US Credit Cards Market Report 2023

This report offers a deep dive into the US credit card market and consumer trends affecting the industry. Explore the current landscape and strategize effectively for the future with this report. Below, we summarize the key areas covered and offer select insights from the report itself.

Key Areas Covered

• Credit card rewards earn and redemption.
• Reasons that non-cardholders do not have a credit card.
• Timing of most recent credit card acquisition.
• Motivations behind recent credit card acquisition.
• Sources (eg web search) used in credit card research by consumers.
• Attitudes toward annual fees, credit card debt, and credit card usage.

US Credit Card Market Growth

Open credit card accounts increased by at least 1% for the ninth consecutive quarter in Q2 2023, continuing a streak of steady industry-wide growth. Despite issuer marketing pullbacks and concerns around debt, consistent demand is a positive indicator for the industry.

Consumer Use of Credit Cards

70% of US cardholders own a cash back rewards card. Maintaining its popularity over other credit card rewards, cash back proves to be perceived as having tangible value to consumers.

The biggest obstacle to credit card adoption is alternatives. Nearly half of non credit card owners cite using debit cards and cash as the main barrier to adoption. As interest rates and debt levels have risen, consumers may be inclined to use cash equivalents, especially for everyday purchases.

This report provides sweeping insight into credit card consumer behaviour. Read on to discover an opportunity in the current market.

Credit Card Market Opportunity

As consumers cite using alternatives as the main barrier to credit card adoption (see point above), stakeholders can consider making a play for the everyday usage that is observed with debit cards and cash. Safety and rewards can be motivators to tap into. Moreover, card issuers can target younger consumers who default to rival payment methods, moving towards responsible daily credit card use as an effective means of appealing.

For a complete analysis of opportunities in the US credit card industry, buy the full report. You can also browse our extensive library of finance market research.

Brands Discussed

Various brands are covered within the scope of the report. Our expert reveals and analyzes key market launch activity/innovations and successful marketing/advertising strategies already deployed. Examples include TD Bank’s new “TD Clear” card replacing interest rates with predictable annual fees, Amex’s ramping up of Platinum card volume (tapping into seasonal urges to spend on travel), and more.

Additional Features Included in Your Report

Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Excel Databook.

Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.

Expert Analysis

Leading research analyst Patrick Rahlfs delivers in-depth analysis and commentary on the US credit card market with this report.

A focus on credit building and openness to annual fees portends expansion at both extremes of the credit card product spectrum.

 

Patrick Rahlfs
Senior Research Analyst