The U.S. credit card industry remains one of the largest and most competitive segments of the payments market, with a handful of major issuers accounting for the majority of purchase volume. Success in this sector depends on a combination of scale, customer loyalty, risk management, and ongoing investment in rewards and payment innovations. As credit card issuers compete for market share, they must balance portfolio growth with rising concerns around credit card delinquencies, charge-offs, and evolving consumer spending patterns. Recent data highlights both the dominance of the industry’s largest players and the challenges they face in maintaining profitability amid changing economic conditions.
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Data for today’s episode is provided by Javelin Strategy & Research’s Report: Credit Card Databook, Part 2: Balancing Risk and Reward in a Resilient Economy
Largest Issuers by Credit Card Purchase Volume, 2023 (in Billions of Dollars)
- JP Morgan Chase – $1,164
- American Express – $1,127
- Capital One – $606
- Citi – $592
Source: Discover investor presentation; company financial reports (2024)
About Report
The U.S. consumer credit card market continues to perform well for issuers, but underlying trends signal the need for careful oversight. While cards remain a favored payment method among consumers, profit growth is beginning to taper off, and there’s a noticeable uptick in delinquencies and charge-offs. These warning signs are more pronounced among smaller issuers, who often take on higher-risk borrowers through more relaxed underwriting. A new report from Javelin Strategy & Research explores the key market signals and challenges issuers must monitor as they work to grow their portfolios while managing exposure.
