WRITTEN & RESEARCHED BY
Expert Contributor
Last updated onUpdated
REVIEWED BY
Expert Contributor
Card issuers are banks, credit unions, and other financial institutions that offer businesses and consumers credit and debit cards that can be used to make purchases. Card issuers are distinct from card networks in that they don’t typically provide the infrastructure for the transactions, but instead provide access to funds–either yours or theirs–without the need to carry cash.
This report discusses the biggest credit card companies in terms of card issuers in the US market, comparing these issuers by varying metrics and the roles they play in the payments industry.
Table of Contents
Card issuers have a slightly different role depending on whether we're talking about credit cards or debit cards.
The critical difference between the two is that credit cards offer you access to your issuer's funds, while debit cards offer you access to your own funds. Additionally, there are prepaid cards that have characteristics of both credit cards and debit cards but are neither.
Credit card issuers extend customers a revolving line of credit with which to make purchases. This amount can be drawn upon, paid off, and then used again so long as the account remains open and the credit limit isn't exceeded.
Additionally, credit card issuers set your credit card's reward programs (if applicable), interest rates, and other fees, such as the cost of cash advances. Credit card transactions are processed over a credit card network. Within the US market, this generally means Visa, Mastercard, American Express, or Discover.
Debit card issuers allow cardholders to access funds that are currently held in a checking or savings account. These funds belong to the customer rather than the card issuer, which means the debit card's spending limit is the amount of money the customer holds in the account. Debit card issuers set ATM and overdraft fees, as well as any rewards programs attached to the card.
Debit card transactions may use different networks to process the transaction depending on whether the transaction is made using a PIN number or a signature.
In the former case, the transaction is processed through a debit network like NYCE, Maestro, or Pulse. With signature debit, the card is processed over a credit card network. Debit card networks have lower network fees than credit card networks, so businesses often have an incentive to encourage customers to buy with a PIN debit rather than a signature debit.
Prepaid card issuers don't offer access to a revolving line of credit or a bank account. Instead, the customer pays x number of dollars when they purchase the card or load it up with funds. The customer can then spend that money through the card. Prepaid cards typically carry credit card network branding and are processed over those networks.
There is a lot of overlap between credit card, debit card, and prepaid card issuers. Debit card issuance is limited to checking or savings account holders, while credit card offers can be extended to almost anyone who qualifies. For this reason, banks with a big regional footprint and many branches have an advantage in issuing debit cards, while institutions that can offer competitive interest rates and reward programs have an advantage in issuing credit cards. Finally, prepaid card issuers can often benefit from availability at retail locations.
Here are the 10 largest card issuers ranked by total purchase volume, which is the aggregate amount of all purchases made with a card with that issuer's branding. Data is for the year 2021 and is drawn from the 2023 Nilson Report.
| Issuer | Total Purchase Volume (billions) | Credit (billions) | Signature Debit (billions) | PIN Debit (billions) | Prepaid (billions) |
|---|---|---|---|---|---|
| JPMorgan Chase | $1,380.59 | $950.47 | $284.39 | $142.33 | $3.39 |
| Bank of America | $867.23 | $413.97 | $285.14 | $142.59 | $25.53 |
| American Express | $834.00 | $834.00 | N/A | N/A | N/A |
| Wells Fargo | $591.66 | $140.64 | $305.64 | $144.90 | $0.47 |
| Citi | $513.56 | $482.60 | $22.64 | $8.32 | N/A |
| Capital One | $504.86 | $454.96 | $36.58 | $13.32 | N/A |
| U.S. Bank | $260.23 | $165.71 | $57.41 | $24.53 | $12.58 |
| Discover | $182.13 | $182.13 | N/A | N/A | N/A |
| PNC Bank | $157.67 | $45.46 | $80.52 | $31.15 | $0.53 |
| USAA | $137.12 | $52.83 | $57.51 | $26.78 | N/A |
Total Purchase Volume: $1.38 trillion (1st)
Credit Card Purchase Volume: $950.47 billion (1st)
Signature Debit Purchase Volume: $284.39 billion (3rd)
PIN Debit Purchase Volume: $142.33 billion (3rd)
Prepaid Purchase Volume: $3.39 billion (10th)
America's biggest bank is, unsurprisingly, also its biggest card issuer. Chase is the only issuer that can measure its purchase volume in trillions of dollars, the majority of which comes from its dominant position in the credit card market. Interestingly, Chase's geographic dominance (over 5,100 branches) doesn't translate into a lead in debit card usage, where it ranks behind Wells Fargo and Bank of America.
Total Purchase Volume: $867.23 billion (2nd)
Credit Card Purchase Volume: $413.97 billion (5th)
Signature Debit Purchase Volume: $285.14 billion (2nd)
PIN Debit Purchase Volume: $142.59 billion (2nd)
Prepaid Purchase Volume: $25.53 billion (2nd)
Bank of America's purchase volume is a bit more evenly distributed across card types, narrowly edging Chase out in debit card transaction volume. Bank of America notably offers credit card-like rewards programs to its debit card users through its BankAmeriDeals program.
