Nilson Report

Issue 1192 | Feb 2021


Companies featured in this issue include:

Top Issuers of General Purpose Credit Cards in the U.S.–Purchase Volume

Market Shares of Outstandings for Top U.S. Issuers in 2020

Top U.S. Credit Card Issuers in the U.S.

Top 50 Visa and Mastercard Credit Card Issuers in the U.S.

Top 50 Visa and Mastercard Credit Card Issuers in the U.S.

The 50 largest issuers of Visa and Mastercard credit cards in the U.S. are ranked by outstanding receivables as of December 31, 2020. The total for that group was $634.19 billion, down 14.3%. The 5 largest are listed here.

1. JPMorgan Chase, Delaware
$144.22 billion outstandings, -14.6%
2. Citi, South Dakota
$100.82 billion outstandings, -12.9%
3. Capital One, Virginia
$87.93 billion outstandings, -17.9%
4. Bank of America, Delaware
$87.24 billion outstandings, -18.9%
5. U.S. Bank, Ohio
$37.20 billion outstandings, -10.2%

Full access to the Top 50 Visa & Mastercard Credit Card Issuers results in the U.S. is available when you subscribe to the Nilson Report.



Figg’s Card-Linked Offers for Issuers and Publishers

Loyalty, rewards and incentive platforms aimed at employees, members, consumer and channel partners and customers is the business of privately held Augeo, which generated $300 million in revenues in 2020. Customers include 60 of the Fortune 500 companies in the U.S. 

Last year, Augeo created Figg, a card-linked offers platform. Figg is the merger of a nascent card-linked offers business of Augeo serving banks and a more established company called Empyr whose card-linked offers involved national advertiser and digital publisher customers. When combined, those businesses connect to over 100 million U.S. cardholders who generate over $300 billion in card payments annually. Augeo purchased Empyr in April 2020.

Figg, which is majority owned by Augeo, serves bank and credit union card issuers as well as major media outlets and large retailers. It matches those customers with advertisers that finance cash-back deals. Consumers deposit cash back into an account, receive it as a credit on a card statement or receive additional loyalty points. 

Increasingly, those card-linked offers involve premium experiences such as adventures, as well as deals from local businesses including neighborhood restaurants. National retail chains, restaurants, automotive, apparel and health and beauty outlets remain popular. 

Figg says its technology, advertiser content and multiple publisher distribution channels position card issuers to better compete in a market in which customer engagement programs are evolving into an intersection of card-linked offers, fintech and digital loyalty. Competitors of card issuers include Walmart, Amazon, Apple, Google and Target.


David Kristal is CEO at Augeo Marketing and Figg in Minneapolis, Minnesota,,

© Copyright 2021 Nilson Report

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