Top Credit Card Statistics in 2023(Must-Know Insights)

Written by Daisy Martinez
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Reviewed by Daisy Martinez
Our site offers educational and informational content only, not professional financial advice. Consulting a financial advisor about your particular circumstances is best.

In today’s evolving financial landscape, staying updated on the latest credit card statistics is crucial. With so many figures and trends, pinpointing the most significant insights can be overwhelming.

To give you a clear picture, we’ve sifted through a sea of data, consulted financial experts, and analyzed market reports from leading institutions. Dive into our comprehensive guide to uncover the top credit card statistics of 2023, providing you with the must-know insights to navigate the world of finance with confidence. Let’s get informed!

Credit Card Industry Statistics

There are a lot of things to talk about in the credit card industry. But, for today, we’ll take a look at some of the most-known statistics of credit cards this year.

  • Only 9% of Americans use cash when they buy something (Forbes).
  • About 83% of Americans own at least one credit card and about 14% of them own at least 10 cards (Forbes).
  • The Gen Z are the ones who had the lowest average number of cards sitting at 1.9 cards, while baby boomers had 3.18 (Forbes).
  • 72% of Black adults, 76% of Hispanic adults, 87% of white adults, and 90% of Asian adults own at least one credit card (Finder).
  • A lot of Canadian cardholders don’t pay their balances in full. Only 58% of Canadian cardholders do each month (Nerd Wallet).
  • Visa is the most common card people have as they make up 52.8% of cards in circulation. Mastercard sits at 31.6%, while American Express and Discover are both in single digits (Forbes).

Let’s now take a look at the different statistics about credit scores.

7 Credit Score Statistics: Factors You Need To Know

Understanding the credit card industry is one thing, but determining several facts about credit scores is another. Here are 9 different credit score stats you should know about!

  • Based on FICO scoring, a score within the ever-common 300 and 850 range, a 700 credit score is generally considered good. A score north of 800 is considered to be on the great or excellent range (Experian).
  • Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714 (Experian).
  • More than 34% of consumers said that they found at least one error in their credit reports. 29% of which are personal information errors while 11% were account information (Consumer Reports).
  • 23% of consumers in the United States say that they never check their credit scores. 27% said the checked it at least once in the previous month while 25% said they had a look at it in the week before. 10% said they checked it a year back (TransUnion).
  • 80 to 89-year-old Americans are the ones that have the highest credit scores sitting at 757 (Experian).
  • 26 million Americans, or 11% of the overall population, identify as invisible. 21 million Americans, or 8% of the entire population, are not scorable. Those living in low-income areas, customers make up about 30% of the credit invisible and 16% of the non-scorable population. These percentages are barely 4% and 5%, respectively, in higher-income areas. (TransUnion).
  • 67% of Americans have a Good or Better FICO score. 16% are poor and 17% are on the fair scale. Only 21% of American credit scores reach the excellent or exceptional level, which is 800 to 850 (Experian).

What is the Average Credit Score?

According to Experian, the general average credit score is 714 in 2022, which is still considered the latest since we’re only halfway through 2023. This will change in the first quarter (even first half of 2024).

4 Credit Card Usage Statistics in 2023

Have you ever wondered about the different statistics of credit card usage this year compared to previous years? Let’s take a look at 2023’s statistics on credit card usage.

  • 77% of US consumers who are aged 18-years-old and above had at least one credit card, according to the Federal Reserve Bank of Atlanta in a 2022 study (Bankrate).
  • About 36% of Americans use either physical or virtual credit cards for paying for something (Forbes Advisor).
  • Experian data shows that New Jersey and New York are the states where people have the most number of average cards sitting at 3.49 and 3.34, respectively. Nevada and Maryland were at the bottom at 3.18 and 3.16 (Experian).
  • Merchant fees (processing fees) totaled to $105 billion in 2021. These fees are credit card companies’ major source of revenue (Forbes Advisor).

Credit Card vs. Cash Statistics

Cash is king, but is it, really? Let’s now delve deeper into the void and discuss a few statistics of cash vs. credit card.

  • 41% of Americans said that they ONLY used credit cards for their purchases (Pew Research).
  • Just 9% of Americans primarily use cash for their purchases. 54% of people use debit cards and credit cards as their main payment methods (Forbes Advisor).
  • 32% of payments happen via physical credit cards, 49% happen via physical debit cards (Forbes Advisor).
  • Americans 50 years old (71%) and older worry more than those aged 50 years and younger (45%) about carrying cash on hand (Pew Research).
  • The average cash payment remained to be a little lower than the average credit and debit card payment. With credit cards, consumers made larger purchases that cost an average of $95 each transaction, compared to smaller cash transactions that cost an average of $39 per transaction (FRBSF).

