Credit Card Ownership Statistics & Facts – By Income, Credit Score, Education Level & More [2024 Data Study]

Credit cards are a valuable tool for many cardholders. Some people use cards as a convenient way to pay for expenses while earning rewards — and pay balances in full each month. Others pay steep interest fees to defer expenses until a later date.

Are you curious about who owns credit cards? Find out how many cards people own on average and learn whether ownership is related to factors like income, education level, or gender. Does how many cards you own relate to what state you live in or how old you are? And most importantly, how do you compare? Get the facts here.

General Credit Card Ownership — 8 Quick Facts

1. 82% of adults living in the U.S. have at least 1 credit card.¹
2. The average American owns 3.9 credit cards.²
3. The average number of credit cards for Gen Z (aged 18 to 26) consumers is 2.2.²
4. As of April 2023, 45.5% of the population had opened at least 1 new account in the past year.³
5. 50% of Gen Z consumers (compared to 32% for the entire population) are planning to apply for new credit or refinance existing credit within the next year from July 2023. ⁴
6. There are 441 million credit card accounts open within the U.S.⁵ 
7. While the type of card reward preference varies by generation, cash-back cards are the most popular type of credit card reward.⁶ 
8. On average, women have 3.38 open credit cards, while men have 3.22.⁷

Average Number of Credit Cards Owned by State

The difference between the states is relatively small. Connecticut, Delaware, Florida, New Jersey, and Rhode Island had the most credit cards open per person: 4.2 accounts or more. Alaska, South Dakota, Vermont, and Wyoming had the least number of credit cards — on average, only 3.3 credit card accounts open per person.²

This doesn’t necessarily go hand in hand with the amount of debt each state holds. For example, Alaska is also home to cardholders with the most debt. The District of Columbia, Connecticut, New Jersey, and Maryland round out the other top locations for credit card users with the most debt on average. Experian data shows some of the lowest average credit card debt balances are in the Midwest.⁸

Credit Card Ownership by Age/Generation

When you break credit card ownership down by generation, you’ll see that older age groups typically carry the most credit cards. For example, on average, people between the ages of 43 and 77 have 4.3 credit cards open.

On the flip side, Generation Z (ages 18 to 26) has only 2 credit cards, on average. This increases with age, with 3.5 credit cards on average for those aged 27 to 42. Experian says this follows a familiar pattern seen in credit card balances, which tend to increase in a consumer’s middle age. 

Credit Card Ownership by Gender

Women tend to have slightly more credit cards than men (3.38 versus 3.22 on average). However, the credit limit per card is generally lower for women, resulting in an overall average credit limit of $28,544 across all cards for women, compared to $30,079 for men. This means men have 4.5% higher credit limits than women.⁷

The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits credit discrimination on a number of factors — including gender. Confidence also appears to play a role in those who apply: 61% of men reported feeling “very confident of approval,” while only 56% of women reported feeling the same.⁹

Credit Card Ownership by Credit Score

Superprime (credit scores 759+) and prime (credit scores between 680 and 759) borrowers make up most open credit card accounts, with over 72% of all open accounts. There is a continued shift back towards subprime accounts, especially since the drop in 2020.

Total credit card accounts increased to 441 million accounts in 2022. This is an increase from 411 million accounts from the same period in 2021. In addition, nearly half of the accounts are superprime.⁵

Credit Card Ownership by Income

Income levels have a significant impact on card ownership. Among households with an annual income of over $100,000, 97% have a credit card. Those making between $50,000 and $100,000 annually still have a high percentage of credit card ownership at 89%. Once the household income drops below $25,000, however, credit card ownership drops steeply to 46%.¹⁰

Depending on the number of members in the household, well over half of credit card owners might fall within the Department of Health and Human Services’ poverty guidelines. For example, for a family of 4 in 2023, the poverty level is $30,000.

Credit Card Ownership by Race/Ethnicity

The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits credit discrimination, including race. Still, credit card ownership isn’t equal across racial and ethnic lines.

90% of Asian and 86% of white adults had a credit card in 2023. Meanwhile, only 74% of Hispanic and 70% of Black adults owned a credit card. While credit card ownership was lower among Black and Hispanic adults, those who did have a credit card were more likely to carry a balance.¹⁰

Credit Card Ownership and Disability Status

Disability status can also impact levels of card ownership. For example, among those who have a disability, 69% own a credit card. This is compared to 84% card ownership for those without a disability.¹⁰ 

This statistic shows that there are notable gaps in access to financial services, especially when you factor in that those with a disability are also less likely to have a bank account as compared to those without a disability. 11% of those with a disability do not have a bank account, compared to 5% for those without a disability.¹⁰

Final Thoughts

Overall, credit cards are tools that consumers can use to their benefit. Differences in credit card ownership vary by age, income, gender, race, and even location. If you’re considering opening a new credit card, being well-informed about these differences is important.

Fair access across protected groups and knowledge about what factors (such as a good credit score) can give you an advantage are key facts when it comes to credit card ownership.