Americans open more credit, debit cards post-pandemic

The average U.S. consumer has increased the average number of active debit and credit cards since the COVID-19 pandemic began.

The average American cardholder has 5.5 active credit or debit cards, a 38% increase over pre-pandemic estimates, according to financial tech company Chargebacks911’s 2024 Cardholder Dispute Index. Individuals with an annual income above $75,000 tend to possess more credit/debit cards than the average consumer. Women reported having 4.8 cards on average, while men held an average of 6.2. 

While new payment methods are gaining traction, cards are still kind when it comes to e-commerce. Nearly 80% of respondents report that they still favor payment cards for online purchases. Digital wallets are now preferred by one-in-10 consumers for both online and in-store purchases, while peer-to-peer (P2P) payment methods are the second most-popular alternative.

"The trend towards online shopping is obvious," said Jarrod Wright, the head of marketing for Chargebacks911. "E-commerce currently accounts for nearly 16% of all retail sales in the U.S., and estimates show that number will be over 20% by 2027. Americans are relying more and more on digital transactions, and payment cards allow them the flexibility to shop in a way that's in line with their preferences." 

Other findings from the survey include the following:

• Consumers under the age of 35 prefer banking through a mobile app three-to-one over those aged 55 or over.
• Nearly nine-in-10 (84%) of respondents reported they’ve used a free trial offer at least once; over three-quarters of respondents believe that “try before you buy” offers a direct benefit to consumers.
• Nearly 90% of respondents want banks to be able to cancel subscription services on their behalf.
• Over 90% of respondents trust their bank to correct any reported fraud issues.
• Participants who filed a claim with the bank over the last year reported an average dollar value of $76 per dispute. Primary categories for disputed transactions include travel & entertainment, physical goods & retail and software.
• Over 80% of respondents reported being satisfied with their dispute experience.

The full survey can be found here.