Largest Credit Card Issuers in the US

Credit card issuers are financial institutions — like banks and credit unions — that provide, approve and manage credit card accounts. JPMorgan Chase was the largest credit card issuer in the U.S. in 2023, leading the industry in purchase volume, outstanding balances and cardholders. Right behind it is American Express in second place and Citi in third.

All the top 10 largest issuers ranked by purchase volume in 2023 — including JPMorgan Chase, American Express, Capital One, Wells Fargo, Barclays and Synchrony — held the same positions in 2022. These issuers grew faster than the industry average, solidifying their market dominance.

Understanding which companies are the largest credit card issuers can help you make more informed decisions about which card to choose. These issuers often offer competitive rewards, features and interest rates that might better suit your financial needs.

JPMorgan Chase had the largest number of credit card accounts in 2023, with 180.9 million cardholders, making it the top issuer by card count. Capital One followed with 115.6 million cardholders, while Citi ranked third with 88.3 million. These issuers have continued to grow their cardholder bases year over year.

A credit cardholder is someone who owns a credit card and agrees to the issuer's terms. Knowing which issuers have the most cardholders can give insight into the rewards programs and benefits that attract many consumers, helping you identify popular and potentially valuable credit cards.

Source: Nilson Report, 2023

JPMorgan Chase led in outstanding balances for 2023, holding $211.1 billion in debt. American Express followed with $149.9 billion, while Citi held $139.9 billion. JPMorgan Chase balances grew 1% in 2023, while American Express a significant 11% increase, further solidifying its market position.

Outstanding balances represent the total debt cardholders owe to issuers and are considered assets for these companies. The top 30 issuers accounted for nearly $1.2 trillion in outstanding balances, representing 81% of all U.S. credit card debt.

Source: Nilson Report, 2023

JPMorgan Chase also led the industry in purchase volume, with $1.2 trillion in purchases for 2023. American Express came in second with $1.1 trillion, followed by Citi at $593.8 billion. Overall, the top 30 issuers generated almost $5.4 trillion in purchase volume, a 7% increase compared to the previous year.

Purchase volume refers to the total amount charged to credit accounts. Issuers with the highest purchase volumes typically manage a larger amount of transactions and can accommodate more loans to consumers.

Source: Nilson Report, 2023

In 2023, JPMorgan Chase processed $14.3 billion in purchase transactions, the highest among issuers. American Express followed with $7.6 billion in transactions, while Capital One ranked third with $6.8 billion. JPMorgan Chase saw a 4% increase in purchase transactions over the previous year.

Purchase transactions refer to the total number of individual credit card charges. Issuers with the highest transaction volumes often have broader consumer engagement, handling more day-to-day spending.

Source: Nilson Report, 2023

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.

Browse MoneyGeek's additional resources below to understand better how credit cards work. Gather tips you find helpful as you determine the best option for you.

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