.2 billion, up 13 percent. Breakdown by card company: Visa – 26.9 billion, up 13 percent; MasterCard – 9.3 billion, up 11 percent. (Source: Nilson Report, February 2010)
• There were 26.5 billion U.S. credit card transactions in 2008, totalling $2.1 trillion. That’s up from 21 billion transactions totalling $1.4 trillion in 2003. (Source: Nilson Report, December 2009)
• There were 34 billion U.S. debit card transactions in 2008, totalling $1.33 trillion. That’s way up from 16.1 billion transactions totalling $583 billion in  2003. (Source: Nilson Report, December 2009)
• There were 5 billion U.S. prepaid card transactions in 2008, totalling $153 billion. That’s way up from 2.5 billion transactions totalling $69 billion in 2003. (Source: Nilson Report, December 2009)
• Today, credit cards are responsible for more than $2.5 trillion in transactions a year and are accepted at more than 24 million locations in more than 200 countries and territories. (Source: American Bankers Association, March 2009)
• It is estimated that there are 10,000 payment card transactions made every second around the world. (Source: American Bankers Association, March 2009)
• Between 1989 and 2006, the nation’s total credit card charges increased from about $69 billion a year to more than $1.8 trillion. (Source: Demos.org, April 2008)

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Types of cards

• About 69 percent of consumers have used a credit card in the last month. About 73 percent have used one in the past year. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Eighty percent of consumers currently own a debit card, compared to 78 percent who own a credit card and 17 who own a prepaid card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 21 percent of consumer currently have a contactless debit card, while 26 percent have a contactless credit card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• Total credit cards in U.S. through yearend 2009: 576.4 million, down 15 percent; Visa – 270.1. million, down 11 percent; MasterCard – 203 million, down 22 percent; Discover – 54.4 million, down 6 percent; American Express – 48.9 million, down 9 percent (Source: Visa, Amex, MasterCard, Discover Web sites, Nilson Report, February 2010) 
• Debit & prepaid cards in U.S. through yearend 2009: 507 million, up 13 percent. Breakdown by card company: Visa – 382 million, up 18 percent; MasterCard – 125 million, up 1 percent. (Source: Nilson Report, February 2010)  
• The top 10 U.S. credit card issuers held an 87.55 percent market share of $972.73 billion in general purpose card outstandings in 2008. That includes Visa, MasterCard, American Express, and Discover and is up rom 84.70 percent in 2007. (Source: Nilson Report, April 2009)
• “In less than 15 years, debit card transactions in the United States grew from 1 percent of noncash transactions to more than 50 percent.” (Source: Tower Group, August 2009)
• About 80 million contactless payment cards are expected to be issued through 2009, according to Randy Vanderhoof, executive director of the Smart Card Alliance. (Source: Contactless News, “Contactless Payments: What’s Next?” August 2009)
• Of families with credit cards in 2007, 96.1 percent had bank cards, up less than 1 percent from 2004. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Of families with credit cards in 2007, more than half (56.7 percent) had store credit cards, though that was nearly 2 percent fewer than 2004. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Of families with credit cards in 2007, 11.9 percent held gas cards, and that’s down more than 5 percent from 2004. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Balances on bank cards accounted for 87.1 percent of outstanding credit card balances in 2007, up from 84.9 percent in 2004. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• For families having any bank-type cards, the median number of such cards remained at 2; the median credit limit on all such cards rose 21.4 percent, to $18,000, and the median interest rate on the card with the largest balance (or on the newest card, if no outstanding balances existed) rose 1.0 percentage point, to 12.5 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
• Chase issued the most Visa credit cards in 2008 at 73.7 million. Bank of America was second with 51.1 million. (Source: Nilson Report, February 2009)
• Citi issued the most MasterCard credit cards in 2008 at 73.8 million. Chase was second with 45.7 million. (Source: Nilson Report, February 2009) 

