BACK

Research and Statistics

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

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

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

To use the graphic on your site, use the following code:

 <center><a href=”https://www.creditcards.com/credit-card-news/infographic-credit-card-use-among-college-set/”><img alt=”CreditCards.com infographic: Infographic: Credit card use among the college set” border=”0″ src=”https://www.creditcards.com/credit-card-news/images/infographic-redit-card-use-among-college-set.png” /></a> </center>

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

What’s up next?

In Research and Statistics

Infographic: Most Americans OK with going cashless

Millennials are cool with leaving the house sans bills or coins, a Gallup Poll says.

See more stories
Credit Card Rate Report Updated: July 2nd, 2020
Business
13.91%
Airline
15.48%
Cash Back
16.09%
Reward
15.82%
Student
16.12%

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.