ElitePersonalFinance conducted a study on average numbers of credit cards per person. We found that people have on average 4 credit cards. Last year, this number was 2.5, which means an increase of 60%!
Period: |
Average # of Credit Cards: |
Average Credit Card Balance: |
Average Credit Card Limit: |
2019 |
4 |
$6,194 |
$22,751 |

Average Number of Credit Cards per Person 2021: Statistics and Key Findings
The number of average credit cards that Americans own has increased by 60%. From 2.5 last year to 4 this year.
The average credit card balance has increased by 44%. From $4,293 to $6,194.
61% of consumers own at least one credit card – an increase of 1.6% compared to the same period last year.
The average limit on credit cards raises from $20,265 to $22,751, which means an increase of 2,486 or 12.2%.
At the state-level – referencing 2017 figures – the average number of credit cards per person ranges from 2.57 to 3.49, with an average balance ranging from $5,155 to $8,315.
At the state level, residents in New Jersey (3.49), New York (3.34), and Rhode Island (3.26) own the highest average number of credit cards, while residents in Mississippi (2.57), Iowa (2.67), and Alabama (2.69) own the lowest average numbers of credit cards.
At the state level, residents in Alaska ($8,315), Connecticut ($7,258), and Virginia ($7,161) carry the highest average credit card balance, while residents in Iowa ($5,155), Wisconsin ($5,363), and Mississippi ($5,421) carry the lowest average credit card balance.
Iowa and Mississippi also rank at or near the bottom of both categories, indicating residents in these regions rely less on credit card debt to finance their lifestyle.
When isolating 2017 figures, 14 states rank above the national average for average credit cards per person, while 20 states rank above the national average for the average credit card balance.
When decomposing the data by age-bracket – as age increases, the average number of credit cards per person and the average credit card balance tends to increase.
Borrower’s ages 50 to 70 hold the highest average number of credit cards (3.5) and have the highest average credit card balance ($7,750). Conversely, borrowers ages 18 to 21 hold the lowest average number of credit cards (1.4) and have the lowest average credit card balance ($2,047).
In the Federal Reserve’s latest Survey of Household Economics and Decision Making (SHED), researchers found 83% of adults own at least one credit card.
Of the 1 in 10 adults who applied for a credit card from January 2017 to May 2018, 34% of them were either denied or offered less credit than they originally requested.
87% of White respondents own at least one credit card, while 70% of Black respondents own at least one credit card.
95% of respondents with a bachelor’s degree or more own at least one credit card, while 73% of respondents with a high school diploma or less own at least one credit card.
Nearly 40% of Black respondents with an annual income of less than $40,000 believe their credit card application would be denied, while 25% of White respondents feared the same result.
9% of White respondents with an annual income of $40,000 to $100,000 believe their credit card application would be denied, while 16% of both Blacks and Hispanics feared the same result.
Somewhat surprising, 9% of Black respondents with an annual income of more than $100,000 still felt their credit card application would be denied.
Average Number of Credit Cards
Overview: |
2018: |
2019: |
Average Number of Credit Cards |
2.5 |
4 |
Average Credit Card Balance |
$4,293 |
$6,194 |
Average Limit on Credit Cards |
– |
$22,751 |
Percentage of Americans With a Credit Card |
59.4% |
61% |
Average Credit Card Account Age |
– |
87 months |
The number of average credit cards that Americans own has increased by 60%. From 2.5 last year to 4 this year.
The average credit card balance has increased by 44%. From $4,293 to $6,194.
61% of consumers own at least one credit card – an increase of 1.6% compared to the same period last year.
The average limit on credit cards raises from $20,265 to $22,751, which means an increase of 2,486 or 12.2%.
Average Number of Credit Cards by State
At the state-level – referencing 2017 figures – the average number of credit cards per person ranges from 2.57 to 3.49, with an average balance ranging from $5,155 to $8,315. Residents in New Jersey (3.49), New York (3.34), and Rhode Island (3.26) own the highest average number of credit cards, while residents in Mississippi (2.57), Iowa (2.67), and Alabama (2.69) own the lowest average numbers of credit cards.
Isolating outstanding debt, residents in Alaska ($8,315), Connecticut ($7,258), and Virginia ($7,161) carry the highest average credit card balance, while residents in Iowa ($5,155), Wisconsin ($5,363), and Mississippi ($5,421) carry the lowest average credit card balance.
As well, with Iowa and Mississippi at or near the bottom of both categories, the data indicates residents in these regions rely less on credit card debt to finance their lifestyle.