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Demographics

• Asian-Americans
  • Nearly two in three Asian-Americans reported having at least two credit cards. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
  • Just 19 percent of Asian-Americans reported not having a credit card. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
• African-Americans
  • About one in three African-Americans — 35 percent — reported having at least two credit cards. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
  • 49 percent of African-Americans reported not having a credit card. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
  • 26 percent of Americans, or more than 58 million adults, admit to not paying all of their bills on time. Among African-Americans, this number is at 51 percent.  (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
  • In 2004, of those with credit cards, 84 percent of African-American households carried credit card debt compared with 54 percent of white households. (Source: Demos.org, “Borrowing To Make Ends Meet,” November 2007)
  • Over 90 percent of African-American families earning between $10,000 and $24,999 had credit card debt. (Source: Demos.org study, November 2007)
• Elderly
  • Three in four cardholders age 60 or older always paid their credit card in full in the past 12 months. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009) 
  • 80 percent of Americans 65 or older indicated they used a credit card in the month preceding the September 2008 survey. That’s 13 points higher than any other age group. They also used debit cards far less than other age groups. Only 47 percent of those over 65 said they had used a debit card in the month before the survey, 19 points lower than any other age group. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
  • In the fourth quarter of 2008, consumers over 60 had an average balance of $763 per open bankcard or retail accounts. A year before, that balance was $746. The year before that, it was $735 — meaning the average has jumped about 4 percent in 2 years. (Source: Experian marketing insight snapshot, March 2009)
  • Individuals older than 60 have a significantly higher credit score than younger consumers. The U.S. average VantageScore® is 769. The average score rises to 837 when looking solely at the over-60 population. (Source: Experian marketing insight snapshot, March 2009)
  • In the fourth quarter of 2008, consumers over 60 had an average of 5.6 open bankcard and retail accounts. The U.S. population as a whole had an average of 5.4 cards. A year before, those over 60 had 6.1 open cards and the population as a whole had 5.5. The year before that, those over 60 had 6.2 open cards and the population as a whole had 5.5. (Source: Experian marketing insight snapshot, March 2009)
• Gender
  • Women were 26 percent more likely to be victims of identity fraud than men in 2008. (Source: Javelin Strategy & Research, February 2009 study.)
• Hispanics
  • About half of Hispanics — 44 percent — reported having at least two credit cards. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009) 
  • 42 percent of Hispanics reported having no credit cards. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
  • 58 percent of Hispanics have not used a credit card in the past 30 days. (Source: Experian Consumer Research study, November 2008)
  • 42 percent of Hispanics don’t like the idea of being in debt. (Source: Experian Consumer Research study, November 2008)
  • 31 percent of Hispanics typically pay cash for their purchases. (Source: Experian Consumer Research study, November 2008)
• Young adults/college students
  • The average person under the age of 35 got both their first credit card and their first debit card when they were about 21 years old. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
  • 41 percent of cardholders from the ages of 18 to 29 made only the minimum required payment on a credit card in some of the past 12 months. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009) 
  • Just 51 percent of Americans aged 18 to 24 indicated they had used a credit card in the month preceding the September 2008 survey. 71 percent of that age group said that they had used a debit card in the same period. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
  • Only 2 percent of undergraduates had no credit history. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Eighty-four percent of the student population overall have credit cards, an increase of approximately 11 percent since the fall of 2004. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Undergraduates are carrying record-high credit card balances. The average (mean) balance grew to $3,173, the highest in the years the study has been conducted. Median debt grew from 2004’s $946 to $1,645. Twenty-one percent of undergraduates had balances of between $3,000 and $7,000, also up from the last study. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Half of college undergraduates had four or more credit cards in 2008. That’s up from 43 percent in 2004 and just 32 percent in 2000.  (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Since 2004, students who arrived on campus as freshmen with a credit card already in-hand have increased from 23 percent to 39 percent. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • In spring of 2008, only 15 percent of freshmen had a zero balance, down dramatically from 69 percent in the fall of 2004. The median debt freshmen carried was $939, nearly triple the $373 in 2004. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Seniors graduated with an average credit card debt of more than $4,100, up from $2,900 almost four years ago. Close to one-fifth of seniors carried balances greater than $7,000. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Nine in 10 undergraduates reported paying for direct education expenses with credit cards—and the average amount they charged more than doubled since the last study. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Ninety-two percent of undergraduate credit cardholders charged textbooks, school supplies, or other direct education expenses, up from 85 percent when the study was last conducted, in 2004.  (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Nearly one-third (30 percent) put tuition on their credit card, an increase from 24 percent in the previous study. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Students who used credit cards to pay for direct education expenses estimated charging $2,200, more than double 2004’s average of $942. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Sixty percent of undergrads experienced surprise at how high their balance had reached, and 40 percent said they have charged items knowing they didn’t have the money to pay the bill. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Only 17 percent said they regularly paid off all cards each month, and another 1 percent had parents, a spouse, or other family members paying the bill. The remaining 82 percent carried balances and thus incurred finance charges each month. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Two-thirds of survey respondents said they had frequently or sometimes discussed credit card use with their parents. The remaining one-third who had never or only rarely discussed credit cards with parents were more likely to pay for tuition with a credit card and were more likely to be surprised at their credit card balance when they received the invoice.(Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • Eighty-four percent of undergraduates indicated they needed more education on financial management topics. In fact, 64 percent would have liked to receive information in high school and 40 percent as college freshmen. (Source: Sallie Mae, “How Undergraduate Students Use Credit Cards,” April 2009)
  • One-fourth of the students surveyed in US PIRG’s 2008 Campus Credit Card Trap report said that they have paid a late fee, and 15 percent have paid an “over the limit” fee. (Source: U.S. PIRG, “Campus Credit Card Trap”)
  • 74 percent of monthly college spending is with cash and debit cards. Only 7 percent is with credit cards. (Source: Student Monitor annual financial services survey of current college students, 2008)
  • 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- to 24-year-olds. Nearly one in five 18- to 24-year-olds is in “debt hardship,” up from 12 percent in 1989. (Source: Demos.org, “The Economic State of Young America,” May 2008)
•  Other
  • 76 percent of Americans aged 25 to 34 indicated they had used a debit card in the month preceding the September 2008 survey. 63 percent of that age group said that had used a credit card in the same period. (Source: Javelin, “Credit Card Spending Declines” study, March 2009)
  • Americans older than 50 are more likely to have a credit card than those 25 to 49 years old, but tend to use them less frequently. (Source: AARP payments study, 2007)
  • In 2005, older consumers were significantly less likely to be victims of the ID frauds covered in the survey. While 15.4 percent of those who were between 35 and 44 years of age were victims of one or more of the frauds in the survey, the rate falls by to 11.0 percent for those between 55 and 64 and to 10.4 percent for those between 65 and 74. Of those who were at least 75 years of age, only 5.6 percent were victims. (Source: Federal Trade Commission survey, October 2007)
  • Hispanics were 50 percent more likely than nonHispanic whites to have been a victim of fraud in 2005, with 18.0 percent of Hispanics estimated to have been a victim of one or more frauds. (Source: Federal Trade Commission survey, October 2007)
  • Discussing credit card debt is highly taboo. The topics at the top of the list of things that people say they are very or somewhat unlikely to talk openly about with someone they just met were: The amount of credit card debt (81 percent); details of your love life (81 percent); your salary (77 percent); the amount you pay for your monthly mortgage or rent (72 percent); your health problems (62 percent); your weight (50 percent). (Source: CreditCards.com research, January 2009)

