When it comes to credit cards, the issuer plays a crucial role in determining the card's terms, perks, and overall experience for the cardholder. Understanding who the issuer is and what they offer can significantly impact your financial decisions and credit card choices.
What is a credit card issuer?
A credit card issuer is a financial institution or bank that issues credit cards to consumers. These issuers provide individuals with access to credit, allowing them to make purchases up to a predetermined credit limit. Common examples of credit card issuers include major banks like Chase, Citibank, and Bank of America, as well as credit unions and other financial institutions.
Credit card issuers extend lines of credit to cardholders, essentially lending them money to make purchases. In return, cardholders are required to repay the borrowed funds, either in full each month or over time with added interest. Issuers also charge fees, such as annual fees, late payment fees, and interest charges, which contribute to their revenue.
Why the issuer matters
The choice of credit card issuer can impact the cardholder's experience and financial well-being. Different issuers offer varying terms, rewards programs, interest rates, and customer service levels. Selecting a credit card with an issuer you already use (e.g., with a checking or savings account) or plan to use can simplify your overall banking and finance management.
Furthermore, the reputation and stability of the issuer are crucial considerations. Established banks with solid reputations may offer more reliable services and better security measures to protect cardholders' information. On the other hand, lesser-known or new issuers might provide innovative features but could pose higher risks or offer less robust customer support.
What to consider when choosing a credit card issuer
Focus on the following:
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Existing services used or plan to use: If you already have accounts or services with a particular bank or financial institution, consider choosing a credit card from the same issuer. This can streamline your financial management and potentially offer additional benefits or rewards for existing customers.
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Location of physical branches or ATMs: If you prefer in-person banking services, consider the availability of physical branches or ATMs offered by the issuer. Having convenient access to in-person assistance can be beneficial for certain cardholders.
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Rewards and Benefits: Evaluate the rewards programs and benefits offered by each issuer. Some cards offer cash back on purchases, while others provide travel rewards, points, or miles. Consider which rewards align with your spending patterns and preferences.
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Customer Service: Assess the quality of customer service provided by the issuer. Look for reviews and ratings from existing cardholders to gauge the responsiveness and helpfulness of the issuer's customer support team.
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Security Features: Prioritize issuers that prioritize security measures to protect your personal and financial information. Features like fraud monitoring, zero liability protection, and secure online account management can offer peace of mind.
Incorporating Issuer Preference Into Card Recommendations
Credit Card Search Settings
When recommending credit cards, Crunchly factors in issuer preference alongside other important considerations such as total value, rewards programs, etc. You can input or adjust your issuer preferences directly in the boxes here. Your recommended cards will be updated automatically when you input your preferences. Just put a checkmark next to the issuer(s) you prefer. If you feel like you prefer one over another, you can adjust the importance of each one by selecting the '!!!', '!!', '!', or '-' buttons.
See our writeup on the Personalized Score for full details on of how card scores and rankings are determined.
Issuers Overview
American Express
American Express Company, commonly known as Amex, is a prominent American bank holding company and multinational financial services corporation specializing in payment cards. It is headquartered in Lower Manhattan, New York City. Amex ranks as the fourth-largest card network globally, with 133.3 million cards in force worldwide as of December 31, 2022, and an average annual spending per card member in 2022 of $23,496. The company operates with a range of card categories, including Green, Gold, Platinum, and Black (Centurion). It is also involved in various financial services and is recognized as one of the largest banks in the United States, with a worldwide market share by payment volume of 4.61% in 2022. Founded in 1850 as a freight forwarding company, Amex introduced financial and travel services in the early 1900s. Over the years, it developed a series of iconic cards, including the gold card, green card, platinum card, and Centurion Card. The company's logo features a gladiator or centurion, which appears on its traveler's checks, charge cards, and credit cards. While American Express credit cards are widely accepted in the United States, they have lower acceptance rates in Europe and Asia compared to Visa and Mastercard.
American Express website: https://www.americanexpress.com/us/credit-cards/
Apple
Apple, as a card issuer, stands out with its Apple Card, a collaboration with Goldman Sachs and Mastercard. Apple prioritizes security and privacy, employing features like unique card numbers for each transaction and robust data encryption. Overall, the Apple Card appeals to Apple enthusiasts and those seeking a modern, tech-forward credit card experience.
Apple website: https://www.apple.com/apple-card/
Bank of America
The Bank of America Corporation, often referred to as BofA or BoA, is a major American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina. It is the second-largest banking institution in the United States and the second-largest bank globally by market capitalization. Bank of America offers a wide range of financial services, including commercial banking, wealth management, and investment banking. Its history traces back to the early 20th century, with roots in serving Italian immigrants facing discrimination, and it has grown through mergers and acquisitions to become a leading player in the financial industry.
Bank of America website: https://www.bankofamerica.com/credit-cards/
Barclays
Barclays plc is a British multinational universal bank headquartered in London, with origins dating back to 1690 in the City of London. It operates as two divisions: Barclays UK and Barclays International, and is listed on the London Stock Exchange as well as the New York Stock Exchange. Barclays is considered a systemically important bank and operates in over 40 countries, employing over 80,000 people. It has a diverse range of services, including retail banking, investment banking, and wealth management.
