Number of Credit Cards and Credit Card Holders

Adam McCann, Financial WriterDec 12, 2022

Adam McCann, Financial Writer
Dec 12, 2022

The number of credit cards in circulation and the number of people using them are crucial metrics when it comes to understanding both the payments landscape and consumer preferences. Not only do these figures speak to the overall availability of credit, but they also reveal market share by card network and indicate whether most consumers are using a single credit card for all expenses or a few cards targeted to different types of transactions. Furthermore, these statistics speak to the overall popularity of credit as a spending vehicle.

Number of Credit Cards

There were a total of 1.12 billion credit cards in 2018 and the projection for 2023 is more than 1.25 billion.
The number of credit cards from the four primary credit card networks (VISA, Mastercard, American Express, and Discover) was 679 million in 2018.

Total Number of Credit Cards (In Millions)

(Source: U.S. Census Bureau and Nilson Report)

Number of Credit Cards by Card Type (In Millions)

(Source: U.S. Census Bureau and Nilson Report)

(p) - Figures are classified as projections when actual data from a particular year are not yet available. Statistics of this nature tend to lag behind the calendar due to the manner in which underlying data are accumulated and analysed.

Number of Cardholders

The number of cardholders in 2018 was 182 million, a growth of about 16.5% compared to 7 years ago, in 2011. By 2023, this number is predicted to grow nearly 6%, to 193 million.

Total Number of Cardholders (In Millions)

(Source: U.S. Census Bureau and Nilson Report)

Number of Cardholders by Card Type (In Millions)

(Source: U.S. Census Bureau and Nilson Report)

Number of Credit Card Accounts

The number of credit card accounts reached the highest level in 21 years. It started growing year after year since 2012, rising in 2019 above their pre-crisis levels.

Total Number of Credit Card Accounts (In Millions)

(Source: FRBNY Consumer Credit Panel/Equifax)

Year	Number of Credit Card Accounts Q1	Number of Credit Card Accounts Q2	Number of Credit Card Accounts Q3	Number of Credit Card Accounts Q4
2022	537.11	N/A	N/A	N/A
2021	505.67	511.61	519.96	531.54
2020	511.41	504.74	505.54	505.62
2019	482.7	486.5	488.92	507.94
2018	466.88	469.64	474.24	479.23
2017	454.58	459.31	465.97	468.76
2016	435.61	440.98	445.04	453.07
2015	415.77	421.82	426.63	424.35
2014	401.54	405.89	410.54	412.99
2013	383.08	388.87	391.24	399.01
2012	386	383	382	383
2011	379.34	389.17	383.27	386.2
2010	385.86	380.54	377.9	380.07
2009	434.25	412.38	401.77	394.27
2008	474.57	496.12	492.19	472.17
2007	444.88	474.74	478.86	481.44
2006	458.41	460.35	454.64	451.28
2005	451.95	450.14	452.34	455.91
2004	449.62	458.26	447.07	448.43
2003	469.81	468.94	457.64	452.71
2002	466.88	477.83	474.13	478.8
2001	419.78	447.93	437.47	467.48
2000	384.68	394.51	386.7	414.02
1999	365.16	364.67	373.45	371.65

(Source: FRBNY Consumer Credit Panel/Equifax)

Number of New Credit Card Inquires

By mid 2022, inquires for new credit cards had dropped to around 37% of their count in 2015. Card solicitations have turned down over the course of 2016, reaching the lowest levels so far. We encounter similar patterns as in 2009, when offers for new credit cards dropped by one third of their count in 2006.

New Credit Card Inquiries

(Source: FRBNY Consumer Credit Panel/Equifax)

Number of Credit Cards per Cardholder

8 in 10 U.S. adults (83%) report that they have at least one credit card, and 75% carried a balance in 2020.

According to Federal Reserve survey, credit cards were the most common application types. Although 61% of the credit card applicants were very confident in their chances of approval, 31% reported at least one credit card denial or lower credit offer.

Consumer credit equaled 22% of household debt at the end of 2021, down from 23.14 % the prior year. Consumer credit per household was $25,112. Credit card debt was 5.50% of total debt in 2021, down from 5.63% the prior year.

