The consumer credit market has come a long way since 1950, when, as Forbes reported, the credit card was invented in the form of Frank McNamara’s Diners Club card. Today, Americans hold an estimated 1.25 billion credit cards, WalletHub reported, with total credit card debt in the United States approaching a trillion dollars as of early 2023.
What does the latest data reveal about the credit card industry and the consumer experience using credit card accounts? We dug deep into credit card industry statistics to learn more about profitability in the industry, consumer credit card debt, and more.
How Big Is the U.S. Credit Card Industry?
The market size of the U.S. credit card issuing industry amounted to $182 billion, IBISWorld reported in January 2023. To put that figure in perspective, the credit card issuing industry is the 79th largest market in the entire United States and the 16th largest market within the finance and insurance industry, according to IBISWorld.
This hundred-billion-dollar industry consists of just 85 companies, IBISWorld reported. There are major industries in the U.S. that bring in only a small fraction of this revenue and yet consist of hundreds, thousands, or even tens of thousands of businesses. All told, these 85 companies employed 75,612 American workers as of January 2023, IBISWorld reported.
The Last Decade of Growth in the Credit Card Market
Growth in the credit card industry has been more volatile in the past five years than it was during the previous five-year period.
The $120,589,200,000 market size reported for 2013 had climbed consistently to reach $158,236,600,000 by 2017, marking an increase of more than 30% over just five years. In comparison, the net growth of the U.S. credit card issuing market amounted to around 8% between 2018, when the market size reached $168,297,300,000, and 2023, when the market size value reported in January was $181,959,300,000.
On average, IBISWorld reported, the market grew by 1.6% each year between 2018 and the start of 2023. However, a steep decline—nearly 12%—occurred between 2019’s revenue amount of $177,559,600,000 and 2020’s $157,812,100,000 total revenue. A 1% decrease in market size occurred between 2022’s peak market size of $183,875,300,000, and the start of 2023, IBISWorld reported.
Over the past five years, the credit card issuing industry market size has grown at a slower rate than either the economy overall or the finance and insurance sector of the economy, according to IBISWorld.

Who Are the Major Players in the Credit Card Industry?
The biggest credit card networks in America are Visa and Mastercard, followed by American Express and Discover. Visa alone accounted for more than half of all credit cards in circulation in the U.S.—hundreds of millions of cards—as of June 2022, Forbes reported. Mastercard credit cards made up 31.6% of all cards.

The companies that actually lend money, in the form of a line of credit, to cardholders aren’t Visa and Mastercard but rather banks, credit unions, and other financial institutions. Among these credit card issuers, Chase is the largest. Upwards of 93 million credit cards issued by Chase are currently in circulation, according to Forbes. The second largest credit card issuer is Citi, which currently boasts 48 million credit cards in circulation.
Profitability of the Credit Card Industry
How does the credit card industry make money, and how much money does it make?
A June 2022 report by management consulting firm McKinsey & Company called credit cards “one of the best-performing businesses in financial services” based on the 3.6% return on assets the industry saw during 2020. That return exceeds the net profit margins reported for several major industries in the U.S., including most retail sectors.
However, issuing credit cards is essentially lending money, and that means taking the risk that the money lent may not be paid back promptly (or at all). Risks in the credit card industry include loan losses (if the cardholder fails to pay their bill) as well as losses that result from fraud. Loan loss provisions needed to protect the bank from the financial impact of non-payment, reductions in usage fees, and higher interest expenses to the bank as a result of rising interest rates are all factors that can eat away at profitability in the credit card industry.
Credit card companies make money in three main ways.
Charging Credit Cardholders Interest
Do you carry a credit card balance instead of paying off the full statement amount each month? If so, you’re directly contributing to the profits of credit card banks through paying interest charges.
Credit card interest rates are generally much higher than interest rates for mortgage loans or auto loans. Even compared to personal loans, credit card interest rates tend to be higher, according to Forbes. While a line of credit may be easier to access than consumer loans, you’re likely to pay more in interest on your credit card balances if you’re not promptly paying off your new purchases each statement period.
