Credit Card Usage May Be Rising, but Debit Cards Are Still Used Twice As Often

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Credit Card Usage May Be Rising, but Debit Cards Are Still Used Twice As Often

Dec, 30th 2016

Credit cards have been making headlines recently for their tempting sign-up cash bonuses and flashy travel perks. In the meantime, another payment method has been the go-to source for many when making purchases: debit cards.

In terms of frequency, debit card payments are actually outpacing the number of transactions made by credit card, according to the recently released Federal Reserve “Payments Study 2016.” Americans made 69.5 billion debit card payments in 2015, including payments with prepaid and non-prepaid cards, compared to 33.8 billion credit card transactions. (The Federal Reserve analyzed transactions using data from financial institutions and payment companies, including card networks and processors.)

Previous studies have shown that debit cards were gaining on cash as the go-to payment...

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