In today’s world, credit cards are incredibly valuable and useful. They let you spend money up to a specific pre-decided limit on things you need to pay for but have no cash or card. The limit/amount of money you can pay from the card gets determined by the financial institution or bank that you take the card from for your use. This limit is based on your history and credit score. After you use the card for the first month, you will get a bill for the same amount which you must pay to continue using the services.
Credit cards help you earn rewards, cashback, build credit, and increase your purchasing power. Having a credit card also protects you from scams, and you can keep track of your monthly expenditures.
Here are the Top 10 Credit Card Companies of 2020
The financial institution that you choose the card from plays the primary role in the benefits you get. Trusting a credit card company to get a good deal and services is challenging. You should have all the knowledge before making the final decision.
Some companies are popular and have a net worth of $336 million, whereas some are not even recognized by many. Therefore, making the decision needs careful understanding. Here, we talk about the ten largest credit card companies and why they are the best. You can choose the one that fulfills your needs.
Below is the list of the Top 10 Credit Card Companies in the world according to their users, operating income, revenue, and net worth.
American Express (AMEX)
American Express got established in the year 1850. It is also known as the Amex. The organization is most known for ‘The Platinum Card’ and various other credit card products. The citizens popularly use Amex cards for gas and grocery.
In 2016, Amex accounted for 22.9% of the overall dollar volume of US Credit Card transactions. American Express is the world’s largest charge card issuer and the 3rd largest credit card group in the US. By December 2018, the company had circulated/issued 114 million cards, including at least 53.7 million in the US. The average annual spending on each card amounted to $19,340.
American Express or Amex was ranked as the 23rd most valuable brand globally and the highest in Forbes’s financial sector in 2017. The brand was also ranked as the 14th most admired organization in the world in 2018 by Fortune. The company’s net worth is approximately $24.5 billion, operating income is $8.164 billion, and the total assets are worth $188.602 billion as of 2018. The company has around 59000 employees.
The headquarters are in New York, and the CEO of the company is Stephen J. Squeri. Some of the best American Express cards are ‘Amex Platinum Card’ and ‘American Express Gold Card.
Bank of America
BoFa or Bank of America, founded in 1784, is a financial services company and American multinational investment bank. It is the 2nd largest bank in the US after JPMorgan Chase.
Fortune ranked the Bank of America as the 24th largest US corporation based on the total revenue in 2018. By August 2018, BofA had a $313.5 billion market capitalization, and it became the 13th largest company in the world.
The Bank of America has around 54.6 million credit cards in the market that are getting used. However, the business is most known for its investment products and customer banking. The operating income of the company is $34.6 billion. The yearly revenue stands at $91.24 billion, and the total assets stand valued at $2.325 trillion as of 2018. The firm has more than 205000 employees.
The CEO of the firm is Brian Moynihan, and the headquarter is in Charlotte, North Caroline. Some of the best Bank of America cards are ‘Bank of America Premium Rewards Card’ and ‘Alaska Airlines Visa Signature Credit Card.
Barclays is a British Company, founded in 1960. It is a financial services company and a multinational investment bank. The first credit card program got launched in the UK in 1966, and the company moved into the US industry in 2004.
Barclays has approximately 15 million cards that are currently in circulation. The company, however, is best known for the co-branded credit cards and travel reward credits. The most known co-branded credit cards are the ones with JetBlue, Lufthansa, and American Airlines.
The operating income of the company is $4.48 billion. The total assets stand valued at $1.145 trillion, and the yearly income is $27.11 billion as of 2018. The company has around 80000 employees.
The company remains headquartered in London, UK, and the CEO of the company is Jes Stanley. Some of the best Barclays cards are ‘Uber Visa Card’ and ‘AAdvantage Aviator Red World Elite Mastercard.
Capital One got established in 1994. It is a bank holding firm with a big name in the credit card industry because of the variety of credit cards it provides. The company specializes in auto loans, banking, savings account, and credit cards.
Capital One made 75% of its revenue in 2018’s fourth quarter by the 89 million cards in circulation. Forbes500 has ranked the company as the 5th largest credit card issuing company based on the public’s volume. Capital One is also the 10th largest bank in the US-based on assets.
The company’s total assets stand valued at $372.538 trillion and the operating income at $5.710 billion in 2018. The revenue of the company is $28.06 billion as of 2018. Capital One has more than 50000 employees currently working in the company.
The company exists at McLean, Virginia, and the CEO of the company is Richard Fairbank. Some of the best Capital One cards are ‘Capital One Venture Rewards Card’ and ‘Capital One Savor Rewards Credit Card.’
Credit One, founded in 1984, is a US-based company. It focuses and specializes in credit cards. The firm is a wholly-owned branch company of Sherman Financial Group, LLC. Credit One primarily issues and aims at two types of credit cards – fully secured and partially secured credit cards.