Barclays website: https://cards.barclaycardus.com/
Capital One
Capital One Financial Corporation, headquartered in McLean, Virginia, is an American bank holding company that specializes in credit cards, auto loans, banking, and savings accounts, primarily operating in the United States. It ranks among the largest U.S. banks and is the third-largest issuer of Visa and Mastercard credit cards. With around 750 branches, including café-style locations, and 2,000 ATMs, it's ranked 106th on the Fortune 500 and 15th on Fortune's list of 100 Best Companies to Work For. Capital One played a pioneering role in mass marketing credit cards in the 1990s and operates three divisions: credit cards, consumer banking, and commercial banking, with loans receivable of $114 billion from credit cards, $75 billion from auto loans, and $85 billion from commercial loans as of December 31, 2022.
Capital One website: https://www.capitalone.com/credit-cards/
Chase
JPMorgan Chase Bank, commonly known as Chase, is a prominent American national bank based in New York City. It serves as the consumer and commercial banking subsidiary of the multinational financial services holding company, JPMorgan Chase. Chase has a rich history, including mergers with various banks such as Chase National Bank, Chemical Bank New York, and Bank One Corporation. It offers a vast network of over 5,100 branches and 17,000 ATMs across the United States, with millions of checking accounts and debit card users. JPMorgan Chase & Co. is the largest bank in the United States by assets and has a significant global presence, operating in more than 100 countries.
Chase website: https://creditcards.chase.com/
Citibank
Citibank, N.A., is the primary U.S. banking subsidiary of Citigroup, a multinational financial services corporation. Originally founded in 1812, Citibank has a significant presence with 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico through its subsidiary Banamex. It ranks as the 4th largest bank in the United States in terms of assets and maintains a strong presence in major U.S. metropolitan areas.
Citibank website: https://www.citi.com/credit-cards/home
Discover
Discover Financial Services is an American financial company based in Riverwoods, Illinois, that oversees Discover Bank, an online bank providing various financial products, including checking and savings accounts, personal loans, home equity loans, student loans, and credit cards. Additionally, Discover Financial Services owns and operates the Discover and Pulse networks and Diners Club International. Discover Card, one of its flagship products, ranks as the third-largest credit card brand in the United States, boasting nearly 50 million cardholders.
Discover website: https://www.discover.com/credit-cards/
First National Bank of Omaha
First National Bank Omaha, based in Omaha, Nebraska, is a leading subsidiary of First National of Nebraska. It ranks as the third-largest privately held bank subsidiary in the United States, boasting $17 billion in assets and a workforce of 4,320 employees. The bank's services encompass corporate banking, investment banking, retail banking, wealth management, and consumer lending, serving customers in multiple states, including Nebraska, Iowa, Colorado, Texas, Kansas, South Dakota, and Illinois, through its network of 100+ branches located throughout the Midwest.
First National Bank of Omaha website: https://www.fnbo.com/personal-banking/credit-cards
Synchrony Bank
Synchrony Financial is an American consumer financial services company headquartered in Stamford, Connecticut. The company provides various consumer financing products, including credit, promotional financing, loyalty programs, installment lending to industries, and FDIC-insured consumer savings products. These services are offered through Synchrony Bank, its wholly-owned online bank subsidiary.
Synchrony Bank website: https://www.synchronybank.com/creditcard/
TD Bank
TD Bank, also known as TD Bank Group, is a prominent Canadian multinational bank with a significant presence in the United States. As a credit card issuer, TD Bank offers a variety of credit cards catering to different consumer needs and preferences. Their credit card offerings typically include cash back cards, rewards cards, and co-branded cards in partnership with retailers and organizations. TD Bank''s credit cards often feature competitive rewards programs, such as cash back on everyday purchases, travel rewards, or points that can be redeemed for merchandise or gift cards. Additionally, TD Bank emphasizes convenience and customer service, providing online account management tools, mobile banking apps, and responsive customer support to ensure a positive cardholder experience.
TD Bank website: https://www.td.com/us/en/personal-banking
U.S. Bank
U.S. Bancorp, headquartered in Minneapolis, Minnesota, is a prominent American bank holding company incorporated in Delaware. It serves as the parent company for U.S. Bank National Association, ranking as the fifth-largest banking institution in the United States. The company offers a range of financial services, including banking, investment, mortgage, trust, and payment services, with thousands of branches and ATMs primarily located in the Western and Midwestern regions of the U.S. Additionally, U.S. Bancorp is a systemically important bank and also owns Elavon, a credit card transaction processor, and Elan Financial Services, which issues credit card products on behalf of small credit unions and banks across the U.S. It operates under the second-oldest continuous national charter, granted in 1863 under Charter #24. It holds a historic position in American banking, with its charter number having evolved from #24 to #2 over time. Wells Fargo holds the oldest national charter, originally granted to the First National Bank of Philadelphia, which it obtained through its merger with Wachovia.
U.S. Bank website: https://www.usbank.com/credit-cards/
Wells Fargo
Wells Fargo & Company is a major American multinational financial institution with a strong global presence, operating in 35 countries and serving over 70 million customers worldwide. It is one of the "Big Four Banks" in the United States and ranks as the fourth-largest bank in the country by total assets. Wells Fargo is known for its extensive branch network, with 8,050 branches and 13,000 ATMs, and its significant role in the mortgage and home loan industry. The company also offers investment management, stockbrokerage services, and has international offices in several cities worldwide.
Wells Fargo website: https://www.wellsfargo.com/credit-cards/
