Credit card issuers handle all aspects of account management, including application processing, card mailing, statement distribution, and payment processing. In addition, they oversee benefit and reward programs and provide the credit bureaus access to your payment history.
Although they don’t all provide the same experience or value, card companies generally operate in the same way. When compared to local banks or credit unions, for example, major credit card issuers could provide a wider range of goods. Making an informed choice while looking for a credit card may be aided by being aware of which credit card providers have the biggest amount of purchases.
The most recent data available indicates that these were the largest credit card firms in the United States based on purchase volume during the first half of 2023, according to The Nilson Report.
- Chase: $602.1 billion
- American Express: $547.6 billion
- Citi: $287.2 billion
- Capital One: $272.6 billion
- Bank of America: $244.2 billion
- Discover: $105.8 billion
- U.S. Bank: $98.8 billion
- Wells Fargo: $90.6 billion
| Credit Card Issuer | Popular Card Example | Satisfaction Score |
| American Express | American Express (Amex) | 657 |
| Bank of America | Bank of America | 629 |
| Discover | Discover | 629 |
| Capital One | Capital One SavorOne Rewards Card | 666 |
| Discover | Discover it: Student Cash Back | 658 |
| American Express | Blue Cash Everyday Card (American Express) | 655 |
| Bank of America | Bank of America Premium Rewards Elite | 712 |
| American Express | American Express Gold Card | 693 |
| American Express | The Platinum Card from American Express | 687 |
| Capital One | Platinum Secured (Capital One) | 620 |
| Barclays | JetBlue Plus Card | 643 |
| Chase | Southwest Rapid Rewards Plus Card (Chase) | 628 |
| Citi | Citi American Airlines AAdvantage MileUp Mastercard Card | 614 |
| Goldman Sachs | Apple Card (Goldman Sachs) | 655 |
| American Express | Hilton Honors American Express Card | 638 |
| Chase | Amazon Prime Rewards Visa Signature Card (Chase) | 636 |
| Synchrony Bank | PayPal Cashback Mastercard (Synchrony Bank) | 636 |
By credit score
Your credit history and score will be the main determining factors in whether you are accepted for a new credit card. In order to increase your chances of being accepted, it might be a good idea to start your search for a card by looking at cards that fit your credit type:
- No (or limited) credit history: Best starter credit cards
- For building credit: Best secured credit cards
- Credit score below 579: Best cards for poor credit
- Credit score of 580-669: Best cards for fair credit
- Credit score of 670-739: Best cards for good credit
- Credit score of 740 or higher: Best cards for excellent credit
By purchase rewards
If getting approved isn’t a problem, you can focus on the features of your new card. One of the most popular features of modern credit cards is purchase rewards. These cards give you rewards, like cash back or points, every time you use them to make a purchase:
- Best overall rewards cards
- Best cash back credit cards
- Best credit card sign-up bonuses
- Best credit cards for gas
- Best credit cards for groceries
- Best cards for dining and restaurants
- Best cards for streaming services
By travel perks
You may also acquire cards with advantages that compliment your lifestyle. For instance, cardholders who enjoy to travel can pick a credit card that accumulates miles or gives fantastic travel perks:
- Best travel credit cards
- Best hotel credit cards
- Best airline credit cards
- Best cards for international travel
- Cards with no foreign transaction fees
By other specific needs
In some circumstances, you need a particularly special form of credit card. There are a variety of specialised credit cards intended expressly to satisfy the demands of individual cardholders:
- Best business credit cards
- Best student credit cards
- Credit cards with intro 0% APR
- Credit cards with low interest rates
- Credit cards for balance transfers
- Best cards with no annual fee
- Credit cards for medical expenses
- Best contactless credit cards
Will That Be Credit or Debit?
As per a 2023 J.D. Power survey, the prevalence of new digital payment methods notwithstanding, debit card usage continues to surpass credit card use. With 78% of consumers saying they use their debit card for transactions, debit cards are the most often used payment method at the point of sale.
As of 2023, there were 89.8 billion Mastercard and Visa debit and prepaid card transactions, up 6.9% from 2022. These numbers are from The Nilson Report, a newsletter that covers the worldwide payment sector. In 2023, debit and prepaid cards accounted for about 60% of all card transactions.
But credit remains popular. J.D. Power found that 66% of consumers use credit cards for purchases. . Credit cards generated $5.82 trillion in purchase volume in 2023, an increase of 6.8% from 2022, The Nilson Report says.
According to credit expert John Ulzheimer, a former employee of Equifax and FICO, there are benefits and drawbacks to the growing popularity of debit cards for cardholders. The benefits include not having to pay interest or debt, as well as weaker fraud liability protections compared to credit cards and no credit-building opportunities.
Credit Card Issuers vs. Credit Card Networks
Card issuers are occasionally mistaken for card networks or co-branded partners; nonetheless, it’s important to understand the distinctions between the two.
Most credit card issuers don’t directly process transactions when you use your credit card. Instead, they rely on credit card networks to authorize and process financial transactions. American Express, Discover, Mastercard and Visa are the main card networks. American Express and Discover are both credit card issuers and credit card networks.
When you use an American Express or Discover credit card to make a purchase, the payment processor for the card issuer receives the transaction information from the merchant’s payment system and decides whether to approve it or not.
On the other hand, when a retailer processes a credit card that has the Visa or Mastercard brand, the merchant transmits the transaction information to Visa or Mastercard, which then provides them to your card issuer for approval. After that, it notifies Visa or Mastercard, who then send it on to the retailer.
If you have a co-branded airline or hotel card, the credit card issuer manages your account, while the hotel or airline loyalty program maintains your rewards account. The issuer distributes any rewards you earn on your card to the co-branded partner.
Credit Card Issuers Aren’t Equal
It might be useful to know which credit card issuers are the biggest and how they compare in terms of customer satisfaction ratings because credit card businesses vary in terms of size in terms of goods, customer service, and other areas.
“Customers seek assurance that their bank or credit card provider will facilitate business transactions and cherish their relationship, as it is crucial,” states Mitch Kime, an executive vice president at KeyBank.
Large issuers can provide more products and may have more advanced risk assessment methods. “That means you’re likely to get considerably larger credit limits from a Citibank or Chase card than you are with a local credit union or small bank,” Ulzheimer adds.
Although there may be some exceptions, many credit cards from smaller banks and credit unions don’t compare favourably to cards from larger credit card companies in these categories. Reward and benefit packages might also differ depending on the issuer.
Choosing the Right Credit Card Issuer
An issuer’s size can be a reasonably strong predictor of how well they will be able to service their credit card customers. However, while determining which credit card issuers to deal with, take other considerations into account. It is possible for big issuers to fall short on your customer service standards or not have the items you desire.
Consider a card issuer that provides a broad range of other financial services and goods. “Finding an organisation that values your relationship can lead to more opportunities in other servicing and lending needs on your financial journey,” Kime explains.
Products have a big say in which credit card issuer you choose. The biggest credit card issuers often provide a wide range of cards; nonetheless, there are other factors to consider when selecting a new credit card. Look at offerings from several issuers to choose a card that suits your needs.
You could place more value on the features and incentives offered by your card than on fees and interest rates. That is particularly true if you select cards from well-known issuers that often provide satisfactory customer service.
Of course, pay attention to card issuers’ customer service ratings. The J.D. Power 2023 U.S. Credit Card Satisfaction Study shows issuer scores. To see what other customers have to say about credit card issuers, you may also check the Better Business Bureau and the Consumer Financial Protection Bureau Consumer Complaint Database. These sites can provide you with a sense of possible downsides as well as particular issues that users have had with an issuer.
