Credit cards are one of the most trusted payment methods in the USA. Over a billion credit cards are circulating in the USA alone, and the number continues to grow yearly. The reasons for their popularity are evident. They are safe, reliable, and, most importantly, familiar.
But, there are also certain things we’ve learned about troubling credit cards. For example, nearly half of US credit card users have never studied their company’s terms and conditions. And over a third of users don’t even know how a credit score is calculated.
We were inspired to delve deeper into credit card statistics by learning these fascinating statistics. And in this article, we would like to share what we’ve discovered with you. Let us look at stats about credit card usage in the USA without further ado.
Popular for iGaming
Credit cards are the most popular payment method for online gambling. We are sure that this fact will not shock many people. After all, there are plenty of online casinos that allow credit card deposits and no other payment methods. Not to mention, the earliest online casinos only accepted credit card-based payments.
However, what is fascinating is that credit card-based deposits are still the most popular method for wagering when online gambling. Nowadays, casino websites allow you to place a bet using crypto, e-wallets, debit cards, and direct wire transfers. And yet, credit cards remain a primary choice.
MasterCard is the Most Popular
MasterCard is the world’s most popular credit card company, with over 500 million cards circulating worldwide. Perhaps rather appropriately, The company’s headquarters lie in Purchase, New York. Traders will be happy to learn that MasterCard Inc. stocks have been available for public trade since 2006.
Popular credit card companies besides MasterCard include VISA, American Express, and Chase. Visa Inc. is wildly successful, as it is one of the world’s most valuable companies. Its headquarters is in San Francisco, where they process billions of transactions annually.
Credit Card Debt
Credit card debt is one of those “boogeyman” phrases nobody wants to consider. And yet, it plagues an incredibly large portion of the American population. According to a study, 54% of Americans have racked up credit card debt across multiple cards.
What is concerning is that the average American will usually own more than one card. In fact, according to researchers, a US citizen is likely to own three of four cards and owe a debt on each of them. The statistic is quite troubling, especially when most don’t know how to get out of debt and the interest rate of credit cards.
Credit Cards and Crypto
Cryptocurrency has shaken up the world of finance. And now that crypto is a mainstream staple of popular culture, many wonders if they can buy Bitcoin through credit cards. And the answer is yes. But it goes further than that.
An ever-increasing number of people have gotten their hands on crypto credit cards. Over 5% of the U.S. population own credit cards that reward them with small sums of crypto every time they purchase. Indeed, the percentage still needs to be lowered. However, many analysts predict the number will grow in the near future.
Credit Balances Have Dropped
A credit balance is the amount of money that you owe. The balance changes depending on your activity, number of purchases, and value of purchases. The amount you can’t pay one month carries over to the next, usually with interest.
Credit balances have been quite troublesome for many people for a long time. So, it might be good news that they’ve dropped by 4.1% in the past three years. Many believe the pandemic played a role in it, as customers were using credit cards less and thus could pay off their balance sooner. Either way, the outcome is positive.
Are credit cards safe?
For the most part, yes. Credit card companies take measures to protect their users from external attacks.
How many cards am I allowed to own?
There is no hard limit on how many cards you can legally own. However, we would recommend you don’t go beyond two.
How many cards does the average American own?
According to a study, a typical American has an average of 3.84 cards.
Should I read the credit card’s terms and conditions?
Absolutely. You should read any document that you sign, but especially the credit card’s terms and conditions.
Wrapping It Up
We hope this article has helped you better understand credit cards, companies, and how they function. Credit cards remain an incredibly popular method of payment. So, we should all be educated about how they work.