MIAMI–Every credit union feels the competitive pressures in the credit card market, but in some cities that pressure is more intense than others, a new analysis shows.
The personal-finance website WalletHub has released its new report on the Cities With the Most Credit Cards, which the company said is designed to identify areas in which consumers might be financially vulnerable this year.
But for card issuers, the analysis also reveals where the competition is stiffest—and also weakest.
To determine the cities where credit card ownership is increasing the most, WalletHub said it analyzed its latest consumer-finance data across four key metrics, including the average number of cards owned per person and the average number of new cards opened per person in Q4 2023, as well as the percent change in both from Q4 2022.
The company noted the average person has more than four credit cards, but the average in the cities cited was more than six cards per person.
‘Adding New Accounts Quickly’
“Port St. Lucie, FL ranks first because residents own a lot of cards and are adding new accounts quickly,” said WalletHub Editor John Kiernan. “Port St. Lucie residents opened more credit cards than people in any other city during Q4 2023, at 1.45 cards on average. People in Port St. Lucie own an average of 6.39 credit cards, which is more than the average in all but three other cities, so it’s especially important for residents to ensure they make all their monthly payments on time and avoid overspending.”
The full report can be found here. A partial look at the list of cities appears below.
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