Over the past 12 months, consumer spending habits have continued to evolve, and so has the way people pay. We look at which payment cards—credit, debit, and prepaid—have been most commonly used. By breaking down the data, we get a clearer picture of what’s driving consumer choices and which types of cards are gaining or losing ground.
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Data for today’s episode is provided by Javelin Strategy & Research’s Report: 21st Annual U.S. Open-Loop Prepaid Card Market Forecast, 2024-2028
Top 5 Payment Cards Used in the Previous 12 Months
- 82% – Major credit card usable anywhere
- 66% – Major debit card usable anywhere
- 35% – In-store gift card
- 31% – General prepaid gift card (non-reloadable)
- 29% – Store-branded credit card
Source: Javelin Strategy & Research
About Report
Javelin Strategy & Research’s latest annual report on the open-loop prepaid card market outlines key developments and forecasts across several major categories. It highlights projected growth in areas such as general-purpose reloadable cards, payroll and benefits cards, and corporate expense cards. The report links these trends to broader economic indicators, noting that improvements in the economy and regulatory landscape are creating favorable conditions for certain card types. For example, lower inflation and evolving financial regulations are helping drive interest in benefit and general-purpose cards, which can serve as alternatives to higher-interest credit options. On the flip side, factors like a stronger job market and shifts in government aid programs are slowing growth in areas like unemployment-related cards.
The research also shows that consumer sentiment toward prepaid cards remains strong. Buyers are continuing to use these cards frequently, especially in high-volume categories, with many planning to maintain or increase their usage. This year’s findings build on previous trends, confirming that prepaid solutions are becoming a stable part of how Americans manage and spend money.
