Credit Card Ownership By Age, Income, Gender & Race in 2025

Who are you, and what’s your history with credit cards? Well, that information is personal and unique, of course. Each person is different. However, when you start to look at demographic-driven data, some fascinating trends start to emerge. 

Collected facts and statistics paint a fascinating story about U.S. consumers and their relationship with credit cards. 

Here are a few of those statistics, including data on how credit card account ownership breaks down age, income, gender, and race.

Signing a contract is serious business. In fact, you have to be of age to do so. That includes credit cards. Minors are ineligible to obtain a personal or business credit card in the United States using only their name. Applicants must be the age of majority; which is generally 18 years old. 

People under 18 can have a card in their name if the account owner makes them an authorized user. There is no legal age requirement for authorized users, and many credit issuers will allow even young teenagers to be authorized users. 

Interestingly, many parents give children access to their credit or debit card accounts, whether or not they have made them authorized users. A 2024 LendingTree survey found that 59% have allowed their kids to use their credit or debit card, with fathers being more apt to do so, at 64% versus mothers at 54%.¹

Here is how parents from each generation responded:

These credit piggybackers are not account owners, though, and bear no legal responsibility for making payments or any of the accumulated debt.

Therefore, determining ownership data according to age starts when the person is no longer a minor in the eyes of the law and can enter into a contractual relationship with the credit card issuer.

Average Number of Cards by Generation

As you might expect, there are significant variances between the number of cards that people within certain generations hold. 

According to a survey conducted by Motley Fool in 2023²:

Generation Z 

• 23% do not have any credit cards
• 42% have one credit card 
• 24% have two credit cards 
• 5% have three credit cards
• 7% have four or more credit cards

Millennials

• 20% do not have any credit cards
• 30% have one credit card
• 28% have two credit cards
• 12% have three credit cards
• 10% have four or more credit cards 

Gen X

• 22% do not have any credit cards
• 28% have one credit card
• 25% have two credit cards
• 14% of three credit cards 
• 11% of four or more credit cards Baby boomers

Baby boomers

• 17% do not have any credit cards
• 24% of one credit card
• 17% have two credit cards
• 18% of three credit cards
• 24% have four or more credit cards 

Not only is there a major difference between how many cards people in each generation tend to hold, but there is also a major variance in expectations. 

The survey found that 35% of Gen Zers think they should have more credit cards than they currently have. And 29% of millennials think they are plastic deprived, 20% of Gen Xers want more cards, and only 11% of baby boomers think they should have more cards than they have.

Who is Maxing Out Their Cards, by Generation 

Every credit card comes with a limit, which is the most you can borrow with that account. Although, it’s best to charge what you can afford and then pay the entire balance very quickly — ideally by the due date, so you aren’t charged any interest whatsoever.

A 2024 survey found that there were significant differences between the generations when it came to maxing out their accounts.³

• 15.3% of Gen Z cardholders had maxed out their accounts
• 12.1% of millennials had maxed out their accounts
• 9.6% of Gen X maxed out their accounts
• 4.8% of baby boomers maxed out their accounts

The story gets more interesting, however, when you look at how much the generations owe as median balances when they do max out their cards:  

• Gen Z owes $760
• Millennials owe $2,378
• Gen X owes $3,017
• Baby boomers owe $1,599  

Preferred Payment Method By Generation 

So how does each generation prefer to pay for things? You may be surprised by the relative similarity. A 2024 Kantar report discovered the following⁴:

• 65% of millennials prefer credit cards
• 59% of Gen Xers prefer credit cards
• 56% of Gen Zers prefer credit cards
• 55% of baby boomers prefer credit cards

The span really broadens, however, when you look at how they are using their cards. Digital payments (mobile wallets that are uploaded with credit cards and debit cards) are definitely most popular among the younger set:

• 54% of Gen Zers have adopted digital payments
• 53% of millennials have adopted digital payments
• 35% of Gen X have adopted digital payments 
• 18% of baby boomers have adopted digital payments 

Different Generations, Different Rewards

As a consumer, you have a choice between credit cards. Some have rewards represented as points or miles, while others are cash back cards. Some are especially appealing to older or younger cardholders. 

A 2024 PYMNTS survey indicated there is a span of generational interest in reward types⁵: 

Generation Z 

• 33.6% want cash back on any purchase
• 26.6% want cash back on eligible purchases
• 24% want points
• 15.8% want miles 

Millennials

• 46.2% want cash back on any purchase
• 33.7% want cash back on eligible purchases
• 30% want points
• 18.1% want miles 

Gen X

• 55.4% want cash back on any purchase
• 34.9% want cash back on eligible purchases
• 27.8% want points
• 15.6% want miles

Baby boomers 

• 54.4% want cash back on any purchase
• 37.1% want cash back on eligible purchases
• 23.3% want points
• 11.6% want miles

You might think a credit card company would have to set a minimum amount of money an applicant would need to earn to qualify for an account. But no. Credit card issuers are free to set their own qualification standards on each of the accounts they offer, and that includes income.

That doesn’t mean that credit card issuers aren’t interested in how much money you bring to the table. They are. In general, issuers are willing to grant credit cards to applicants who can afford at least the minimum payments on the debt they rack up with the credit line. 

For this reason, credit reports and credit scores aren’t the only way an issuer determines qualification.

Income, especially when compared with the amount the consumer is already repaying toward existing debts, is a critical factor in eligibility. The higher the income a person has, the greater the likelihood that person will own at least one credit card, though there are some fits and starts in the data. 

As a consumer, you have a variety of payment instruments with which to use for your financial affairs. In addition to credit cards, you can use cash, debit cards, prepaid cards, ACH (automated clearing house – which is essentially electronic payment, transfers), and mobile payment apps. 

