Consumers continue to reach for the familiarity and convenience of credit cards. In fact, U.S. credit card accounts and usage are nearing prerecession numbers once again.
According to a recent cnbc.com article, the Federal Reserve Bank of New York recently reported the current number of credit card accounts has reached 435 million. That’s compared to 379 million in 2010 and 496 million prior to the recession in mid 2008. What’s more, finance website finder.com forecasts the number of credit cards in circulation will almost reach 500 million over the next two years.
Habit and ease of use likely aren’t the only factors playing a role in this increase. A jump in consumers shopping on their phones is one potential driver of credit card usage. Data from the 2017 Mobile 500 report shows mobile commerce is expected to grow 53 percent this year. Additionally, SmartInsights’ latest ecommerce growth statistics predict online sales via smartphone to surpass desktop sales by 2017.
The more consumers are given easy access to shopping (ecommerce, apps, etc.), the easier it is to spend money, and today, the credit card is one mechanism making this possible in a way that’s convenient and trusted.