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Infographic: Credit card use among the college set

Summary

Two-thirds of college students have a credit card, and most are using their cards regularly, according to data from Equifax

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Two out of three college students have at least one credit card, and a vast majority use their cards regularly, according to new

data from Equifax.

The credit rating agency reports that 42 percent of college students age 18-24 have one credit card, with an additional 26 percent owning two or more cards, totalling a 68 percent saturation among the college crowd.

Equifax’s survey data also revealed that only 1 out of 6 college students (16 percent) are reserving their credit card only for [emergencies. On the other end of the spectrum, 12 percent are charging virtually all of their purchases.

In the middle ground, 30 percent are putting their cards to use for a majority of their purchases, with the largest response

category being 42 percent who indicated they primarily charge minor purchases to their cards.

Equifax’s findings were drawn from a blind survey of 600 college students age 18-24 conducted in June 2016. The results were released Aug. 24.

 

 

See related: Half of college students aren’t checking their credit reportsWhat to look for when committing to a campus card, More infographics

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