As per a 2024 Federal Reserve Board report, household income is a factor in the share of payment instruments used⁵:

• Less than $25,000 —11% use credit cards
• $25,000 to $49,999 — 21% use credit cards
• $50,000 to $74,999 — 26% use credit cards 
• $75,000 to $99,999 — 31% use credit cards 
• $100,000 to $149,999  — 39% use credit cards 
• Greater than $150,000 — 50% use credit cards 

It seems that the more money you make, the more apt you are to use credit cards as a payment tool. 

A 2024 Helcim study found striking differences between credit card ownership and income⁷:

• 97% of households earning $100,000 or more have credit cards
• 89% of households earning $50,000 to $99,999 have credit cards
• 75% of households earning $25,000 to $49,999 have credit cards
• 46% of households earning less than $25,000 have credit cards

It’s important to note that credit cards for people who have very limited incomes (and who have not established their credit histories) do exist. They either have low credit limits or are secured credit cards.

These pathway products let people with income constraints charge products and services and begin to build a credit history. With a secured card, the applicant puts down a refundable cash deposit that acts as collateral against default. Owners of secured cards can’t charge much, since many of these accounts have credit lines that are less than $300. 

Such low limits allow people with low incomes to afford the monthly payments, even if they charge up to the maximum.

Employment income is not a requirement for credit card qualification and credit lines. In addition to an applicant’s personal employment, income from such regular sources as a spouse or partner’s income, a parent or guardian’s financial contributions, investment earnings, alimony, child support, and inheritance distributions can be listed on a credit card application.

It is illegal for any lender to base credit qualification and terms on an applicant’s sex. The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits credit discrimination based on a wide variety of factors, including gender and sexual orientation.

While some credit card applications have a checkbox for the applicant’s sex, applicants are under no obligation to check it off. Even if the person chooses to provide an answer, the issuer is not permitted to use it to determine eligibility, interest rates, limits, and all other terms.

That said, there are a number of key statistical differences in the way women and men obtain and use credit cards:  

• A 2023 Philadelphia Federal Reserve report found that male borrowers have approximately $1,300 higher total bank card limits than female borrowers.⁸
• A 2024 LendingTree poll discovered that 61% of women who have saved their credit card information to their mobile devices say it influences them to buy more, as opposed to just 51% of men who say the same.⁹
• Another 2024 LendingTree poll found that men are far more likely than women to apply for a store card. 37% of men say they will as opposed to just 23% of women.¹⁰ 
• In 2024, Capital One shopping reported that, on average, women have 25% more open credit card accounts than men.¹¹ 
• Women were more worried about their credit card debt than their male counterparts in 2023, according to a LendingTree index. 64% of men reported being confident about paying off their balance but only 40% of women were.¹²

The ECOA also prohibits any kind of credit discrimination based on a person’s race and ethnicity. A person’s race is never listed on consumer credit reports, including those created by Experian, TransUnion, and Equifax.

That doesn’t mean differences don’t exist, especially when combined with how much money people make. A 2024 Federal Reserve report found that there were disparities between the races when looked at when income was included in the data.¹³ 

Here is the FRB’s breakdown for applicants who were denied credit or approved for less than the amount requested:  

Less than $50,000

• 65% of Black
• 59% of Hispanic
• 47% of White

$50,000 to $99,000

• 41% Black
• 37% Hispanic
• 27% White

$100,000 or more 

• 29% Black
• 24% Hispanic
• 13% White

The same FRB report found that credit card ownership by race is quite different:

• 90% of Asian people have credit cards 
• 86% of white people have credit cards
• 74% of Hispanic people have credit cards 
• 70% of Black people have credit cards 

Certainly, all credit cards allow users to pay incrementally. However, maintaining a running balance can be very expensive because the interest they charge compounds. When the interest rate is high, the accumulated fees make repayment difficult. 

The FRB research found that 72% of Black cardholders carried a balance, as opposed to 59% of Hispanic cardholders, 42% of white cardholders, and just 24% of Asian cardholders. 

As you can see, there are plenty of variances in credit card ownership and usage depending on age, income, gender, and race. I do stress the importance of not jumping to conclusions, however. Although some of the data are alarming on the surface, it’s always important to be objective and analytical. 

In the end, credit cards are tools that most consumers can use to their benefit. Fair access and financial education are essential components to credit card ownership success.

<sup>1. https://www.federalreserve.gov/publications/2024-economic-well-being-of-us-households-in-2023-banking-credit.htm
2. https://www.lendingtree.com/credit-cards/study/card-access-kids/
3. https://www.fool.com/money/research/study-most-americans-have-one-or-two-credit-cards
4. https://www.visualcapitalist.com/charted-maxed-out-credit-cards-by-generation/
5. https://www.kantar.com/north-america/inspiration/research-services/points-and-perks-of-credit-cards-pf
6. https://www.pymnts.com/wp-content/uploads/2024/01/PYMNTS-The-Credit-Economy-January-2024.pdf
7. https://www.frbservices.org/binaries/content/assets/crsocms/news/research/2024-diary-of-consumer-payment-choice.pdf
8. https://www.helcim.com/guides/credit-card-statistics-and-trends
9. https://www.philadelphiafed.org/-/media/frbp/assets/working-papers/2023/wp23-30.pdf
10. https://www.lendingtree.com/credit-cards/study/women-men-finances/
11. https://www.lendingtree.com/credit-cards/study/store-card-report
12. https://capitaloneshopping.com/research/average-number-of-credit-cards-per-person
13. https://www.lendingtree.com/credit-cards/study/confidence-index/</sup>