A Quick Look At The Ten Largest Credit Card Issuers In The U.S.

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Capital One Financial

The ten largest card issuers in the U.S. accounted for almost 88% of total outstanding card balances in the country at the end of Q1 2017 – highlighting the extremely consolidated nature of the card industry in the U.S. Notably, this is a sequential reduction from a combined market share of over 91% at the end of 2016 – something that can be attributed to the seasonal reduction in card balances over the first quarter of the year, coupled with above-average card charge-off rates for some of the largest card lenders during the period.

Card_QA_US_LoanShare_17Q1

Figures for individual card issuers at the end of Q1 2017 are taken from their annual SEC filings. It should be noted that the figures for American Express and Discover here capture the outstanding balances for cards they issued directly, not those that are issued for their payment networks by other card lenders. The total card debt figure is as compiled by the New York Fed here.

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There was a sizable quarter-on-quarter reduction in outstanding card balances for each of the lenders from the peak card levels seen at the end of 2016 following the holiday season, as card holders generally use tax refunds and any annual bonuses to pay off some of their loan burdens over the first quarter. That said, a positive economic outlook – and the focus among lenders to push high-margin card products among existing and new customers – should help card balances continue to grow at a steady pace going forward.

You can see how changes to Capital One’s card portfolio affect our price estimate for the bank by modifying the chart below. It should be noted that the figure shown below is higher than that in the table below, as it also includes Capital One’s international card loan portfolio.

See Trefis analysis for U.S. Bancorp | Wells Fargo | JPMorgan ChaseBank of America | Citigroup | Capital OneAmerican Express | Discover | Barclays

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