Total Purchase Volume: $834 billion (3rd)
Credit Card Purchase Volume: $834 billion (2nd)
Signature Debit Purchase Volume: See below
PIN Debit Purchase Volume: See below
Prepaid Purchase Volume: Not applicable
American Express is a card issuer and also one of the largest credit card networks. With its focus on high-spending accounts, American Express has the second-highest credit card purchase volume of any issuer. While American Express does offer debit card service via its online checking program, its disambiguated debit card purchase volume data was unavailable for the year in question.
Total Purchase Volume: $591.66 billion (4th)
Credit Card Purchase Volume: $140.64 billion (8th)
Signature Debit Purchase Volume: $305.64 billion (1st)
PIN Debit Purchase Volume: $144.90 (1st)
Prepaid Purchase Volume: $470 million (18th)
Wells Fargo's credit card offerings are somewhat limited (notably, it offers no business credit cards) for a bank of its size, which translates into 8th place in credit card purchase volume. On the other hand, Wells Fargo leads the pack in debit card purchase volume, ranking 1st in both signature and PIN debit.
Total Purchase Volume: $513.56 billion (5th)
Credit Card Purchase Volume: $482.60 billion (3rd)
Signature Debit Purchase Volume: $22.64 billion (16th)
PIN Debit Purchase Volume: $8.32 billion (16th)
Prepaid Purchase Volume: Not applicable
Citi ranks 5th in overall purchase volume, mostly on the strength of its credit card line. Despite being one of the country's Big 4 banks, Citi has far fewer branches than the other four, which may partially account for its 16th-place ranking in debit card purchase volume.
Total Purchase Volume: $504.86 billion (6th)
Credit Card Purchase Volume: $454.96 billion (4th)
Signature Debit Purchase Volume: $36.58 billion (11th)
PIN Debit Purchase Volume: $13.32 billion (13th)
Prepaid Purchase Volume: Not applicable
With Capital One is only the 9th largest bank when measured by assets, it punches well above its weight in credit card purchase volume, beating out giants like Bank of America, Wells Fargo, and US Bank. Capital One's large credit card company market share can largely be attributed to the company's aggressive credit card marketing campaigns.
Total Purchase Volume: $260.23 billion (7th)
Credit Card Purchase Volume: $165.71 billion (7th)
Signature Debit Purchase Volume: $57.41 billion (8th)
PIN Debit Purchase Volume: $24.53 billion (9th)
Prepaid Purchase Volume: $12.58 billion (6th)
America's fifth-largest bank by assets is a modest card issuer with relatively conservative lending criteria for its unsecured credit cards. It is, notably, a third-party issuer of American Express cards, a factor that likely provides a boost to its credit card purchase volume. American Express has the highest average purchase volume per cardholder of all networks.
Total Purchase Volume: $182.13 billion (8th)
Credit Card Purchase Volume: $182.13 billion (6th)
Signature Debit Purchase Volume: See below
PIN Debit Purchase Volume: See below
Prepaid Purchase Volume: Not applicable
Like American Express, Discover is a card network that issues its own credit cards. In addition to the Discover credit card network, Discover Financial owns the Pulse interbank network, which can resolve PIN debit transactions. While Discover does issue debit cards connected to its online banking services, its disambiguated debit card purchase volume data was unavailable for the year in question.
Total Purchase Volume: $157.67 billion (9th)
Credit Card Purchase Volume: $45.46 billion (13th)
Signature Debit Purchase Volume: $80.52 billion (4th)
PIN Debit Purchase Volume: $31.15 billion (5th)
Prepaid Purchase Volume: $530 million (17th)
PNC Bank lands on the Top 10 issuer list primarily on the strength of its debit card purchase volumes. With the fourth-highest number of branches in the US (just short of 2,400 across 27 states), PNC offers convenient access to funds for account holders.
Total Purchase Volume: $137.12 billion (10th)
Credit Card Purchase Volume: $52.83 billion (11th)
Signature Debit Purchase Volume: $57.51 billion (7th)
PIN Debit Purchase Volume: $26.78 billion (8th)
Prepaid Purchase Volume: Not applicable
The United Services Automobile Association (USAA) offers financial services to enlisted military members, veterans, and their families. Despite its members-only charter, USAA is considered a bank rather than a credit union.
Data for tables is sourced from the 2023 Nilson Report.
Get in touch with a real human being on the Merchant Maverick team! Send us your questions, comments, reviews, or other feedback. We read every message and will respond if you'd like us to.
Reach OutGet in touch with a real human being on the Merchant Maverick team! Send us your questions, comments, reviews, or other feedback. We read every message and will respond if you'd like us to.
Reach Out
Let us know how well the content on this page solved your problem today. All feedback, positive or negative, helps us to improve the way we help small businesses.
Give Feedback
Want to help shape the future of the Merchant Maverick website? Join our testing and survey community!
By providing feedback on how we can improve, you can earn gift cards and get early access to new features.
Help us to improve by providing some feedback on your experience today.
The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
