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+1-802-778-9005Credit card companies are financial institutions and organizations that manage credit card transactions for both individuals and businesses. These include banks, credit unions, payment networks, and other institutions that provide credit and facilitate card payments.
Credit card issuers are responsible for managing your accounts, from processing your application and issuing your card to sending statements and handling payments. They also administer rewards programs, provide benefits, and report your payment history to credit bureaus.
While all credit card companies serve a similar function, they don’t all offer the same experience or value. Larger credit card issuers often provide a broader range of products compared to smaller banks or credit unions. Understanding which companies handle the most purchase volume can guide you in selecting the right card for your needs.
Based on the latest data from The Nilson Report, here are the largest U.S. credit card issuers ranked by purchase volume for the first half of 2024.
| Credit Card Companies | Credit Card Purchase Volume |
|---|---|
| Chase | $645.2 Billion |
| American Express | $589.7 Billion |
| Citi | $310.8 Billion |
| Capital One | $292.4 Billion |
| Bank of America | $262.3 Billion |
| Discover | $113.5 Billion |
| U.S. Bank | $106.7 Billion |
| Wells Fargo | $97.4 Billion |
It is important to understand that credit card issuers and credit card networks are two different entities that have crucial roles in the credit card economy.
Here’s a clear comparison:
| Basis | Credit Card Issuer | Credit Card Network |
| Definition | A firm in the financial sector that offers credit cards to the customers it serves, though they can be a bank or credit union. | A firm that is involved in the management of clearing and settlement of electronic payment by helping merchants to link up with issuers. |
| Role | Adds extra credit to the amount that the cardholder is allowed to spend on the credit card.Covers payment, such as invoices, rates of interest, and fees among other features like a reward program.It is used to set the credit limit, to approve or reject the application, and to attend to customer complaints. | Carries out transactions between the merchant and the issuer of the card held by the cardholder. Establishes the conditions governing the use of a card for instance, where the card is honored. It has no cards or credit, and its role is to only process the payments. |
| Example | ChaseCitiBank of AmericaCapital One | Visa Master card American Express (This company also acts as an issuer) Find (This company also acts as an issuer) |
| Key Functionalities | In the case of a credit card, the issuer is the one who provides cash and also the one to recover it, i.e., the financial role. | Transaction information, particularly payment details and approval, is facilitated through the network. |
In other words, while the issuer offers credit, the network guarantees the payments can be made securely and efficiently. Some credit card companies, such as the American Express and Discover companies, perform the roles of the issuer and the network.
The USA is home to many large credit companies, which offer some of the best credit cards, from basic cards for everyday purchases to premium cards loaded with rewards and perks. Although they don’t all offer the same experience or value, card companies generally operate in the same way.
To make the most of any card in your wallet, you need to be fully aware of all of its features, including any potential bonuses from using cards from different networks or issuers.
Here are the list of top credit companies in the USA:
Chase is one of the major players in the credit industry and offers a variety of credit cards to meet different consumer needs. Through the Chase portal, you can use this flexible program to redeem rewards for cash back, gift cards, statement credits, or vacation. Chase has two major credit cards: the Chase Sapphire Preferred® Card and the Chase Freedom Flex℠.
You can transfer points to Chase’s airline and hotel partners, including British Airways, Southwest Rapid Rewards, Marriott Bonvoy, and World of Hyatt, by using one of the premier Chase travel credit cards. Since Chase credit card combos are among the best available, many people carry numerous Chase credit cards.
The sheer quantity of credit cards that American Express offers sets it apart. However, a lot of Amex cards allow you to earn Amex Membership Rewards points, which are very valuable and versatile, in addition to some that only allow you to earn cash back.
Membership Rewards points, for instance, can be redeemed for goods, gift cards, travel via the Amex travel portal, or transfers to Amex hotel and airline partners.
Some of American Express’s popular cards include the American Express® Gold Card and the Blue Cash Preferred® Card.
Most of Citibank’s credit card offers are intended for customers with above-average credit scores. The company is well-known for providing a wide range of rewards and cards with lengthy 0% introductory periods.
Citi has one of the popular credit cards: the Citi® Double Cash Card, which provides 2% unlimited cashback. Citi has co-branded alliances with American Airlines and Expedia, as well as two popular reward programs: ThankYou and Double Cash.
With credit card offers for all credit types, easy rewards programs, and affordable fees, Capital One has established a strong reputation in the industry. One of the greatest regular cash rewards credit cards is its Quicksilver Card.
Additionally, the Spark Cash card is one of the best options for small business owners. Capital One was the first credit card company to eliminate foreign transaction fees from all of its products.
Popular rewards cards from Bank of America are available to consumers with all credit profiles. A few very valuable secured credit cards are included in this range; one of them is the Bank of America® Unlimited Cash Rewards Secured credit card*. Bank of America® Travel Rewards Credit Card offers great travel miles and travel plans for its users.
Discover is one of the major credit cards known for its premium cashback rewards program and customer service policy. Discover it® Cash Back is the most famous credit card of Discover offering 5% cashback in rotating categories.
Discover
U.S. Bank is renowned for its rewards program when it comes to credit cards. Selecting bonus categories and enticing reward incentives is made easier for cardholders with the U.S. Bank Cash+® Visa Signature® Card.
US Bank
Over the past few years, Wells Fargo has introduced some outstanding card options. One prominent example is the Wells Fargo Reflect® Card, which has a 0 percent intro APR on qualifying balance transfers and purchases for 21 months.
The Wells Fargo Active Cash® Card, which offers a flat 2 percent cash reward on purchases with no annual fee, also stirred the cash back card market.
Regional and less famous credit cards in the USA include those that provide services to certain categories of consumers.
Here are key examples:
Regional Banks:
Credit Unions:
Retail-Specific Cards:
Specialty Issuers:
Regional Airline Cards:
Gas Cards:
They offer site-specific features, inexpensive annual charges, and customized awards.
Visa is the most widely accepted credit card company globally, known for its extensive network and reliability. Operating in over 200 countries, Visa partners with millions of merchants, making it accessible to travelers, online shoppers, and everyday users alike. Its cards are versatile, offering credit, debit, and prepaid options, catering to diverse financial needs. Visa’s advanced security measures, such as EMV chip technology and fraud monitoring, enhance user trust, solidifying its reputation as the world’s most accepted payment network.
Chase is considered one of the most popular credit companies in the US.
Chase Freedom Unlimited® is the number one credit card in the USA.
Here are some of the cards used by most of the millionaires: Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card.
