Astounding Credit Card Statistics, Vol. 8

Welcome to the volume eight of our continuing series, Astounding Credit Card Statistics! This time around, you’ll learn a few interesting facts regarding demographics of credit card carriers. Armed with a superior knowledge of your consumers and the demographics of your customer base’s credit card use, you’ll be prepared to deal with whatever comes your way! Happy Holidays from Vision Payment Solutions!

 

Demographics:

Asian-American

  • Nearly two in three Asian-Americans reported having at least two credit cards. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
  • Just 19 percent of Asian-Americans reported not having a credit card. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)

African-American

  • About one in three African-Americans — 35 percent — reported having at least two credit cards. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
  • 49 percent of African-Americans reported not having a credit card. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
  • 26 percent of Americans, or more than 58 million adults, admit to not paying all of their bills on time. Among African-Americans, this number is at 51 percent. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
  • In 2004, of those with credit cards, 84 percent of African-American households carried credit card debt compared with 54 percent of white households. (Source: Demos.org, “Borrowing To Make Ends Meet,” November 2007)
  • Over 90 percent of African-American families earning between $10,000 and $24,999 had credit card debt. (Source: Demos.org study, November 2007)

 

Gender

  • Women were 26 percent more likely to be victims of identity fraud than men in 2008. (Source: Javelin Strategy & Research, February 2009 study.)

Hispanics

  • About half of Hispanics – 44 percent – reported having at least two credit cards. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009) 
  • 42 percent of Hispanics reported having no credit cards. (Source: FINRA Investor Education Foundation, “Financial Capability in the United States,” December 2009)
  • 58 percent of Hispanics have not used a credit card in the past 30 days. (Source: Experian Consumer Research study, November 2008)
  • 42 percent of Hispanics don’t like the idea of being in debt. (Source: Experian Consumer Research study, November 2008)
  • 31 percent of Hispanics typically pay cash for their purchases. (Source: Experian Consumer Research study, November 2008)

Vision Payment Solutions is your one-stop shopping experience for all card-processing needs; from hardware and software to superior technical support, VPS has all your credit card bases covered! Call us today!