Back to top of statistics page

ID theft

• The number of U.S. identity fraud victims rose 12 percent to 11.1 million adults last year, the highest level since the survey began in 2003. (Source: Javelin Strategy & Research, “Identity Fraud Survey Report,” February 2010) 
• The average fraud resolution time dropped 30 percent to 21 hours. (Source: Javelin Strategy & Research, “Identity Fraud Survey Report,” February 2010)
• Nearly half of fraud victims now file police reports, resulting in double the reported arrests, triple the prosecutions and double the percentage of convictions in 2009. (Source: Javelin Strategy & Research, “Identity Fraud Survey Report,” February 2010)
• The number of U.S. identity fraud victims increased 22 percent in 2008 to 9.9 million adults. However, the total annual fraud amount jumped just 7 percent to $48 billion. The report said this is because “consumers and businesses are detecting and resolving fraud more quickly.” (Source: Javelin Strategy & Research, February 2009 study.)
• Women were 26 percent more likely to be victims of identity fraud than men in 2008. (Source: Javelin Strategy & Research, February 2009 study.)
• 71 percent of fraud incidents “began occurring in less than one week from when the data was first stolen, up from 33 percent in 2005.” (Source: Javelin Strategy & Research, February 2009 study.)
• “Lost or stolen wallets, checkbooks and credit and debit cards” made up 43 percent of all ID theft incidents in which the “method of access” was known. (Source: Javelin Strategy & Research, February 2009 study.)
• Credit and debit card fraud is the No. 1 fear of Americans in the midst of the global financial crisis. Concern about fraud supersedes that of terrorism, computer and health viruses and personal safety. (Source: Unisys Security Index: United States, March 2009)
• Arizona leads the nation in identity theft complaints per 100,000 people. In 2008, the state had 149 complaints about ID theft per 100,000 people. California (139.1), Florida (133.3), Texas (130.3) and Nevada (126.0) rounded out the top five. (Source: Federal Trade Commission, February 2009 survey)
• South Dakota has the fewest identity theft complaints per 100,000 people in the nation. In 2008, the state had 33.8 complaints about ID theft per 100,000 people. North Dakota (35.7), Iowa (44.9), Montana (46.5) and Wyoming (46.9) rounded out the bottom five. (Source: Federal Trade Commission, February 2009 survey)
• Brownsville-Harlingen, Texas, is the metropolitan area with the largest number of ID theft complaints per 100,000 people. In 2008, the area had 366.8 complaints per 100,000 people. Napa, Calif., was second with 351.3. (Source: Federal Trade Commission, February 2009 survey)

Back to top of statistics page * – Calculated by dividing the total revolving debt in the U.S. ($852.6 billion as of March 2010 data, as listed in the Federal Reserve’s May 2010 report on consumer credit) by the estimated number of households carrying credit card debt (54 million)

Updated: May 13, 2010

	Three most recent Research, statistics stories: Credit card interest rates’ slide continues – Interest rates on new credit card offers declined for a record fifth straight week, according to the CreditCards.com Weekly Credit Card Rate Report, after Citi lowered rates on a card product … FTC ATM ‘emergency PIN’ study takes a year, says little – Congress mandated a year ago that the FTC study whether it’s feasible to create ways for people to summon emergency at ATMs. Dunno, the long-awaited study says … Consumer credit card debt keeps dropping – Consumer credit card balances shrank for a record 18th straight month, according to data released Friday by the Federal Reserve …

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Tags: Card Statistics, Credit Card, Credit Card Statistics, Statistics