Nilson Report

Issue 1170 | Feb 2020


Companies featured in this issue include:

Market Shares (%) of Purchase Volume for Top U.S. Credit Cards

Market Shares of Outstandings for Top U.S. Credit Card Issuers 2019

Top U.S. Credit Card Issuers: Outstandings, Volume, Transactions, Cards

50 Largest Mastercard & Visa Credit Card Issuers in the U.S.—Ranked by Outstandings 2019

50 Largest Mastercard & Visa Credit Card Issuers in the U.S.—Ranked by Outstandings 2019

Visa and Mastercard credit card outstandings tied to cards issued in the U.S. reached $817.23 billion at year-end 2019, up 4.7% from the prior year. The top 5 issuers are listed below.

1. Chase, Delaware
$168.92 billion, +7.8%
2. Citi, South Dakota
$115.84 billion, +5.3%
3. Bank of America, Delaware
$107.52 billion, +0.1%
4. Capital One, Virginia
$107.16 billion, +6.9%
5. Wells Fargo, South Dakota
$42.96 billion, +4.2%

Full access to the 50 Largest Mastercard & Visa Credit Card Issuers in the U.S.—Ranked by Outstandings 2019 results is available when you subscribe to The Nilson Report.



ChargeAfter Loan Platform Partnership with Visa

Visa will promote and distribute ChargeAfter’s point-of-sale financing platform, which includes installment credit, lines of credit, and lease-to-own credit products, to its merchant acquirer, card issuer, and gateway customers worldwide. Those businesses will transfer applications for consumer credit through VisaNet to ChargeAfter. Issuers can also participate as one of the lenders on ChargeAfter’s platform. 

ChargeAfter will be one of the loan platforms operating in the Visa Installment program, which was announced in July 2019. Visa Installment is entirely API-based. Pilot tests have been conducted in the U.S., India, Romania, and the U.A.E. Visa Installment loans are tied to a Visa credit card.

Payment gateways and Cybersource, businesses of Visa, will offer their merchants access to ChargeAfter through VisaNet. All merchants linked to Visa Checkout will also have access to ChargeAfter. 

Visa, BBVA, and Synchrony Financial participated in ChargeAfter’s Series A investment round in May 2019. Visa made an additional investment in a corporate round in February 2020. 

ChargeAfter is a growth stage company that differentiates in two ways from most other buy now, pay later platform providers. It delivers multiple loan products (variations of installment, open lines of credit, and lease-to-own) merchants can offer, not simply installment payments, and backs up those multiple products with multiple lenders for each product. More choices for consumers generates higher conversion rates for merchants. ChargeAfter says more than 80% of offers are approved. Offers are targeted to consumers based on data points they provide and the type of merchant. 

Installment credit made available at the time of purchase is growing rapidly in most developed markets. Local lenders operate in their home country. A few lenders are multinational. Klarna is an exception. It has global reach. The Visa partnership helps ChargeAfter achieve its aim to be global. 

ChargeAfter can be used in any country. Its platform provides consumer data that is provided to lenders for their credit decision. In the U.S., ChargeAfter produces a credit score through a soft pull based on four data points in the online application and presents the application to lenders in under two seconds. In markets where there is no central credit bureau, merchants often hold relevant data points that can be used to evaluate credit risk for their customers. 

Meidad Sharon is CEO at ChargeAfter in Tel Aviv, Israel,,

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