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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: filadendron/Getty Images February 23, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Cathleen's stories on design, travel and business have appeared in dozens of publications including the Washington Post, Town & Country, Wall Street Journal, Marie Claire, Fodor’s Travel, Departures and The Writer. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Credit cards are a convenient tool for covering the cost of unforeseen financial emergencies and spreading out large payments over time. However, access to credit can differ from person to person. Age, income level, gender and race tend to influence the number of credit cards one holds. Here’s a look at the state of credit card ownership in the U.S. Key credit card statistics
More than 80 percent of American adults had at least one credit card in 2020, . The average American has 3.84 credit cards, according to the most from Experian. There were 365 million open credit card accounts in the U.S. as of the end of 2020, according to by the American Bankers Association. The average American household’s credit card balance is just over $5,300, . Paying with a credit card has increased in popularity, from 24 percent of transactions in 2019 to 27 percent in 2020, . Most popular type of credit cards
Americans tend to favor a wide variety of credit cards, but are often the most popular option. According to Bankrate’s December 2021 , more than 4 in 10 (41 percent) U.S. adults listed cash back as their favorite credit card feature. This was by far the most popular answer. The right credit card for each consumer depends on the introductory offers they can benefit from (think: zero-interest periods or points bonuses), as well as which card best suits and rewards their everyday spending needs. One consumer could see a greater benefit in having a card that rewards their gas and grocery purchases than a card that rewards travel purchases. And anyone who tends to carry a balance would benefit most from a . Average number of credit cards per person
The Federal Reserve Bank of Atlanta found that in 2020, 79 percent of consumers had at least one credit card or charge card, which is the highest percentage since the Fed began conducting the Survey of Consumer Payment Choice in 2008. While the number of cards in Americans’ wallets varies by generation, credit score and other factors, the average American has three credit cards and 2.3 retail store cards, according to a by the credit reporting agency Experian. Average number of credit cards by state
According to the same Experian survey, New Jersey consumers have the most credit card accounts, with a total of 4.54 accounts on average. Alaska was on the other end of the spectrum, with an average of 3.06 credit card accounts. Average number of credit cards by age
Unsurprisingly, Baby Boomers tend to have more credit cards than younger generations. In addition to longer credit histories, older consumers generally have higher credit scores than younger consumers, giving them access to a wider range of credit cards. However, Gen Z consumers are opening new credit card accounts at a faster rate than older cardholders. Many experts attribute this shift to more Gen Zers reaching adulthood and becoming old enough to apply for a new card. Here’s a look at the average number of cards held by each generation. Generation Average number of credit cards Baby Boomers 3.4 Generation X 3.3 Gen Y 2.7 Generation Z 1.7 Average number of credit cards by gender
The (ECOA) prohibits credit discrimination based on various factors, including gender and sexual orientation. And on average, women have more open credit card accounts than men, . Gender Average number of accounts open Male 3.6 Female 4.5 However, one area of disparity among cardholders of different genders is credit limits. The men have credit limits $1,323 higher than women, on average. Experts suggested one reason for this discrepancy could be the lack of equal pay. Average number of credit cards by race ethnicity
While the ECOA also prohibits discrimination based on race or ethnicity, access to credit can vary widely between racial groups. While race itself doesn’t directly lower one’s score, Black and Hispanic consumers are more often impacted by financial burdens that can make it difficult for them to make on-time payments and maintain their creditworthiness. Factors like massive student loan debt, high interest rates on loans and living paycheck to paycheck are a few root causes. People of color are also more likely to be “credit invisible,” meaning to have no credit history at all. Here’s a look at how credit card membership varies from group to group, . Race/ethnicity Share of adults with a credit card White 87% Hispanic 76% Black 72% Asian 92% Other 83% Average number of credit cards by income
Income plays a key role in an issuer’s decision because they tend to equate higher income with a greater likelihood that a cardholder will pay off their balance in full and that they will get their money back. Here’s a look at the share of adults with a credit card in each income bracket, . Income level Share of adults with a credit card Less than $25,000 56% $25,000 to $49,999 85% $50,000 to $99,000 94% $100,000 or more 98% The bottom line
A variety of factors can directly and indirectly influence the number of credit cards one has. However, one thing is clear: Credit cards, when used responsibly, can help you meet everyday needs and establish a positive credit history that will open doors in the future. SHARE: Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Cathleen's stories on design, travel and business have appeared in dozens of publications including the Washington Post, Town & Country, Wall Street Journal, Marie Claire, Fodor’s Travel, Departures and The Writer. Related Articles