A Nilson Report leaked on Reddit this week quietly confirmed what most points and miles enthusiasts already suspected — the U.S. credit card market isn’t competitive, it’s oligopolistic.
The data shows 2024 U.S. credit card purchase volume by issuer, and once you see the numbers, it becomes painfully obvious why certain banks control the rewards ecosystem, set the rules, and dictate which cards get the best perks.
Here’s the leaked data.
2024 U.S. Credit Card Purchase Volume by Issuer
| Issuer | Purchase Volume (Billions) |
|---|---|
| Chase | $1,344 |
| American Express | $1,168 |
| Capital One + Discover | $822 |
| Citi | $616 |
| Capital One | $610 |
| Bank of America | $502 |
| Discover | $212 |
| U.S. Bank | $211 |
| Wells Fargo | $208 |
| Barclays | $114 |
| Synchrony | $79 |
| USAA | $59 |
| PNC | $57 |
| Navy Federal | $50 |
| Goldman Sachs | $34 |
| FNBO | $33 |
| TD Bank | $30 |
| Truist | $30 |
The Top Five Don’t Just Lead — They Obliterate
Let’s not sugarcoat this: Chase and American Express are in a league of their own.
Chase pushing $1.3 trillion in purchase volume is absurd. No issuer outside the top five is even playing the same game. For most of the banks in the bottom half of this table, you could double their volume and they’d still be irrelevant in comparison.
This is exactly why Chase and Amex can afford to throw around massive welcome bonuses, splashy lounges, and aggressive retention offers — they’re printing swipe fees at industrial scale.
Bank of America: Big Balance Sheet, Small Ambition
Bank of America is the last issuer on this list that truly qualifies as “big,” yet its strategy feels weirdly timid.
Yes, $502 billion in purchase volume is massive:
- 2.5× larger than U.S. Bank
- Yet barely one-third of Chase’s volume
And still… where’s the ambition?
While Chase relentlessly markets Sapphire and Amex pushes Platinum everywhere you look, Bank of America mostly shrugs and runs the same Customized Cash Rewards ads on repeat. For a bank with this much scale, the lack of a serious premium card push borders on malpractice.
Capital One + Discover Is the Real Wild Card
Once you combine Capital One and Discover, you’re looking at $822 billion in annual spend, firmly locking the merged entity into third place.
That’s not just a footnote — it’s a power shift.
Capital One already excels at marketing, underwriting, and digital UX. Discover adds scale, acceptance, and a different customer base. If this merger is executed even halfway competently, it has the potential to seriously disrupt the Chase–Amex duopoly.
Citi Is Stuck in the Middle
Citi’s $616 billion puts it solidly in the top five, but it continues to feel… directionless.
The bank has good transfer partners, decent earning structures, and occasional flashes of brilliance — yet never quite commits. Citi’s numbers say “major player,” but its execution still feels like it’s perpetually stuck in beta.
Goldman Sachs = Apple Card (and Not Much Else)
Goldman Sachs clocks in at $34 billion, which is essentially a rounding error at this scale — and almost certainly entirely driven by the Apple Card.
With Goldman actively backing away from consumer finance, this number feels temporary. The real question isn’t growth; it’s who ends up issuing Apple Card next.
Why This Data Matters for Points & Miles
This leaked table explains everything:
- Why premium cards get all the innovation
- Why small issuers struggle to compete on perks
- Why Chase and Amex dictate lounge access, credits, and fee structures
Volume is power, and the gap between the top issuers and everyone else is not narrowing.
Looking Ahead to 2026
Don’t expect this table to stay static.
A few pressure points to watch:
- Spend slowdowns in subprime segments
- Barclays losing the American Airlines portfolio
- Premium card refresh cycles from Chase and Amex
- Fallout (good or bad) from Capital One absorbing Discover
One thing is clear: the credit card wars aren’t about who has the best category bonus — they’re about who controls the most swipe volume. And right now, only a handful of banks truly matter.