For the consumer credit card market, cardholders who carry a balance—especially a revolving balance—are the most profitable. Even if you are paying off the entire balance each statement period, though, your credit card usage still brings in profits to the credit card company.
Charging Cardholders Fees
Non-interest income also contributes to revenue in the credit card industry. Another way credit card issuers make money is by charging fees to cardholders. Credit card companies may charge several types of fees.
Some credit cards come with annual fees that, once the cardholder has opened the account under an agreement that includes annual fees, are unavoidable without closing the account. Credit card companies may charge annual fees for cardholders with lower credit scores. However, even cardholders with stellar credit may find it worthwhile to pay annual fees for cards that offer the best deals, such as generous rewards and perks like high cashback rates, bonus points on rewards cards, and more travel miles than they could get from a card with no annual fee.
Other fees are based on how you use your credit. Late fees, for example, are avoidable as long as the cardholder makes the minimum payment by the due date.
Credit card banks charge additional fees when consumers use their lines of credit as balance transfers or cash advances instead of routine credit card transactions. Balance transfers are essentially movements of debt from accounts with higher interest rates to those with lower interest rates. Although not all credit card issuers charge balance transfer fees—and some waive these fees for a period of time as part of promotions—consumers will often pay fees of between 3% and 5% of the balance they transferred, according to NerdWallet.
Credit cards can also be used to access cash at an ATM, but a credit card cash advance is different from withdrawing your own money using a debit card. Because the money you’re withdrawing belongs to the credit card bank rather than your own checking or savings accounts, you are likely to face additional fees for using it. Most credit card cash advance fees are charged based on a percentage, typically between 2% and 5%, and cardholders may be subject to a minimum dollar amount fee.
Charging Merchants Transaction Processing Fees
Interest charges and fees bring in plenty of revenue for the credit card industry. As of January 2022, the Consumer Financial Protection Bureau reported that Americans paid $120 billion per year in interest and fees between 2018 and 2020, which translates to a per-household burden of around $1,000. However, these aren’t the only means through which credit card companies make money.
Even if you pay your balance off in full each month, actively avoid credit card accounts with annual fees, make payments on time every time to avoid late fees, and treat balance transfers and cash advances as a last resort, you’re still contributing to revenue for the consumer credit card industry.
Your credit card spending, in and of itself, brings in revenue for the industry. For each transaction consumers make with a credit card, the credit card company charges a processing fee. The portion of transaction processing fees that credit card companies receive, which typically amounts to between 1% and 3% of a transaction, is called “interchange” fees. These fees are paid by the merchant, not the cardholder directly, to the cardholder’s bank.
As consumers have gravitated toward using the credit card payment method more frequently—whether for convenience, out of financial need, or to reduce the risk of falling victim to fraudulent sellers—this higher transaction volume has increased interchange revenue for credit card companies.
Credit Card Accounts
For credit card issuers to bring in revenues in the range of $182 billion, one thing is for sure: a large number of credit card accounts is contributing to the industry’s profitability.
Credit cards were used to make $49 trillion in transaction volume in 2021, McKinsey & Company reported.
At least one, if not more, general purpose credit cards are found in over three-quarters of U.S. households, the Board of Governors of the Federal Reserve System reported in its FEDS Notes in September 2022. This figure led the Board of Governors of the Federal Reserve System to call credit cards “one of the most ubiquitous consumer financial products in the United States.”
Of all adults in the U.S., 83% have at least one credit card, the Board of Governors of the Federal Reserve System reported in 2020. Most credit cardholders have more than one card.
The average number of credit cards per American adult is 3.8, job search website Zippia reported, and over a third of American adults report having at least three credit cards.
Just because most Americans have one or more credit cards doesn’t mean they are using the full balance available to them (as they shouldn’t). Most Americans, thankfully, aren’t maxing out their credit cards (or, at least, not all of their credit cards).
In February 2023, Bankrate reported an average credit utilization rate of 25.6%. That’s surprisingly good news because it’s in line with experts’ recommendation that consumers keep their credit card utilization—in other words, the percentage of their available credit limit that their credit card balance takes up—below 30%.
