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Credit Card Statistics

Credit Card Statistics : How they are used, who is using them, and how they pay for them. Get the statistics and facts on credit card use by college students. The facts/stats are very interesting on credit card use.

One of the most commons sites that you will see on college campuses is the credit card. Credit card companies target college students for credit cards, mainly because more than 70 percent of college students keep their first credit card. This means that the potential for having a lifelong customer is high when a student gets his or her first credit card on a college campus.

Another interesting thing about student credit cards is how prolific they are. Student credit cards can be seen everywhere on university and college campuses across the country. Here are some additional student credit card use stats, according to United College Marketing Services (it should be noted that different studies yield different results):

  • On average, the number of credit cards each college student has is 2.8.
  • The average balance that students owe on their credit cards is $885.
  • Only 17 percent of students on college campuses do not have credit cards.
  • 45 percent of students use at least one credit card from their parents.
  • 55 percent of students pay their balance off every month.

From the above credit card statistics, it is obvious that credit cards are well received on college campuses. However, it is important to note that while credit cards are used heavily, they are not always used wisely. Barely more than half of college students with credit cards pay off their balances every month. This indicates that perhaps more students need some education about responsible credit card use. Even though the rate of students that drop out of college because of debt and other financial pressure is fairly low (8.5 percent), it is a number that is rising. And it is worth noting that fewer students (6 percent) drop out because of academic failure.

It is also interesting to realize that those tables that many students see at colleges, soliciting sign-ups, are not the number one source of new credit card sign ups. Only 14 percent of  college students sign up for credit cards via tabling campaigns at schools. (One of the reasons that the tabling campaign rate may be low is that 37 percent of college students sign up for cards with false names. Many students take advantage of free gifts for applying by using false information.) By comparison, Internet sign-ups are at about 18 percent. The number one way that college students sign up for credit cards is through direct mail (42 percent).

Because college students receive, on average, between 25 and 50 credit card solicitations every semester (a combination of tabling, mail, telemarketing, etc.) it is important for students to be discriminating when choosing which credit card to apply for and use. Different student credit cards offer different terms and programs, and it is important to find one that works well for you.

Credit cards are a very real fixture in the world of college campuses. Most people receive their first credit cards at age 18 or 19, during freshman year in college. This means that college students should carefully consider their options when it comes to deciding what card to apply for.

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* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Here" button, you can review the credit card terms and conditions on issuers website.