TIPS & FACTS

There were a total of 1.12 billion credit cards issued in 2018 and the projection for 2023 is more than 1.25 billion.

 

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Currently, millennials’ credit utilization ratio—the total of all their balances compared to the total of all their credit limits—is at 36%.

 

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In 2022, Millennials have an average of 2.5 cards each, while Baby Boomers average 3.5.

 

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Number of cardholders in the US is expected to grow to 193 million by 2023.

 

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The IRS views credit card rewards as a discount, not as income. Discounts aren’t taxable.

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8 in 10 U.S. adults (83%) report that they have at least one credit card, and 52% carried a balance in 2019.

 

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Important Information About Procedures for Opening a New Account: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Card use subject to available credit; for security reasons, card may not be used for automated fuel pumps, for gambling transactions or at merchants outside the United States.

 

The Revvi credit card is issued by MRV Banks pursuant to a license from Visa U.S.A Inc.

 

^^See Revvi Rewards Program Terms & Conditions for details.