Most experts say the ideal credit card utilization rate is somewhat lower, between 1% and 10%, WalletHub reported. While there’s room for improvement, the average credit card utilization rate still falls squarely in the recommended range.
Credit Card Balances
A look at credit card usage data doesn’t present all good news, however. In January 2023, CNBC News reported that almost half of the credit cardholders in America—46%—reported carrying a balance from month to month. Carrying a revolving balance on your credit card month after month instead of paying the balance in full at the end of the statement period means that consumers are incurring interest and, ultimately, paying more for the same purchases compared to if they had paid in cash.
It’s not that having a credit card balance is, in and of itself, a bad thing. With each transaction for which a consumer uses credit card accounts, the account balance builds. Having a balance of some sort on credit card accounts can positively influence consumers’ credit scores because it shows active use of the credit that has been made available to the consumer. However, paying off that balance completely as quickly as possible—preferably before the account begins to incur interest—is one of the smartest moves a consumer can make with regard to credit card spending.
“Revolvers,” or consumers whose credit card accounts carry a balance month to month at least some of the time, “pay not only the bulk of interest charges, but also the majority of credit card usage fees,” the Board of Governors of the Federal Reserve System reported in September 2022.
Credit Card Debt
What is the current credit card debt in America? Collectively, Americans carry a balance of $986 billion in credit card debt, the Federal Reserve Bank of New York Center for Microeconomic Data reported in a report published in the fourth quarter of 2022. That figure represents an increase from the pre-pandemic levels, when it reached $927 billion, and now amounts to the most credit card debt in history.
Credit Card Debt Statistics
The average amount of credit card debt for American adults in 2022, according to Experian, was $5,910, up 13.2% from the 2021 average of $5,221. Per family, the average credit card debt amount as of December 2022 was $6,270, Zippia reported.
According to a recent survey conducted by GOBankingRates, “most” adults in the United States have credit card debt, and a concerning percentage of Americans have upwards of $1,000 in credit card debt. Of those surveyed, 30% reported credit card debt amounts of between $1,001 and $5,000. Another 15% had at least $5,001 in credit card debt, and 6%—which, statistically speaking, equates to 14 million Americans—reported upwards of $10,000 in credit card debt.
Paying off this much debt is a tall order. Less than 40% of adults in the United States expect to pay off their credit card debt over the next year, GOBankingRates reported. Nearly one-quarter of survey respondents expect paying off their debt to take two years. Five years is the predicted time it will take to pay off credit card debt for 5% of respondents, while another 3% of Americans “never” expect to pay off their credit card balances.
What Are the Implications of Carrying Credit Card Balances Long-Term?
Considering how much credit card holders pay in interest—with Lending Tree reporting double-digit, highest-ever average credit card interest rates of 23.55% as of February 2023—these high credit card balances and long timeframes spell bad news for consumers.
If you carry a balance of just $1,000 at the average credit card interest rate of 23.55%, you’ll pay nearly $20 per month in interest charges alone. That may not seem like a lot of money at first, but over the course of two years, that adds up to an additional $468.96 compared to if you had paid off your credit card balances in full from the get-go. (The good news is that if you’re paying down the balance each statement period, you will at least start to incur lower interest charges, as opposed to if you carried the full balance for the entire two-year period.)
For those carrying credit card balances closer to the $5,221 average credit card debt, the impact of interest charges is amplified. At that 23.55% average credit card interest rate, consumers with the average balance on their credit cards will pay over $100 in interest charges per month. If you took two years to pay these credit card balances off in full (and didn’t pay them down incrementally during this timeframe), you would be looking at interest charges as high as $2,448.24.
Credit Card Debt Delinquency
Carrying credit card debt is less than ideal for a consumer’s finances, even if they can gradually pay down their balance or at least keep on top of making the minimum payment each statement period. Unfortunately, when credit card accounts carry a balance too high to keep up with, the cardholder may eventually fall behind on payments.
What Is Credit Card Delinquency?
Delinquency is the term for overdue or late payments. A credit card account may appear as delinquent on the cardholder’s credit report as early as 30 days after the payment is due, according to Experian, although Investopedia noted that most credit card debt isn’t reported as delinquent to credit reporting agencies until payments are two to three months overdue.
