Average CC balance by issuer

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Mogul of Pineapples
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Average CC balance by issuer

Postby Mogul of Pineapples » Sun Sep 28, 2008 4:41 pm

What is the average credit card debt or balance? I think we've talked about this before in a different thread but I'll start a new one on it anyway.

This is interesting. Plastic Economy, which tracks over $17,000,000 in credit card debt published this information for average balances by issuer. The numbers also included the average credit utilization. This is a number based only on the people that use their site so I wouldn't say it's accurate over the entire population (since the people not in debt probably wouldn't use their service) but here are the numbers based on the people that do. I do think that is probably a good reflection on the average person that does have credit card debt.

Chase, $4145.5, 73.13%
Capital One, $2953.57, 57.53%
Discover, $3558.2, 57.14%
Bank of America, $4896.1, 54.33%
American Express, $5350.82, 51.99%
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred


Floppster
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Postby Floppster » Tue Sep 30, 2008 8:55 pm

Mogul of Pineapples wrote:What is the average credit card debt or balance? I think we've talked about this before in a different thread but I'll start a new one on it anyway.

This is interesting. Plastic Economy, which tracks over $17,000,000 in credit card debt published this information for average balances by issuer. The numbers also included the average credit utilization. This is a number based only on the people that use their site so I wouldn't say it's accurate over the entire population (since the people not in debt probably wouldn't use their service) but here are the numbers based on the people that do. I do think that is probably a good reflection on the average person that does have credit card debt.

Chase, $4145.5, 73.13%
Capital One, $2953.57, 57.53%
Discover, $3558.2, 57.14%
Bank of America, $4896.1, 54.33%
American Express, $5350.82, 51.99%


Thanks for sharing. Quite interesting to know that Chase get screwed the most. It looks like that Amex by far issues the highest limits however they also seem to have the wealthiest customer base (please correct me if I misunderstand the list above). Anyhow thanks God that I am not part of that list :rolleyes:
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955

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fffresh
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Postby fffresh » Tue Sep 30, 2008 9:30 pm

American Express overall most likely does have wealthier customers on average but they have completely shifted their marketing the last ten years. From what I hear qualifying for the entry level consumer cards with AMEX such as the Blue card series and the non-charge cards is easier than qualifying for cards from Citi. If anything Citi is the strictest today when it comes to cardholders. From my experiences they require higher scores than AMEX and almost always give lower limits. I have numerous family members with FICO scores in the mid 700's and up that only have limits of 8 to 9 thousand on their Citi Dividend cards. Meanwhile their Amex Blue and Delta Skymiles cards have limits over twice that. I have no used my Citi card since they ended the 5% but I can tell you my experience with credit limits between issuers mirrors that of my family also.



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