Credit cards have the potential to add extra value to everyday expenditures, with very little effort on the part of the cardholder. By spending within your means and paying off your card each month, it’s extremely easy to get a kickback from every single purchase without any negative effects.
To say that my AP Economics teacher had a credit card dedicated to burritos when he was in college is slightly misleading. While it’s true that he solely bought burritos on that credit card, the object of his purchase was arbitrary. Whether he bought burritos or tacos, either way my AP Economics teacher would have learned good borrowing practices and bolstered his credit score through the process of borrowing money and paying it back.
The credit card business has since been recovering since the Great Recession when banks drastically cut consumer lending as they scrambled to reduce risky loans. The number of people with credit cards has since increased, from 152 million in 2010 to 176 million in 2017. At the same time, the number of credit card accounts in the U.S increased from 386 million to 455 million in 2017. Alongside a modest increase in the average number of cards each person holds, more people are getting a credit card for the first time.