The Financial Dominance of the Credit Card Industry

Credit cards are big business. There is no denying it. This is made clear by the fact that many of the top credit card issuing banks are able to swoop in and purchase other banks for whopping sums such as the $9 billion Bank of American spent to purchase Nations in 1998 or the $15 billion Citi paid to purchase the AT&T credit card.

So, what are the “big names” when it comes to the credit card industry? The top dog is Bank of American, which is also the third largest bank in America. To date, the company has approximately 40 million active credit card accounts with over $143 billion owed to them. Following close behind are: Chase, Cit, Capital One, and Discover, in that order.

But, the real winners are those companies that back the majority of the top credit cards: Visa and MasterCard. In fact, Visa holds 39.8% of the market in the United States. MasterCard isn’t far behind, with a 30.2% share. In terms of dollars, it means Visa has approximately $526.87 billion owed to them from cash advances and purchases, while MasterCard has $399.90 billion. Think about that the next time your APR gets hiked up or hefty fees are imposed.

Beware of Phishing
To Pay or Not to Pay: Is it a Good Idea to Pay Your Taxes with Your Credit Card?
The Financial Dominance of the Credit Card Industry
Keeping Your Credit Card Safe
Traveling With Your Credit Card
A Look at Current Bankruptcy Laws
Fixing Mistakes on Your Credit Report
Flying With Credit Card Airline Miles
Get Stylish with Your Credit Card
Keeping Your Credit Report Clear
Modern Day Vending Machines
Using Pre-Paid Credit Cards for College Students
Making Sense of the Prime Rate
Protecting Your Credit Card Account Information
Reasons to Use a Credit Card Instead of Cash
Rising Minimum Payments: Friend or Foe?
Staying Out of Debt While Using a Credit Card
Pay Your Way Out of Debt with Your Tax Refund
Tips for Shopping Online With a Credit Card
Understanding Airline Miles Credit Cards
Understanding Cash Back Credit Cards
Understanding Prepaid Credit Cards
Understanding Rewards Credit Cards
Understanding Student Credit Cards
What to Look for in a Credit Card
What to Watch Out for in Pre-Paid Credit Cards