U.S. Credit Card Statistics by Generation, Income, and Ethnicity

Did you know that credit card stats also vary by ethnicity, generation, and income? Here are a few of the most shocking facts about card stats that vary differently:

  • 73% of Americans have a credit card by 25 years old and 84% of adults have credit cards in 2021 (Forbes Advisor).
  • About 52% of people who haven’t completed high school have credit cards and 96% of college graduates hold credit cards (Forbes Advisor).
  • 98% of households that earn north of $100,000 per year have credit cards. Only 57% of households that earn less than $25,000 have a credit card (Forbes Advisor).
  • In the demographic of cardholders, 88% of Caucasian-Americans hold credit cards, while 93% of Asian-Americans do (Forbes Advisor).
  • Households that earn $150,000 per year made larger payments at about 44%, and 34% for households that earn $100,000 to $149,000 (Forbes Advisor).

Credit Card Spending Habits in the U.S.

Now that we know information revolving credit cards and credit statistics, let’s take a look at factual percentiles of credit card spending in the country.

  • People spend 12% to 18% more when using credit cards instead of cash (Nerdwallet).
  • Non-cash transactions amounted to an average of $112, while cash transactions were  only at $22 (Boston Fed).
  • Toll rates in the US increased in when an automatic collection system was installed (NBER).
  • On average, Americans have used 21.1% of their total credit limit. In total, Americans still have around $4,057 billion to spend on their credit cards (Finder).
  • The very first AMEX card, the Black Centurion, had a $2,500 annual fee with a minimum spend of $250,000 of spending (Finder).
  • The market size for credit cards in the United States grew by over seven percent between 2020 and 2021 (Statista).
  • Total consumer credit in the US rose $26.51 billion in March of 2023 (Trading Economics).
  • In 2023, the average credit card debt per household in the United States was $8,398 ( NerdWallet).
  • In a survey conducted in 2023, 48% of US consumers said they used credit cards to pay for everyday expenses like groceries, gas, and bills (Credit Karma).
  • In 2023, 20% of US consumers said they had used a credit card to pay for a vacation (Credit Karma).

Business Credit Card Statistics

Who said only consumer cards were important? Here are a few important statistics about business credit cards in the US.

  • 10 billion business credit cards are printed every year. More than 80% of those are thrown in less than a week, that’s 8 billion cards (QR Code Chimp).
  • 63% of these thrown cards are because people feel like they don’t need the service yet (Credit Donkey).
  • 23% of professional individuals and 37% of small businesses have at least once used a digital business card app (QR Code Chimp).
  • People said that they use business credit cards for personalization (10%), cost-effectiveness (10%), security (15%), sustainability (20%), and convenience (45%) (Fortune Business Insights).

Credit Card Debt Statistics: Understanding Debt and Repayment

When it comes to debt and repayment, credit cards have an in on that, too. In fact, here are a few of the statistics about credit cards you don’t want to miss:

  • The total balance of Americans is at $986 billion just in the first quarter of 2023 (New York Federal Reserve Bank).
  • There have been 572.86 million credit card accounts in the first quarter of 2023, coming from an all-time low of 377.90 million, approaching the end of 2010 (Trading Economics).
  • 8 out 10 Americans have at least one credit card in their name. Only 45.4% households carry debt month-to-month (Debt).
  • The average penalty rate for cardholders who missed payments stand at 25.57%. (Debt).
  • In 2023, 28% of US consumers said that their main source of personal non-mortgage debt was their credit card bills ( Statista).
  • In the first quarter of 2023, aggregate household debt balances increased by $148 billion, which is a 0.9% rise from the fourth quarter of 2022 (Federal Reserve Bank of New York).
  • As of the first quarter of 2023, the levels of debt from consumer lending in the United States peaked at approximately $4.84 trillion (Statista).