When your credit card account becomes delinquent, you can face a number of problems: late fees, being pursued by a collections agency for repayment, closure of the account, and a drastic decrease in your credit score. Having delinquencies on your credit report makes other lenders less willing to offer you a line of credit (and more likely to charge you higher interest rates and fees if they do, based on the risk of further delinquency). The damage your credit score takes may affect other aspects of your life, too, making it more difficult to rent an apartment, increasing insurance rates, and requiring you to pay deposits for utilities that a customer with better credit wouldn’t have to pay.
Current Rates of Credit Card Delinquency
Unfortunately, after delinquency rates dropped from the second quarter of 2020 through the third quarter of 2021, the number of delinquent credit card accounts is once again on the rise, the Federal Reserve Bank of St. Louis reported.
In the fourth quarter of 2021, credit card loan delinquency rates amounted to 1.57%. The delinquent credit cards rate climbed to 1.65% in the first quarter of 2022 and then 1.85% in the second quarter.
By the second half of 2022, credit card delinquency rates exceeded 2%. Rates of credit card delinquency climbed to 2.09% in the third quarter of 2022. The latest report from the Federal Reserve Bank of St. Louis put the fourth quarter credit card debt delinquency rate at 2.25%.

These delinquency rates are, USA TODAY reported, still below pre-pandemic levels of credit card delinquency—but not by much. They also remain well below the peak rate of 6.77% that occurred in the second quarter of 2009, following the Great Recession of 2008. Still, the steady rise in credit card delinquency has experts concerned about the future of this challenging macroeconomic environment.
How Credit Card Debt Compares to Other Types of Consumer Debt
What about credit card debt as it compares to other types of household consumer debt?
Credit card debt in the fourth quarter of 2022 accounted for approximately 5.83% of the $16.9 trillion total household debt amount, the Federal Reserve Bank of New York Center for Microeconomic Data reported.
Mortgage debt, which amounted to $11.92 trillion, made up the largest share of national household debt, accounting for 70% of household debt. At $1.6 trillion, student loan debt made up approximately 9.47% of total household debt in America, followed by auto loan debt, which amounted to $1.55 trillion (approximately 9.17% of the national household debt amount).
What Is the Future of the Credit Card industry?
Credit card industry trends don’t develop in a vacuum. They shape and are shaped by other aspects of the economy, including unemployment rates, consumer behavior, cardholders’ disposable income amounts, and technology.
The Effects of the Pandemic and Recovery on the Credit Card Industry
Recent years have been volatile across industries, and credit card trends have followed suit. Interest rate hikes, inflation, financial uncertainty, and other factors that affect many consumers have had mixed effects on credit card industry trends both during and after the acute phase of the pandemic. Further, as some of the pandemic’s effects continue to linger in certain industries, like travel and hospitality, they affect consumer spending behavior and, in turn, cardholders’ credit card usage.
Factors like reduced motivation for discretionary spending because of lockdowns and extra money from government stimulus checks allowed Americans to pay down their consumer debt during the COVID-19 pandemic, Bankrate reported. In fact, according to Bankrate, credit card debt declined by 17% between the fourth quarter of 2019 and the first quarter of 2021.
By the fourth quarter of 2022, however, total credit card debt was back to pre-pandemic levels, the Federal Reserve Bank of New York reported.
Is the Credit Card Industry Growing?
By several measures, yes, the credit card industry is seeing positive growth. The number of credit card accounts and the total credit card balance reported for American consumers have both increased, according to the latest data.
Today, 41% of consumers prefer to use a credit card payment method, Zippia reported in December 2022. When it comes to actual transactions, rather than preferences, 21% of all payments in the United States are made by credit card accounts. By dollar value, McKinsey & Company reported, credit card transactions make up 37% of consumer purchases in America.

In terms of the number of transactions, credit card transactions still lag slightly behind transactions with cash or debit card payment methods—accounting for 30% and 27% of payments, respectively, according to Zippia—but they still represent a huge chunk of all business transactions. (Payment methods used in the remaining transactions include prepaid cards, checks, bank transfers, and others.)
