No Credit Card, No Bank Account

As stores across the nation experiment with going cashless, they are shutting their doors on a significant share of the population—those without credit cards or bank accounts. Overall, 19 percent of adults (and their spouses) do not have a credit card and 6 percent do not have a bank account, according to a Federal Reserve Board survey. The share without credit cards or bank accounts is much higher in some demographic segments...

Percent without a credit card
39% of those with household incomes below $40,000
31% of those with no more than a high school diploma
32% of Blacks
28% of Hispanics

Percent without a bank account
14% of those with household income below $40,000
13% of those with no more than a high school diploma
14% of Blacks
11% of Hispanics

Source: Federal Reserve Board, Report on the Economic Well-Being of U.S. Households in 2018