State |
Average VantageScore |
Average # of Credit Cards |
Average Balance on Credit Cards |
Alaska |
668 |
2.9 |
$8,515 |
Alabama |
654 |
2.69 |
$5,961 |
Arkansas |
657 |
2.76 |
$5,660 |
Arizona |
669 |
3.04 |
$6,389 |
California |
680 |
3.23 |
$6,481 |
Colorado |
688 |
3.13 |
$6,718 |
Connecticut |
690 |
3.23 |
$7,258 |
District of Columbia |
670 |
2.98 |
$6,963 |
Delaware |
672 |
3.13 |
$6,366 |
Florida |
668 |
3.19 |
$6,388 |
Georgia |
654 |
2.97 |
$6,675 |
Hawaii |
693 |
3.25 |
$6,981 |
Iowa |
695 |
2.67 |
$5,155 |
Idaho |
681 |
2.88 |
$5,817 |
Illinois |
683 |
3.14 |
$6,410 |
Indiana |
667 |
2.77 |
$5,581 |
Kansas |
680 |
2.82 |
$6,082 |
Kentucky |
663 |
2.78 |
$5,555 |
Louisiana |
650 |
2.77 |
$6,074 |
Massachusetts |
699 |
3.21 |
$6,327 |
Maryland |
672 |
3.16 |
$7,043 |
Maine |
689 |
2.91 |
$5,784 |
Michigan |
677 |
2.91 |
$5,622 |
Minnesota |
709 |
2.97 |
$5,911 |
Missouri |
675 |
2.91 |
$5,897 |
Mississippi |
647 |
2.57 |
$5,421 |
Montana |
689 |
2.87 |
$5,845 |
North Carolina |
666 |
2.95 |
$6,117 |
North Dakota |
697 |
2.9 |
$5,511 |
Nebraska |
695 |
2.83 |
$5,630 |
New Hampshire |
701 |
3.1 |
$6,490 |
New Jersey |
686 |
3.49 |
$7,151 |
New Mexico |
659 |
2.79 |
$6,317 |
Nevada |
655 |
3.18 |
$6,401 |
New York |
688 |
3.34 |
$6,671 |
Ohio |
678 |
3.02 |
$5,843 |
Oklahoma |
656 |
2.71 |
$6,296 |
Oregon |
688 |
2.95 |
$6,012 |
Pennsylvania |
687 |
3.07 |
$6,146 |
Rhode Island |
687 |
3.26 |
$6,375 |
South Carolina |
657 |
2.9 |
$6,157 |
South Dakota |
700 |
2.8 |
$5,692 |
Tennessee |
662 |
2.77 |
$5,975 |
Texas |
656 |
3.06 |
$6,902 |
Utah |
683 |
2.95 |
$5,960 |
Virginia |
680 |
3.08 |
$7,161 |
Vermont |
702 |
2.86 |
$5,924 |
Washington |
693 |
2.99 |
$6,592 |
Wisconsin |
696 |
2.8 |
$5,363 |
West Virginia |
658 |
2.76 |
$5,547 |
Wyoming |
678 |
2.81 |
$6,245 |
Across the United States, the average number of credit cards per person came in at 3.1, with borrowers holding an average balance of $6,354. Contrasted with state data, 14 states rank above the national average for average credit cards per person. In comparison, 20 states rank above the national average regarding the average credit card balance.
Average Number of Credit Cards by Age
Demonstrating a linear trend across the first four age-groups, as age increases, the average number of credit cards per person and the average credit card balance tends to increase.
Check out the table below:
|
Silent Generation |
Baby Boomers |
Gen X |
Gen Y |
Gen Z |
Average VantageScore |
729 |
703 |
658 |
638 |
634 |
Average Number of Credit Cards |
3.0 |
3.5 |
3.2 |
2.5 |
1.4 |
Average Balance on Credit Cards |
$4,613 |
$7,550 |
$7,750 |
$4,315 |
$2,047 |
Average Number of Retail Cards |
2.3 |
2.7 |
2.6 |
2.0 |
1.5 |
Average Balance on Retail Cards |
$1,354 |
$1,931 |
$2,122 |
$1,626 |
$770 |
Average Mortgage Debt |
$156,705 |
$188,828 |
$231,774 |
$198,302 |
$160,411 |
Average Non-Mortgage Debt |
$15,161 |
$27,513 |
$30,334 |
$22,784 |
$6,963 |
|
18 to 21 |
22 to 35 |
36 to 50 |
51 to 70 |
71+ |
Average # of Credit Cards |
1.4 |
2.5 |
3.2 |
3.5 |
3.0 |
Average Credit Card Balance |
$2,047 |
$4,315 |
$7,750 |
$7,550 |
$4,613 |
[average-number-of-credit-cards-by-age]
[average-credit-card-balance-by-age]
Borrower’s ages 50 to 70 hold the highest average number of credit cards (3.5) and have the highest average credit card balance ($7,750). As this demographic is made up of baby boomers, the result isn’t all that surprising. Entering the workforce during periods of high job security and high economic growth rates, borrowers in this age group could accumulate a significant asset-base, allowing for more debt service.