Challenges Facing the Credit Card Industry
Some of the biggest challenges credit card companies must overcome are competition from other forms of financing and from other credit card issuers.
Non-Credit Card Forms of Financing
Cash and credit are far from the only methods consumers can use to pay for their purchases today. If a consumer doesn’t have—or just doesn’t want to spend—the cash to make a larger purchase, they may look at other financing options. Retail stores offer consumer financing options like layaway or buy-now, pay-over-time arrangements, often with benefits like low-interest promotional periods. To consumers who have concerns about credit card debt, especially younger consumers, these point-of-sale financing loans may seem less complicated and less dangerous, financially speaking.
Of particular concern for traditional credit card issuers is the Buy Now, Pay Later (BNPL) transactions trend. Younger consumers, in particular, are using this option to essentially make purchases on credit but skip the actual credit cards.
As of January 2023, Bankrate reported that the largest Buy Now, Pay Later platform in the U.S. was PayPal Credit, which 57% of NBPL users reported using. Next most popular were Afterpay, which 29% of BNPL consumers reported using, and Affirm, which 28% of these consumers used. Rounding out the top five BNPL platforms were Klarna, which 23% of these consumers used, and Zip Pay, which 19% of these consumers used.

How extensively do PayPal Credit, Afterpay, Affirm, Klarna, and the rest threaten the profits of the credit card industry? According to Bankrate, 60% of American consumers reported using a Buy Now, Pay Later option to make purchases. Nearly half of those who have used this payment method are still making payments on their purchase, with an average debt of $883.
Most worrying for the credit card industry is that more than half of consumers who used BNPL services reported that they “prefer” this option over credit cards “because they’re easier to pay and offer more flexibility,” Bankrate reported—even though 57% of consumers who used Buy Now, Pay Later eventually reported “regretting their purchase.” Despite this apparently rampant buyers’ remorse, 38% of consumers who reported making BNPL transactions expected to “eventually replace” traditional credit cards with these payment methods.
This data may sound like the credit card industry is in a dire situation, but credit cards are deeply entrenched in the modern economy. Just because more consumers are trying Buy Now, Pay Later payment methods or even expecting to one day replace their credit card spending with these services doesn’t mean credit cards are going anywhere. Although BNPL platforms do pose a potential “risk to profitable growth,” business consulting firm McKinsey & Company recommended “reimagining” credit products with consumer engagement and needs in mind as the path forward for credit card issuers.
Competition in the Credit Card Industry
Competition within the credit card industry is fierce, too. While credit card companies benefit from serving cardholders who carry a balance (and pay interest on that debt), these companies have to weigh the likelihood of bringing in profits in the form of interest payments against the risks of lending money. To credit card companies, consumers with a history of delinquency or especially poor credit scores are riskier than those with a good credit score and a good track record of paying bills and loans.
Consumers with established (good) credit know they only need (and use) so many credit cards, so interesting these sought-after consumers in a new credit card can be challenging, especially with so many options available. To get a consumer to sign up for a new line of credit, credit card companies need to offer something that makes a new credit card particularly compelling.
The most successful credit card companies often convince consumers to apply for a new credit card by offering the best deals in terms of cashback or rewards, an exceptional customer experience, or perks such as trip or travel insurance, extended product warranties, or exclusive access to airport lounges and event ticket presales. As such, credit card issuers and even their individual credit card products must proactively look for ways to beat out the competition.
FAQs
What is the current credit card market? ›
The global credit card market has seen sustained growth over time, from over $100 billion in 2020 to $103 billion in 2021, at a Compound Annual Growth Rate (CAGR) of 3%. This is expected to reach $107.7 billion in 2025, at a CAGR rate of 1.1%.
What is the future of credit card industry? ›Not only this, credit card transactions saw a sizable increase in value in FY 2021 and 2022. Based on this trend, finance experts predict that by FY 2027, the total value of credit card transactions will reach INR 51.72 trillion, growing at a CAGR of 39.22% between FY 2022 and FY 2027.
Is the credit card industry growing? ›Credit Card Issuing in the US industry trends (2018-2023)
Industry revenue has risen at a CAGR of 1.6% over the years to 2023, including a 1.0% decline in 2023 to total $182.0 billion, with profit rebounding to 26.8%....
