The U.S. credit card industry has reached a new peak, with finance experts saying that they now form the core of the relationships between consumers and banking institutions. Many experts predict that 2025 will be a defining year for the credit card industry, as consumers witness changes in their buying habits and business needs.

In 2024, about 43% of the U.S. population opened new credit card accounts, with Gen Z and Millennials holding the highest percentages of new accounts at 68% and 35% respectively. This wider adoption has also influenced entertainment and leisure sectors, including online gaming, where credit card casinos in the US have gained popularity for their convenience. With rising costs of goods and services, people are relying more on credit cards, not just for daily spending but also for quick, secure deposits on such gaming platforms.

Across the U.S., credit cards have been one of the most in-demand banking products for the past two years. In 2023, about 74% of American adults had a credit card, and in 2024, it grew to more than 82%. In North Carolina, for example, the industry has been growing by 1.1% in the past five years. Currently, there are about 27 credit card issuers in the state, representing a 0.8% growth in the same period. In 2025, the size of North Carolina’s credit card market sits at $196.6 million.

Some of the factors changing how consumers view credit cards include the innovation on the part of fintech companies, as they now offer tokenized payments. Companies are now creating more interactive apps for users to measure their spending while setting up better fraud control measures.

Another trend that has influenced user behavior is the rise of buy now, pay later services. Companies like Klana and Affirm, which offer these services, have changed how consumers view purchases made using credit cards, especially with the Gen Z generation.

These consumers now use between 20% to 60% of their monthly credit. This has also pushed banks to partner with such providers or offer their own buy now, pay later options.  While many people are creating new accounts and holding more than one credit card, only 52% of them pay off their debts each month.

As the credit card industry continues to grow, lawmakers are taking measures to ensure that consumers are protected from any form of exploitation. In North Carolina, the surcharging bill isn’t as clear as in other states, but lawmakers are pushing for more clarity.

In April, a House committee approved a bill that would stop companies from surcharging customers. Some shops have the habit of charging an extra fee to customers who use their credit cards for transactions. These shops are supposed to bear the credit card transaction fees, but they pass them on to customers who don’t pay with cash.

The bill, which was sponsored by Rep. Harry Warren, makes it compulsory for all businesses to display the charges associated with credit card payments. It also bans companies from charging more than the fees set by the credit card companies, while imposing fines of around $5,000 on businesses guilty of violation.