Conversely, borrowers ages 18 to 21 hold the lowest average number of credit cards (1.4) and have the lowest average credit card balance ($2,047). Saddled with high student loan balances and lacking an established credit history, it’s often more difficult for borrowers in this age group to qualify for a credit card. As such, these borrowers make up a smaller slice of the overall pie.
Credit Card Ownership by Income
Through its annual Survey of Household Economics and Decision Making (SHED), the Federal Reserve asks respondents various questions about their credit practices, spending activity, and overall financial well-being. In the latest report – spanning from January 2017 to May of 2018 – researchers found 83% of adults own at least one credit card. The data also shows that as income increases, credit card ownership increases as well.
Check out the statistics below:
Annual Income: |
% Who Own At Least One Credit Card: |
< $40,000 |
65% |
$40,000 – $100,000 |
91% |
> $100,000 |
97% |
[credit-card-ownership-by-income]
Interestingly enough – in 2017 – four in 10 adults applied for some form of credit, with 25% of applications submitted for credit cards. Moreover, of the 25% who submitted credit card applications, 34% of them were either denied or offered less credit than they originally requested.
Consistent with the findings above, lower-income individuals also had their applications denied at a much higher rate. For those earning less than $40,000 per year, 39% were denied credit. Conversely, for those earning more than $100,000 per year, 10% were denied credit.
Credit Card Ownership by Race
When decomposing the numbers by race, researchers found 87% of White respondents own at least one credit card, while 70% of Black respondents own at least one credit card.
Race: |
% Who Own At Least One Credit Card: |
White |
87% |
Black |
70% |
Hispanic |
76% |
[credit-card-ownership-by-race]
Supported by income findings above, one’s annual salary has a significant impact on whether they’re approved or denied credit. According to the U.S. Bureau of Labor Statistics, White men earn $267 more in median weekly income than their Black male counterparts. In contrast, White women earn $163 more in median weekly income than their Black female counterparts. This earnings divergence helps explain some of the racial disparity in credit card ownership.
On the flip side, Black men earn $15 more in median weekly income than their Hispanic male counterparts, while Black women earn $37 more in median weekly income than their Hispanic female counterparts. While these statistics don’t support the trend, income is still widely considered a leading indicator of credit card ownership.
Credit Card Ownership by Education
When zeroing in on education levels, you can see that credit card ownership increases as education increases. Considering income plays a pivotal role, it’s not surprising that respondents with post-secondary education use credit cards more frequently.
Education: |
% Who Own At Least One Credit Card: |
High School Diploma or Less |
73% |
Some College or Associate Degree |
81% |
Bachelor’s Degree or More |
95% |
[credit-card-ownership-by-education]
Confidence That a Credit Card Application Would be Approved: Income and Race
Perceptions often play a role in one’s ability to obtain credit. Nearly 40% of Black respondents with an annual income of less than $40,000 believe their credit card application would be denied, while only 25% of White respondents feared the same result.
As we mentioned above, as income increases, access to credit increases as well. For respondents with an annual income of $40,000 to $100,000, only 9% of Whites believe their credit card application would be denied, while 16% of both Blacks and Hispanics feared the same result.
|
Confident: |
Not Confident: |
Don’t Know: |
< $40,000 |
– |
– |
– |
White |
65% |
25% |
10% |
Black |
47% |
38% |
15% |
Hispanic |
57% |
30% |
12% |
$40,000 – $100,000 |
– |
– |
– |
White |
89% |
9% |
2% |
Black |
80% |
16% |
4% |
Hispanic |
78% |
16% |
6% |
> $100,000 |
– |
– |
– |
White |
96% |
2% |
1% |
Black |
86% |
9% |
4% |
Hispanic |
95% |
4% |
0% |
[confidence-that-a-credit-card-application-would-be-approved-income-and-race]
[confidence-that-a-credit-card-application-would-be-approved-incomes-and-race]
[confidence-that-a-credit-card-applications-would-be-approved-incomes-and-race]
As a somewhat surprising result, respondents with an annual income greater than $100,000 – 9% of Black participants still felt their credit card application would be denied.
Credit Card Owners Who Don’t Pay Their Balance In-Full Each Month
Citing payment history, almost half of respondents claim they never carry a positive credit card balance from one period to the next. Contrast that with 27% of respondents who admit they carry a positive balance most of the time.
Happened Once: |
Happens Some of the Time: |
Happens Most of the Time: |
Never Happened: |
6% |
21% |
27% |
45% |
With American credit card debt currently sitting at 799 billion and total revolving debt currently sitting at over 1 trillion, banks and lending institutions are surely happy with the results. We estimate that American FDIC-institutions earned roughly 108 billion in credit card interest in 2018. But while the Federal Reserve’s SHED survey implies that 48% of credit card balances roll over each month, the Consumer Financial Protection Bureau (CFPB) has this figure closer to 71%.
