Credit Card Spending Represents Over 20% of U.S. GDP, Study Finds

Credit card spending in the U.S. drove more than 20% of GDP in the U.S. recently, according to a new report from the Consumer Bankers Association (CBA). 

While many consumers and businesses rely on credit cards as a vital financial tool to help them manage their money, the CBA study reveals that credit cards also play an important role in the overall U.S. economy.

Credit card issuers have long understood how their products can help people and businesses reach their financial goals, but the CBA’s report may allow issuers to gain more supporters among policymakers. 

After all, if credit card purchases directly affect the economic output in the U.S. to a significant extent, then it’s in the country’s best interest to ensure they remain easily accessible to everyone who can use them responsibly.

Credit card spending helped the U.S. recover from the economic impact of the pandemic, according to the Consumer Bankers Association.

Moreover, people can turn to credit cards to help them through financial challenges resulting from macroeconomic factors.

“Our analysis shows that credit cards helped power America’s post-pandemic recovery,” James Mulholland, Policy Analyst at the CBA, told us. “Responsible access to credit gave consumers and small businesses the ability to weather increased costs and keep the economy moving.”

Credit cards provide more than convenience to people who want to make purchases without having to carry cash or worry about overdrawing their bank account.

The American Bankers Association unveiled a new survey at its yearly convention this week highlighting consumer satisfaction with credit card reward programs. 

The survey indicated that 90% of consumers who own credit cards that offer rewards value those rewards programs. 

In a press release detailing the survey’s findings, Rob Nichols, president and CEO of the American Bankers Association, said that the new data reinforces that credit cards, and rewards cards in particular, are an important resource that people in the U.S. highly appreciate.

According to the Consumer Bankers Association, credit card activity grew from about 31 billion transactions in 2015 to more than 55 billion in 2022, which represents an increase of more than 75%.

The CBA report says that increasingly generous rewards programs contributed to the growth in card spending that occurred in the last decade. But the association attributes the majority of the rise in card spending to the onset of growing inflation during the post-pandemic period.

A recent Federal Reserve report indicates that consumers expect inflation to rise over the next year.

Inflation remains a concern for many consumers in 2025. The Federal Reserve Bank of New York released a survey earlier this month revealing that consumer inflation expectations for the upcoming 12 months increased in September.

Regardless of whether inflation grows in the near future, lawmakers should recognize the role that credit cards play in not only helping consumers and businesses manage expenses but also in the overall U.S. financial system. The CBA report stipulates that a regulated, competitive card market can help to preserve stability in the broader economy.

“As policymakers debate the future of payments and credit access, it’s critical they start with how this market supports growth and resilience,” Mulholland told us.