Yahoo Finance·2025-04-28 21:42Core Insights - The credit card industry is experiencing significant growth, with national credit card debt surpassing $1 trillion for the first time in 2023 and reaching $1.21 trillion by the end of 2024 [1] Credit Card Industry Overview - The four main networks facilitating credit card transactions are Mastercard, Visa, Discover, and American Express, with Visa and Mastercard accounting for 85% of the market [3] - There are nearly 4,000 credit card issuers in the U.S., with JPMorgan Chase being the largest [4] Credit Card Usage - 82% of American adults possess at least one credit card, with an average of 3.9 cards per person [4] - The aggregate credit utilization rate is 23%, and consumers spend an average of $8,823 annually on their cards [5] Financial Performance - Credit card issuers earned over $130 billion in interest and fees in 2022, with the average APR on credit cards increasing from 16.28% in 2020 to 21.91% by February 2025, a nearly 35% rise [6] Credit Card Balances and Payments - As of 2024, the average credit card balance is over $6,700, with 60% of consumers carrying a balance [9] - Generation X has the highest average balance at $9,557, while Generation Z and the Silent Generation have the lowest at around $3,450 [10] - The average credit card payment increased from $152 in 2020 to $202 in February 2024 [10] Delinquency Rates - Credit card delinquency rates have risen, with approximately 7.2% of credit card balances becoming delinquent by the end of 2024 [11] Rewards and Fees - Consumers earned $41.1 billion in rewards in 2022, a 58% increase from 2019, with average rewards rates rising from 1.4 cents per dollar in 2020 to 1.6 cents per dollar [12][13] - The average annual fee for credit cards is $105, while the average late fee is $32 [14]