And balances are higher, too. The New York Fed reports that total credit card balances rose 15 percent from the third quarter of 2021 to the third quarter of 2022 (this is the most recent data available). That's the largest year-over-year increase in a data set that goes back to the early 2000s.
Are credit cards losing popularity? ›U.S. consumers are slashing their credit card use, particularly Millennials and Gen Z. The declining popularity of credit cards among young shoppers could be an early sign of a permanent shift in consumer preferences.
How big is the US credit card industry? ›The market size, measured by revenue, of the Credit Card Issuing industry is $182.0bn in 2023. What is the growth rate of the Credit Card Issuing industry in the US in 2023? The market size of the Credit Card Issuing industry is expected to decline -1% in 2023.
What technology is replacing credit cards? ›Contactless-equipped cards use radio frequency identification (RFID) technology and near-field communication (NFC) to process transactions where possible. Contactless payment is an alternative to swiping or inserting a card into a card terminal.
What is the biggest problem with credit cards? ›Credit cards are a form of unsecured debt and having too many makes your credit profile riskier. For your personal or business use, keep your credit cards to what is necessary. A Credit card is also easy money and before you know, spending too much on too many credit cards may push you into deep debt.
Do credit card companies do well during recession? ›Credit card companies are not ideal investments with a recession potentially on the horizon.
Is credit card debt increasing or decreasing? ›Credit card debt increased by $85.8 billion during Q4 2022 – the highest quarterly increase ever recorded. The increase in credit card debt during Q4 2022 was 1.8X larger than the post-Great Recession average for the fourth quarter of a year.
Will credit cards exist in the future? ›
Big picture, credit card use will grow strongly over the next three years based on convenience and value to customers. It will continue taking share from cash and check, while competing handily for digital payments alongside other emerging modalities such as P2P, open banking rails, and even crypto.
Is the credit card industry competitive? ›The credit card market is highly competitive, particularly among card issuers but also among payment networks based on several different metrics. Industry competition keeps prices low, promotes innovation, and gives consumers the power to choose the card that works best for them.
Is credit card debt increasing in the us? ›More consumers are leaning on credit cards to afford increasingly expensive necessities such as food and rent. That helped propel total credit card debt to a record $930.6 billion at the end of 2022, an 18.5% spike from a year earlier, according to the latest quarterly report by TransUnion.
Is credit card debt increasing with inflation? ›More Americans are leaning on their credit cards in the face of rising prices. And as interest rates continue to climb, that debt is getting a lot more expensive. The average credit card user was carrying a balance of $5,474 last fall, according to TransUnion, up 13% from 2021.
Why do many people apply for credit cards nowadays? ›Credit cards are convenient and secure, they help build credit, they make budgeting easier, and they earn rewards. And no, you don't have to go into debt, and you don't have to pay interest.
Why would they decline a credit card? ›Credit cards can be declined due missed payments, fraud, travel, or expiration. You'll probably have to contact the card issuer to fix it.
Why are credit cards a problem? ›Credit cards make it all too easy to overspend. Buying on credit can also make your purchases more expensive, considering the interest you may pay on them. Getting into too much debt can not only hurt your credit score but strain relationships with family and friends.
Who are the three major players in the credit card industry? ›In 2021, the 4 biggest credit card networks in the U.S. (in order) were Visa, Mastercard, American Express, and Discover. Visa and Mastercard combined to make up over 75% of the market share, while American Express and Discover make up a much smaller portion of the market.
Who is the largest credit card issuer in USA? ›Chase is arguably the top credit card issuer in the U.S., both in terms of purchase volume and card volume. Chase holds the largest share of the market in purchases, and comes in second for number of cards.
How big is the credit industry? ›The global consumer credit market was valued at US$ 11.0 Billion in 2022.
What is the new credit card law? ›
45-days' Notice of Key Account Changes: Fundamental changes to a credit card's interest rate, fee, or rewards structure must be provided to the card holder at least 45 days prior to the change taking effect. This gives consumers time to close their account and find a new one if they are not satisfied with the change.
