Credit Cards Market Size (2024 - 2029)

Credit Cards Market Analysis

The Credit Cards Market size in terms of transaction value is expected to grow from USD 14.31 trillion in 2024 to USD 17.14 trillion by 2029, at a CAGR of 3.67% during the forecast period (2024-2029).

Credit cards are a part of everyday life. The average credit card debt per borrower was USD 5,474 or about USD 617 higher than the year before. This shift may be due to inflation and marks a move in the wrong direction. Collectively, this adds up to USD 38 billion in new debt in a single quarter and represents a 15% increase year-over-year, and this is the largest change in two decades. In two decades, the percentage of transactions made by credit cards is higher for households with higher incomes. It jumps to 34% for households earning USD 100 million to USD 150 million and 44% for those earning over USD 150 million.  

There is a similar trend when considering educational status and credit usage. 96% of college graduates hold a credit card, while only 52% still need to complete high school. Asian Americans (93%) and Caucasian Americans (88%) were the most likely demographic groups to hold credit cards. The average credit card interest rate is 24.08%, according to Forbes Advisor's credit card rate report as of mid-March 2023.

Paying off credit card bills in full every month is always the best course of action, but when that's not possible, it's still important to make the minimum payment. You can avoid a delinquent mark on your credit report and several credit card fees by making the minimum payment. Having a strong credit rating can help you qualify for the best credit cards and the most competitive rates for mortgages, auto loans, and other lending products.

Pre-pandemic payments as a percentage of the total balance were stable and followed normal seasonal trends. In the initial stages of the pandemic, this fell as delinquency increased due to government support or stimulus packages being set up and implemented. Once these were in place, rates started to rise with the usual fluctuation.

Credit Cards Industry Segmentation

A complete background analysis of the credit card market, which includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles, is covered in the report. 

The credit card market is segmented by card type. By card type, the market is sub-segmented into general-purpose credit cards and specialty and other credit cards. By application, the market is sub-segmented into food and groceries, health and pharmacy, restaurants, and bars, consumer electronics, media and entertainment, travel and tourism, and other applications. By provider, the market is sub-segmented into visa, mastercard, and others, and by geography, the market is sub-segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. 

The report offers market size and forecasts for the credit card market in value (USD) for all the above segments.