How We Conducted The Study
To present the most accurate assessment of the average number of credit cards per person across the United States, we analyzed data from Experian State of Credit Cards and 2017 State of Credit. Next, we decomposed data from the Federal Reserve’s Survey of Household Economics and Decision Making (SHED). Its latest annual report – covering periods from January 2017 to May 2018 – researches various topics such as credit access, spending activity, and consumers’ financial well-being.
Conclusion
Supported by the findings above, income plays a crucial role in one’s ability to obtain credit. States with the highest median income per capita also tend to have the highest average number of credit cards per person. Moreover – at the individual level – 97% of borrowers with an annual income of more than $100,000 own at least one credit card.
But while income is a leading indicator of credit card ownership, perceptions also play a role. Across the board – by race, income, or both – Black respondents were less confident than Whites and Hispanics in their ability to obtain a credit card. So while American credit card debt continues to rise – surpassing the highs we saw during the 2008 financial crisis – it will be interesting to see how these trends play out in the future.
Sources
Experian: State of Credit Cards
Experian: State of Credit
Federal Reserve Survey of Household Economics and Decision Making (SHED)
Archives 2019
Average Number of Credit Cards by State
At the state-level – referencing 2017 figures – the average number of credit cards per person ranges from 2.57 to 3.49, with an average balance ranging from $5,155 to $8,315. Residents in New Jersey (3.49), New York (3.34), and Rhode Island (3.26) own the highest average number of credit cards, while residents in Mississippi (2.57), Iowa (2.67), and Alabama (2.69) own the lowest average numbers of credit cards.
Isolating outstanding debt, residents in Alaska ($8,315), Connecticut ($7,258), and Virginia ($7,161) carry the highest average credit card balance, while residents in Iowa ($5,155), Wisconsin ($5,363), and Mississippi ($5,421) carry the lowest average credit card balance.
As well, with Iowa and Mississippi at or near the bottom of both categories, the data indicates residents in these regions rely less on credit card debt to finance their lifestyle.
State: |
Average # of Credit Cards: |
Average Credit Card Balance: |
New Jersey |
3.49 |
$7,151 |
New York |
3.34 |
$6,671 |
Rhode Island |
3.26 |
$6,375 |
Hawaii |
3.25 |
$6,981 |
Connecticut |
3.23 |
$7,258 |
California |
3.23 |
$6,481 |
Massachusetts |
3.21 |
$6,327 |
Florida |
3.19 |
$6,388 |
Nevada |
3.18 |
$6,401 |
Maryland |
3.16 |
$7,043 |
Illinois |
3.14 |
$6,410 |
Colorado |
3.13 |
$6,718 |
Delaware |
3.13 |
$6,366 |
New Hampshire |
3.10 |
$6,490 |
Virginia |
3.08 |
$7,161 |
Pennsylvania |
3.07 |
$6,146 |
Texas |
3.06 |
$6,902 |
Arizona |
3.04 |
$6,389 |
Ohio |
3.02 |
$5,843 |
Washington |
2.99 |
$6,592 |
District of Columbia (DC) |
2.98 |
$6,963 |
Georgia |
2.97 |
$6,675 |
Minnesota |
2.97 |
$5,911 |
North Carolina |
2.95 |
$6,117 |
Oregon |
2.95 |
$6,012 |
Utah |
2.95 |
$5,690 |
North Dakota |
2.95 |
$5,511 |
Missouri |
2.91 |
$5,897 |
Maine |
2.91 |
$5,784 |
Michigan |
2.91 |
$5,622 |
Alaska |
2.90 |
$8,315 |
South Carolina |
2.90 |
$6,157 |
Idaho |
2.88 |
$5,817 |
Montana |
2.87 |
$5,845 |
Vermont |
2.86 |
$5,924 |
Nebraska |
2.83 |
$5,630 |
Kansas |
2.82 |
$6,082 |
Wyoming |
2.81 |
$6,245 |
South Dakota |
2.80 |
$5,692 |
Wisconsin |
2.80 |
$5,363 |
New Mexico |
2.79 |
$6,317 |
Kentucky |
2.78 |
$5,555 |
Louisiana |
2.77 |
$6,074 |
Tennessee |
2.77 |
$5,975 |
Indiana |
2.77 |
$5,581 |
Arkansas |
2.76 |
$5,660 |
West Virginia |
2.76 |
$5,547 |
Oklahoma |
2.71 |
$6,296 |
Alabama |
2.69 |
$5,961 |
Iowa |
2.67 |
$5,155 |
Mississippi |
2.57 |
$5,421 |
2017 National Average: |
3.1 |
$6,354 |