The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Advertiser disclosure
The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Katie Genter is a digital nomad who has traveled full time since June 2017. She writes and edits stories about points and miles, and loyalty programs, often letting her personal experiences color these stories.
April 1, 2020 • 8 min read
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
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Quick summary
A recent survey explored American adults' credit card habits, including the number of cards held, premium card ownership and payment preferences.
Most U.S. adults with at least one credit card have only a few cards, and a significant majority do not hold premium cards with high annual fees.
Cash back is the leading goal when choosing a card, with travel rewards and balance transfer features less commonly prioritized.
Nearly half of respondents rarely or never use contactless payment methods for in-store purchases.
What to consider
Over 22% of U.S. adults do not have any credit cards, and 63.6% of cardholders do not have premium cards with higher annual fees.
A notable portion of cardholders are unaware of how many premium cards they possess or their own credit score range.
Survey data reflects responses from a representative sample of 2,447 U.S. adults collected in March 2020.
What you'll miss from the article
A detailed breakdown of survey results, including demographic insights and practical tips for building a credit card portfolio.
Generated by AI with support from our editorial team.
Update: Some offers mentioned below are no longer available. View the current offers here.
When I discuss credit cards with friends and other travelers, I'm frequently asked: "How many credit cards do you have?" I have 14 open accounts. And, some staff at The Points Guy have even more cards, including TPG Executive Editorial Director Scott Mayerowitz, who has 19 cards.
(Photo by Shutterstock)
Scott and I are the outliers -- the vast majority of The Points Guy readers and American consumers have far fewer cards. So, to assess the average American consumer's credit card usage, The Points Guy recently commissioned YouGov to conduct a survey on credit cards. Today, we'll recap the results.
As you can see in the graph above, most U.S. adults who have a credit card only have a couple of cards. There's no set number of cards you should have, since this is a personal decision that's dependant on your lifestyle and preferences.
Question: How many of your cards are premium cards (i.e., have a $300 or higher annual fee)?
Unweighted base: All U.S. adults who have at least one credit card (1,795). (Figure by YouGov Plc)
As you can see, 63.6% of U.S. adults with at least one credit card have no premium cards. If you've been reading The Points Guy for a while now, you know that premium travel rewards cards such as the Chase Sapphire Reserve, The Platinum Card® from American Express and The Hilton Honors American Express Aspire Card offer excellent benefits and earnings that can be worth well more than the annual fee for cardholders that can use and get significant value from these perks. The information for the Hilton Aspire Amex card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Considering that there are some excellent travel rewards cards with annual fees under $300 — such as the Chase Sapphire Preferred Card, American Express® Gold Card and the American Express® Green Card — it's not that surprising to learn that 63.6% of U.S. adults who have at least one credit card don't have a premium credit card with an annual fee of $300 of more. Perhaps more surprising is that 7.3% of U.S. adults who have at least one credit card don't know how many cards they have with annual fees of $300 or higher.
The information for the Amex Green Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Question: How many no-annual-fee credit cards do you have?
Unweighted base: All U.S. adults who have at least one credit card (1,795). (Figure by YouGov Plc)
Out of U.S. adults with at least one credit card, 12.6% have zero no-annual-fee cards, 26.4% have one and 20.4% have two such cards. No annual-fee cards are easy to carry in your wallet long term, since there is no cost to carry them – some even earn valuable rewards.
If you are one of the 12.6% of U.S. adults with at least one credit card but no no-annual-fee cards, you may want to consider whether a no-annual-fee card in the same rewards family can boost your earnings. For example, if you have the Chase Sapphire Reserve or the Chase Sapphire Preferred, you can boost your Chase Ultimate Rewards earnings by adding the no-annual-fee Chase Freedom (No longer open to new applicants) and Chase Freedom Unlimited cards to your wallet and using them for purchases on bonus categories and regular spending. The information for the Chase Freedom has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Question: What percentage of your in-store credit card payments would you say are contactless (i.e., just tapping your card, Apple Pay, Samsung Pay, etc.)?
Unweighted base: All U.S. adults who have at least one credit card (1,795). (Figure by YouGov Plc)
Question: To the best of your knowledge, what's your credit score range?
Unweighted base: All U.S. adults who have at least one credit card (1,795). (Figure by YouGov Plc)
Out of U.S. adults who have at least one credit card, 7.1% report to have poor credit (300-629 credit score), 14.2% report fair credit (630-689), 21.6% report good credit (690-719) and 47.6% report excellent credit (720-850). You might be surprised to see that only 7.1% report to have poor credit, but remember that this percentage only considers U.S. adults with a credit card.
All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 2,447 adults. Fieldwork was undertaken between 25th - 27th March 2020. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+).
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
