Credit card issuers are financial institutions that offer, approve and manage credit card accounts. These include banks, credit unions and financial technology companies. Your issuer will serve as the lender for the money used when you make purchases using your credit card.
The Largest Credit Card Issuers in the US
Updated: March 21, 2024
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Updated: March 21, 2024
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What Is a Credit Card Issuer?
Fast Facts on the Largest Credit Card Issuers
Knowing the largest credit card issuers in the country can help you find the best option for you.
Credit card issuers manage credit card accounts and serve as lenders to cardholders.
The largest credit card companies typically offer more products and services. However, the best issuer may vary depending on individual needs and circumstances.
In terms of market share, Chase was the largest issuer in 2021.
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Credit Card Issuers With the Most Cardholders
One way of determining the largest credit card companies is by the number of active accounts. In 2021, Chase recorded the highest total number of cardholders at 149.3 million. That is 43.1% higher than the company’s total in 2020.
A cardholder owns a credit card by being in contract with the credit card issuer and agreeing to specific terms and conditions.
Credit Card Issuers With the Largest Outstandings
Outstanding receivables, considered assets, are debts owed to credit card issuers. Once the credit is loaned, it is expected that the recipient will pay the loan amount back.
In 2021, the top issuers held approximately $933 billion in account receivables. Combined, the 10 largest credit card issuers collectively owned 81.60% of all outstanding credit, slightly higher than the 80.86% in 2020.
Chase had the highest outstandings at $154.3 billion. That said, American Express had the most considerable year-on-year growth at 21.80%.
Credit Card Issuers With the Largest Purchase Volume
Purchase volume is the net amount charged to credit accounts. Generally, issuers that have the highest purchase volume can accommodate greater loans.
In 2021, the seven largest credit card companies produced $3.5 trillion in purchase volume. That is 77.1% of the industry total. It is also 25.6% higher than the total in 2020.
Chase had the highest purchase volume of $950 billion in 2021.
Key Takeaways on Purchase Volume
Purchase volume generated by all general-purpose credit cards issued in the U.S. reached $4.6 trillion in 2021.
Chase, American Express, Capital One, Discover and Synchrony gained market shares in 2021.
Credit Card Issuers With the Most Purchase Transactions
Purchase transactions refer to the total number of purchases made through credit accounts. In 2021, the top 20 companies conducted 42.8 billion transactions. That is 23% more than the previous year.
Chase recorded the most purchase transactions in 2021 at 11.3 billion. In terms of growth, Goldman Sachs had the most significant change. Its total grew by 86.8%. That said, the company only had 190 million purchase transactions.
Key Takeaways on Purchase Transactions
American Express had the greatest percentage increase in outstandings (up 21.8%) among the top 10 credit card issuers in 2021.
The top 20 issuers conducted 42.8 billion purchase transactions in 2021, marking a 23% increase from the previous year.
Largest Credit Card Issuers FAQs
Typically, the largest credit card issuers offer more products and services. Since they have bigger market shares, they tend to be more financially stable. MoneyGeek answers some frequently asked questions to help you better understand credit card issuers.
What is a credit card issuer?
A credit card issuer is a financial institution, such as a bank, credit union or financial technology company, that offers, approves and manages credit card accounts. They serve as a lender for borrowed money used for making credit card purchases.
What bank is the biggest credit card issuer?
In 2021, Chase was the overall biggest credit card issuer in the United States. It reported the highest total in outstandings, purchase volume, purchase transactions and cardholders.
Who is a cardholder?
Generally, a cardholder is someone who has a credit card account. To become a cardholder, you would have to apply for a credit card and seek the approval of an issuer. Each company may have different qualification requirements. Thus, it is best to inquire about card eligibility directly with the issuer.
What is the difference between credit card issuers and credit card networks?
Many individuals confuse credit card issuers with networks. While issuers and networks do work together, they have different functions.
A credit card issuer refers to the institution providing cards to cardholders. Meanwhile, a credit card network is in charge of facilitating transactions between credit card issuers and merchants.
What is the importance of knowing the largest credit card issuers?
Knowing the companies with the biggest market share gives you an idea of which ones are most reputable. Large credit card issuers tend to offer more products and services. A bigger market share also shows better financial strength.
Expert Insights on the Largest Credit Card Issuers in the US
Credit card issuers may offer different features and services. Choosing the best option may be a bit challenging. MoneyGeek asked industry experts to share some insights regarding the largest issuers in the U.S.
- Data suggests a 23% increase in credit card transactions from 2020 to 2021. What could be the cause of this surge?
- The total outstandings for general-purpose credit cards reached approximately $933 billion in 2021. How does this impact the finance industry?
- How important is credit card issuer size (in terms of market share) for cardholders?
Cyndie MartiniCEO & Founder of Member Access Processing
Michael S. Cann, Jr.CEO of Envelope Finance
David B. ShipperStrategic Advisor, Retail Banking and Payments at Aite-Novarica Group
Related Content
To help you better understand how a credit card works, peruse MoneyGeek’s additional resources below. Gather tips you find helpful as you determine the best option for you.
- Average Credit Card Interest Rates: Know the different types of interest rates. Find out the average credit card interest rate.
- Best Balance Transfer Credit Cards: Balance transfer cards can help with debt management. Find the best balance transfer credit card for you.
- Best Business Credit Cards: The best credit card varies depending on your needs. Know which companies offer the best credit cards for business owners.
- Best Cash Back Credit Cards: Compare credit card issuers and find the best products for a cash back credit card.
- Best Rewards Credit Cards: Some credit cards offer perks and valuable rewards. Find out the top rewards credit cards and learn how to find the right card for you.
- Best Student Credit Cards: Students have unique needs as cardholders. Find the best student credit cards of 2023.
- How Credit Cards Work: Learn about credit cards, how they work and how issuers profit from issuing credit cards.
- How Credit Card Interest Work: Find out what credit card interest is, how it works and how to calculate it.
- What Is a Good APR: Learn what a good APR would be for a credit card. Find out how you can get a good APR.
About Nathan Paulus
Nathan Paulus is the Head of Content Marketing at MoneyGeek, with nearly 10 years of experience researching and creating content related to personal finance and financial literacy.
Paulus has a bachelor's degree in English from the University of St. Thomas, Houston. He enjoys helping people from all walks of life build stronger financial foundations.
sources
- Nilson Report. "Nilson Report Issue 1214." Accessed October 22, 2023.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.