	2021	2020	Change 2021 vs. 2020
Average Number of Credit Cards	3.00	3.00	0.00%
Average Credit Card Balances	$5,525	$5,897	-6.31%
Average Credit Card Balance per Capita	$3,060	$2,970	3.03%
Average Number of Retail Credit Cards	2.33	2.42	-3.72%
Average Retail Credit Card Balances	$1,887	$2,044	-7.68%
Average Nonmortgage Debt	$25,112	$25,483	-1.46%
Average Mortgage Debt	$229,242	$215,655	6.30%

(Source: New York Fed Consumer Credit Panel/Equifax, Federal Reserve and Experian, 2022)

Questions & Answers(3 questions)

How many credit cards is too many?

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WalletHub

Six or more credit card accounts might be too many for some people, given that the average American has a total of five credit cards. Everyone should have at least one credit card for credit-building purposes, even if they don't use it to make purchases, but the exact number of cards you should have differs by person. It depends on how well you can manage one credit card, then two, and so on.

If you're not sure how many credit cards is too many for you, there are a number of factors you can think about when making your decision. In particular, consider your recent spending and payment history. If you're having trouble paying the full statement balance by the due date on each account you already have open, think twice about applying for another credit card account.

How to Determine How Many Credit Cards Is Too Many For You

Look at your credit report and score.

If you have a history of financial mistakes, such as missed payments, you probably don't want to get more than one card until you prove yourself to be a responsible borrower. Besides, it may be hard to get more than one worthwhile cards with damaged credit, anyway.
Review your utilization and payment history.

If you're maxing out all the cards you have, credit card companies probably won't want to give you more spending power. Plus, credit card debt can be very expensive, and you don't want to rack up balances that exceed what you can repay comfortably.
Consider credit card company rules.

Some issuers have unofficial rules regarding how many credit cards is too many for an applicant to have. For example, there are lots of rumors floating around that Chase will deny a credit card application if you've already opened five accounts (from any issuers) in the past 24 months. Such restrictions could limit your options for opening a new account, or just serve as a sign that you might want to slow down the pace of your applications.
Determine how well you're keeping track of your credit cards.

Even if your credit is good and you've never forgotten to pay a bill, that doesn't mean you never will. Having too many open accounts to keep track of can lead to forgotten due dates, interest charges from simply forgetting to pay a credit card in full, and other issues. If you have trouble listing your credit cards from memory, you're likely to forget to pay one at some point.

There are benefits to having more than one credit card account. Having several credit cards can help you save money by allowing you to get the best collection of rates and rewards for your biggest transactions. For example, you could get a flat-rate cash back credit card for everyday expenses, a bonus rewards card for travel, and a balance transfer card to reduce the cost of existing debt. Having multiple cards can also help your credit score if you keep your credit utilization low and your payments on time.

What you should watch out for is applying for too many credit cards too quickly. It's best to not apply for more than one or two per year, as each application puts a hard inquiry on your credit report and temporarily hurts your credit score.

The more data that's at your disposal, the easier it will be to decide how many credit cards you should have. WalletHub can help with free daily credit score updates and personalized credit-improvement advice.

View more answers

What is the average number of credit cards to have?

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Ryan P Page, Staff Writer

The average number of credit cards to have is about 3 credit cards per person, excluding store cards. Having credit cards for different purposes can help you maximize savings while increasing spending power, and it can also help improve your credit if you use the cards responsibly.

As you might expect, the average number of cards per person changes across different age groups. Members of older generations generally have more credit cards than younger people do.

Average Number of Credit Cards per Person

Age Group	Number of Credit Cards
Generation Z (18-25)	2.1 Credit Cards
Millennials (26-40)	3.4 Credit Cards
Generation X (41-56)	4.4 Credit Cards
Baby Boomers (57-75)	4.6 Credit Cards
Silent Generation (76+)	3.4 Credit Cards

Source: Experian, 2022

Ultimately, the right number of cards will depend entirely on your own personal preferences and financial circumstances.

Too many credit cards can sometimes do more harm than good. For example, multiple credit cards will mean you have more payments to keep track of, making it easier to miss one. Missed payments can significantly lower your credit score and raise your interest rates.

On the other hand, if you can pay your bills on time each month, there are benefits to having multiple credit cards.

Can too many credit cards hurt your score?

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