As the world is progressing towards the digital world, credit card usage is also witnessing a surge in its usage. Take a common American; he/she carries corpus credit cards in his/her wallet. According to a report, 7 out of 10 Americans possess at least one credit card. A survey conducted by Pew Research Center, states that a greater number of Americans are making digital payments.
Below, you will get to know recent trends related to credit card usage according to the latest credit card statistics.
To get a business or a personal credit card in the U.S, you need to be 18 years old. However, for minors who want to have a credit card containing their name, he/she can get it from an account owner who will make him/her the authorized user. To be an authorized user, you need not go through gateways of law, and many teenagers have authorized users today.
Income doesn’t come as a bottleneck while applying for a credit card. The conditions of fixed and legal minimum income don’t come into the picture for approving the credit card. The credit card providers have the privilege to put their conditions on their offers.
Issuing credit cards based on gender is illegal for credit card providers. According to federal law, the Equal Credit Opportunity Act (ECOA), setting credit conditions based on gender & sexual orientation is illegal.
Yes, you will see a check box in the application form for a credit card specifying the user’s gender, but users don’t need to tick it. And if you provide an answer to the gender’s question, the provider can’t use it as a parameter while deciding your eligibility for the credit card.
Like gender, the federal law also prohibits the providers from setting an applicant’s race or ethnicity as a deciding factor. In fact, a user’s race is not showcased on the credit report.
Americans hold a corpus of credit cards. According to a survey, 60% of Americans possess cash back credit cards, and below 40% possess retail credit cards.