As of 2018, the company has around 7 million cards in circulation. The company’s assets stand valued at $236.06 million, and the company’s operating income is $109.94 million, as of 2016. The revenue of the company is $465.53 million. Credit One has around 1000 employees in the company.
The firm remains located in Las Vegas, and the CEO of the company is Robert DeJong. One of the best Credit One cards is ‘Credit One Platinum Cash-back Rewards.’
JPMorgan Chase bank got established in 1977. The bank is the largest in the USA in terms of deposits. Earlier, the bank was known as Chase Manhattan Bank, but, in 2000, after it merged with JPMorgan & Co., they renamed it. The bank now has branches in more than 100 countries and has more than 250,000 employees.
Chase has approximately 92 cards in circulation. The distribution of cards contributes around 31% of the total credit card revenue market share. The bank offers various cards and services, ranging from their ‘Ultimate Reward earning Card’ to different other cards that the bank produces with its co-partners. Some of the co-partners of the company are Mariott, United, and Southwest. The Reward earning cards help you gain points that you can later redeem while staying at hotels, traveling via flight, gift cards, or statement credits.
Chase has its assets valued at $2.623 trillion, with an operating revenue of $32.474 billion. The income of the company is $109.029 billion, as of 2018.
New York City is the headquarter of the bank, and the CEO is Jamie Dimon. Some of the best Chase cards are ‘Chase Sapphire Reverse Card’ and ‘Ink Business Preferred Credit Card.’
Citibank got established in 1812 and is one of the earliest banks. It is an American financial service and international investment bank. The company has over 204,000 employees and has 67 million cards that are currently getting used. The cards get made of their namesake ‘Citi Thank You Cards.’ They also have co-partnered cards with companies like American Airlines.
The company is the 3rd largest US bank and 13th on the list of Fortune500, as of 2018. The assets stand valued at $1.917 trillion, with an operating income of $23.445 billion. The revenue of the company, as of 2018, is $72.854 billion.
New York City is the firm’s headquarter, and the CEO of the company is Michael Corbat. Some of the best Citibank cards are ‘Citi Prestige Card’ and ‘Citi Double Cash Card.’
Discover got established in 1985. However, it was a subsidiary of Spears. In 2007, Discover was launched as an independent publicly-operated firm. Discover primarily focuses and offers cashback cards. There are around 50 million cards that are getting circulated and used by the public.
The company is the 7th largest in credit card issuance and 4th biggest card network based on its volume. Discover became one of the first-ever companies to offer cashback cards in the US as it provided its customers with a small discount on every purchase. The company is successfully issuing cards and holding one of the leading positions in the credit card industry.
The firm’s assets stand valued at $32.5 billion, with operating revenue of $4.1 billion. The income of the company is $10.6 billion, as of 2018. Discover has around 16000 employees in the company.
The company exists in Chicago, and the CEO of the company is Roger Hochschild. Some of the best Discover cards are ‘Discover it Cash Back card’ and ‘Discover it, Miles Card.’
Mastercard got established in 1966. It is the world’s second-largest credit card operations network. The company has around 200 million cards currently in use globally. The company does not issue credit cards but is one of the leading credit card networks.
The firm’s business model is to handle expenditures between the banks of merchants and the bank that issues the credit card or the credit associations of the buyers who use a MasterCard brand card such as a credit card, debit card, or a prepaid card for purchase purposes.
The company has a total assets valued at $21.329 billion, with an operating income of $6.662 billion. As of 2018, the revenue of the firm stands at $12.497 billion. MasterCard has more than 14000 employees in their workforce.
The company has its headquarters at Purchase, New York, and the CEO of the firm is Ajaypal Singh Banga. One of the best MasterCard cards is the ‘IHG Rewards Club Premier Credit Card.’
PNC Bank or PNC Financial Services Group Inc. got established in 1845. It is a US-based bank. The circulation of PNC bank credit cards is not as much compared to the other banks. Yet, because of the services and facilities offered, the company is ahead of many other organizations.
Based on assets, PNC Bank in the 9th largest in the USA. It is also the 6th largest in terms of deposits, 5th largest based on branches, and 4th largest based on the ATMs.
The company’s assets stand valued at $380.768 billion, with an operating income of $5.338 billion. The revenue of the company, as of 2018, is $16.329 billion. PNC Bank has around 53000 employees currently working for the company.
The company is in Pittsburgh, Pennsylvania, and the CEO of the firm is William Demchak. Some of the best PNC Bank cards are ‘PNC Cash Rewards Visa Credit Card’ and ‘PNC Premier Traveler Visa Signature Credit Card.’
Credit cards provide you safety and protect your money. If someone gets or hacks your credit card, then the money will not go directly from your bank account, and therefore, the money you have in your bank account will stay safe. Whenever you get a card, make sure you don’t overspend because you will have to pay back the money every month.
Finalizing a bank that serves all your credit card needs can get challenging. But with this list, we hope you have a better understanding of the company that meets your needs. Before issuing a credit card, make sure you talk to the bank and are well informed about all the pros and cons.