Average Credit Card Debt in America By Age

Let’s take a look at the average credit card debt in the US by age:

Age29 years old and below30 to 39 years old40 to 49 years old50 to 64 years old65 years old +
Balance$2,900$5,800$7,600$7,200$4,700

Top 6 American Credit Card Debt Facts

Here are six different facts about American credit card debt:

  1. Alaska has the highest average credit card debt at $6,787; Iowa has the lowest at $4,609 (Experian).
  2. Baby Boomers were the age group that had the biggest decrease in balances between 2020 and 2021 at -4.7% (Experian).
  3. The average credit card debt per borrower was at $5,474, $617 higher than 2021 (Forbes Advisor).
  4. Approaching 2023, there have been 166 million credit card users registered (TransUnion).
  5. This year also saw the highest delinquency rate at 2.26% from 2020’s 1.30% (TransUnion).
  6. Gen Zers held an average of 1.9 credit cards; Boomers had 4.6 cards (Forbes Advsior).

U.S. Credit Card Debt Historical Chart

Source: Statista

As we can see, we reached an all-time high of the average credit card debt in the United States this year at $986 billion. This was a substantial increase from 2010’s $744 billion, well, that’s considering the fact that there are less people than before.

Based on this trend, this can go higher depending on the number of active credit card users and the allowability and flexibility of terms and rates.

Credit Card Fraud and Security Statistics 

Credit cards have also been subject to fraud and identity theft. Therefore, it’s just right to keep it on the same boat! Here are some of the stats about credit card fraud!

  • The 25% of the reported identity theft cases to the FTC were confirmed, this was out of the 5.7 million cases (Identity Theft).
  • The total number of credit card fraud cases settled to just 389,737 from 2020’s 393,378 (Identity Theft).
  • 33% of US citizens have been confirmed to have been identity theft victims at least once in their lives.
  • US victims of credit card fraud rose to 150 million this year, a 23 million increase from 2021 (Data Prot).
  • 35% of American consumers have experienced credit card fraud and fell into their traps (Data Prot).
  • People aged 30 to 39 years old have been the most common ages for identity theft in 2022 (Data Prot).

6 Statistics On Credit Card Fraud Rates And Trends

Trends and facts about credit card fraud continue to rise with organizations finding ways to secure accounts. Here are some of those trends:

  1. 915,00+ children in the United States have been victims of identity theft in 2022 (Data Prot).
  2. 73% of fraud loss have been accounted to card-not-present transactions (Data Prot).
  3. 60% of the victims of fraud have been reported to have used the same password across various online platforms (Data Prot).
  4. There is one identity theft American victim added every 14 seconds (Data Prot).
  5. 59.4 million compromised card records were for sale on the dark web (Data Prot).
  6. In 2022, there have been 1,802 reported data breaches (Data Prot).

FAQ

What Is The Average Person’s Credit Card Debt?

On average, the average American has about $5,733 in credit card Debt, as per TransUnion. That is per individual. In the household level, though, this increases to $7,951.

How Many People Have Credit Card Problems?

Since the first quarter of this year, about 35% of Americans were reported to have credit card debt carried from one month to another. This was a 6% increase from 2022.

Who Are Credit Card Data Providers?

These are companies that collect and distribute credit card information to businesses for a variety of uses, including market research, fraud detection, and analytics. They give assistance to firms in making wise decisions through the provision of useful insights about customer behavior and spending trends. To secure sensitive financial information, these services follow stringent data privacy and security laws.

What Age Has The Most Credit Card Debt? 

As per CNBC’s market research, 40 to 49-year-olds have an average of $7,600 in credit card debt, which is considered the highest out of all age brackets of cardholders.

Is $5,000 A Lot Of Credit Card Debt?

Many people have credit card debt and the average balance sits at $6,194. Only 52% of Americans owe south of $2,500 on their credit cards.

Final Verdict

These credit card statistics are, for sure, important to know especially if you’re trying to apply for a credit card, funding, or if you’re interested to enter the market! Learn everything you need to know about credit cards’ statistics this year so you know what you’re up against!

They’re good-to-know or pieces of information that can be valuable to you! 

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Daisy Martinez

Daisy Martinez is the Founder, writer, and editor. Armed with a strong background in Personal Finance, Daisy is deeply committed to equipping people with the financial tools and knowledge they need. As a proud mother to a delightful daughter, she understands firsthand the importance of financial planning for a family's future. Since founding cashsavvytips.com, Daisy has been at the forefront of delivering content that helps people make savvy financial choices.

Disclaimer: The opinions, analyses, and information expressed by this author are for informational purposes only and do not constitute financial, investment, or other professional advice. Always conduct thorough research and consult with a professional before making any investment decisions.

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