US Credit Card Market Share: Facts and Statistics

If you’re an American aged between 30 and 49, there’s an 83% chance you have at least one credit card. If you’re categorized as an average US consumer, the data indicates that you probably have four.

According to the Federal Reserve, American consumers' collective revolving credit debt incrased to $13.9 trillion by the end of 2024, once again reaching record highs. The credit card business is huge ind the United States, but only a handful of companies hold the largest part of the market share.

Data from the Federal Reserve shows that credit card transactions accounted for more than a third (32%) of all card payments in 2023 by number. Additionally, some 30% of all payments was done by debit cards.

Credit Card Market Share by Network

The US credit card market is dominated by four giants: Visa, Mastercard, American Express, and Discover. However, it’s important to note that the four competitors are by no means equal.

While Visa and Mastercard are distinguished by a notable advantage in terms of global acceptance, American Express and Discover are well-known as payment facilitators that don't need a middleman as they issue cards directly to consumers.

These two companies combined accounted for 76% of all US general-purpose credit cards in 2023. The total purchase volume and transaction value of these two card issuers amounted to $9.17 trillion in the US.

Visa Market Share

Out of the four major US credit card companies, Visa is the largest. At the end of 2023, this network’s 12-month US credit payments volume was $3 trillion, or 52% of all volume in the country.

There are now more than 1.3 billion Visa credit cards in circulation worldwide, accounting for more than 37% of all credit cards. 

The average card transaction on a Visa card now stands at $91.

Mastercard Market Share

Mastercard is the second-largest US credit card network. Its US credit purchase volume was $1.4 trillion in the fiscal year 2023, while the total worldwide volume was $4 trillion.

In 2019, there were more than 1.1 billion Mastercard credit cards in circulation worldwide, representing a market share of 32%.

In the United States, Mastercard holds a 37.5% market share when it comes to all credit cards in circulation.

The average credit card transaction stands at around $94.

American Express Market Share

As one of the top competitors in the credit card industry, American Express has also seen constant growth. US Amex cardholders spent a total of $1.1 trillion in 2023, joining the two giants in the trillion dollar club, while representing 19% of the market share.

Globally, the transaction value was at $1.7 trillion, and the issuer held a 9% market share.

American Express also saw $150 billion in oustanding balances, which puts it second overall.

There are more than 141 million American Express cards in circulation worldwide, with a 4% market share.

The average value of transaction was at $150, easily the highest of all credit card issuers.

Discover Card Market Share

Discover is also among the largest credit card providers in the US. In 2023, this network had a credit purchase volume of $300 billion, and represented for 5% of all credit card transactions.

The worldwide transaction value was at $256 billion, which was only 1% of the market share.

There are now more than 71.5 million Discover credit cards in circulation globally, amounting to a 2% market share.

The average transaction value for Discover credit cards is around $58, far lower than its competitors.