What is the future of payments industry? ›The payments industry is poised for significant growth over the coming five years; we expect an average annual revenue growth rate of 9 percent, exceeding the already-healthy prepandemic long-term trajectory of 6 to 7 percent.
Do you think smart phones will replace credit cards? ›Harris Interactive found that 66 percent of Americans believe smartphone payments will eventually replace card payments and 61 percent say the same for cash.
Why credit cards are a trap? ›Here's how most people get trapped in credit card debt: You use your card for a purchase you can't afford or want to defer payment, and then you make only the minimum payment that month. Soon, you are in the habit of using your card to purchase things beyond your budget.
What issues do credit card users face? ›Most of the customers face problems related to high-interest rates, high annual fees, declined cards, etc while paying for their day-to-day spending.
Should I pay off credit cards before recession? ›Paying off debt before a recession, especially variable or high interest debt, is important. However, saving money during economic uncertainty might be more important, especially if you don't have much of a safety net.
Which companies do better in recession? ›Generally, the industries known to fare better during recessions are those that supply the population with essentials we cannot live without that. They include utilities, health care, consumer staples, and, in some pundits' opinions, maybe even technology.
What companies are most affected by recession? ›...
The riskiest industries to work in include:
- Real estate.
- Construction.
- Manufacturing.
- Retail.
- Leisure and hospitality.
Report Overview. The global payment processing solutions market size was valued at USD 47.61 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.5% from 2023 to 2030. The growth can be attributed to the increasing penetration of the internet coupled with smartphones across the globe.
What is the current US credit card debt? ›Americans' total credit card balance is $986 billion in the fourth quarter of 2022, according to the latest data from the Federal Reserve Bank of New York.
How competitive is the credit card market? ›
The credit card market is highly competitive, ever-evolving, and top-heavy.
Which bank is the market leader in credit cards? ›As of September, 2022, HDFC Bank has approximately more than 1.70 crore active credit cards and thus it is regarded as the largest card issuer in the country. According to the RBI, HDFC Bank holds 28.4% market share in credit card spends as of July 2022.
What industry is credit card processing in? ›The payment processing industry is a sector of the financial industry that handles electronic payment transactions. It includes companies that provide payment processing services, such as credit card processing, debit card processing, electronic fund transfers, and online payment processing.
Who is the largest credit card processor in the US? ›JPMorgan Chase
Chase Paymentech, the payment processing arm of the largest bank in the U.S., authorizes and processes payments in more than 130 currencies. And like its peers, it offers analytics, fraud detection, and security solutions.
That marks a reversal from the first year of the pandemic, when many Americans were able to pay down credit card debt, thanks to generous government relief payments and limited spending on travel and entertainment.
Why is credit card debt so high in the US? ›The sharp rise in credit card debt has been a long time coming, with Americans increasingly relying on plastic to make purchases. But the increase is largely driven by factors like inflation and high credit card interest rates, experts say.
Who do credit card companies target the most? ›The generation known as “Millennials” have been a hard market for credit card companies to crack. As opposed to older generations, those born between 1981 and 2000 are relatively reluctant to use credit cards, with half of them opting to carry only one credit card.
Who is the most popular credit card customer? ›The most popular credit card company is Chase, with 149.3 million cards in circulation.
Who are the most profitable customers for credit card companies? ›Credit card companies' most profitable customers are the ones who shop a lot and pay their bills on time. Card issuers share some of this swipe-fee bounty with their customers, through cash-back, free points and other perks. The more money you have to spend the more you can earn.
Who is the largest credit card issuer in the world? ›...
Purchase Transactions Worldwide.
Rank | 1 |
---|---|
Brand | Visa |
US$ billion, 2015 | $126.1 |
Market share | 56% |
Which credit card is best for daily use? ›
- Cashback SBI Card.
- Standard Chartered Bank EaseMyTrip Credit Card.
- Axis Bank Ace Credit Card.
- InterMiles HDFC Bank Signature Credit Card.
- SBI Card ELITE.
- BPCL SBI Card Octane.
- Flipkart Axis Bank Credit Card.
- HDFC Diners Club Privilege Credit Card.