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CompareCards Study Reveals Which Places Use the Most Retail Credit and Charge Cards

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CompareCards Study Reveals Which Places Use the Most Retail Credit and Charge Cards

PR Newswire

CHARLOTTE, N.C., June 6, 2018 /PRNewswire/ -- CompareCards by LendingTree today released the findings of its study on the places that use the most retail credit and charge cards. The study found that some metro areas are home to heavy users of retail cards while other locations have a population who use retail cards more sparingly.

Using TransUnion credit data from users of My LendingTree, the free credit monitoring service of the parent company of CompareCards, the study uncovers retail and charge card usage for 100 of the most populated metropolitan areas.

Nationally, 61.3 percent of credit card owners have at least one retail card. Of those who have at least one retail card, 30.4 percent carry a balance on a retail card, representing 11.4 percent of outstanding balances. The average balance on a retail card in the U.S. is $2,699.

Highlights from the report:

  • Residents of McAllen, Texas are by far the highest users of retail credit and charge cards. The metro earned a final score of 87.2 and ranked first in these categories:
    • The number of people who have retail cards (72%)
    • The number of retail card owners who carry a balance on their retail cards (45%)
    • And the percentage of credit card debt carried on a retail card (17%)
  • People in Charleston, S.C. have this retail card claim to fame: They carry the highest balances on their retail cards among all 100 metros, with an average balance of $4,026 and a median balance of $1,746. Meanwhile, Albany, N.Y. had the lowest average balance ($2,420).
  • Honolulu has the lowest retail card usage, with a final score of 9.4. Although it didn't rank last in any individual category, it ranked extremely low in all.

Where people use the most retail cards

McAllen, Texas is the clear leader for retail card usage with a score of 87.2. A whopping 72.4 percent have retail credit cards, and 45.1 percent carry a balance on their card. The average retail card balance is $3,207. Credit card users also have 17 percent of their total credit card debt sitting on retail credit cards, the highest percentage in the study.

Charleston, S.C. lands a score of 68.8 with 63.4 percent having retail credit cards. Although this location is second on the list, Charleston has the highest average balance on retail cards ($4,026), and 32.9 percent who have a retail card carry a balance. Retail balances make up 13.1 percent of their total credit card debt.

Bakersfield, Calif. rounds out the top three locations that use the most retail cards with a score of 66.1, and an average retail card balance of $3,053. A sizeable 68.1 percent of people have retail cards, 37.3 percent keep a balance on their cards, and retail card balances make up 14.5 percent of their total credit card debt.

In Riverside, Calif., 66.4 percent have retail cards with 36.5 percent carrying a balance. The average retail credit card debt is $3,115, and 13.7 percent of people's total credit card debt is sitting on retail cards.

Lakeland-Winter Haven, Fla. earns a score of 60.9 to take fifth place. This location has the second highest average balance on retail cards ($3,628). However, only 60.8 percent use retail cards, and 34 percent carry a balance. On average, retail card balances make up 12.9 percent of their total credit card debt.  

To view the full report, visit: http://www.comparecards.com/blog/places-that-use-the-most-retail-credit-and-charge-cards/.

Metros That Use Retail Credit and Charge Cards the Most

Rank

Metro

Final Score

Average Balance on Retail Cards

% Who Have Retail Cards

 

% Who Carry a Balance on Retail Cards

Average % of Total Card Balance Carried on Retail Cards

1

McAllen, Texas

87.2

$3,207

72.4%

45.1%

17.0%

2

Charleston, S.C.

68.8

$4,026

63.4%

32.9%

13.1%

3

Bakersfield, Calif.

66.1

$3,053

68.1%

37.3%

14.5%

4

Riverside, Calif.

62.5

$3,115

66.4%

36.5%

13.7%

5

Lakeland-Winter Haven, Fla.

60.9

$3,628

60.8%

34.0%

12.9%

6

Greenville, S.C.

59.7

$3,244

60.3%

34.8%

14.6%

7

Syracuse, N.Y.

59.5

$3,424

66.0%

34.9%

11.5%

8

Spokane, Wash.

58.5

$2,863

63.5%

35.0%

15.1%

9

Cleveland

57.1

$3,066

62.6%

34.9%

13.8%

10

El Paso, Texas

56.9

$2,896

65.3%

39.2%

12.3%

10

Houston

56.9

$3,381

62.6%

33.2%

12.6%

12

Stockton, Calif.

56.8

$2,956

66.5%

34.4%

13.2%

13

Austin, Texas

56.5

$3,509

62.7%

31.3%

12.3%

13

Charlotte, N.C.

56.5

$3,320

62.6%

32.6%

13.0%

15

Toledo, Ohio

56.1

$3,184

62.6%

33.3%

13.4%

16

Pittsburgh

55.7

$3,240

65.9%

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