If you're interested in opening a new credit card, you're definitely not short on options. It's a crowded market, and there are plenty of card issuers competing for new cardholders. But which ones are the most popular credit card companies?
The Motley Fool Ascent ranked the most popular card issuers in a recent credit card study. To find out, it asked Americans which companies' credit cards they had. Here are the results, the percentage of Americans who had cards from each of them, and a card to check out from each one.
1. Capital One: 37%
An impressive 37% of Americans have Capital One credit cards, making it the most popular credit card company. A big part of its success is ease of use. Its cards generally have lots of straightforward and valuable perks. Most of its cards have some combination of lucrative sign-up bonuses, high rewards rates, and/or long 0% intro APR offers.
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Card to check out: The Capital One Venture X Rewards Credit Card is the card issuer's top travel card, and it's an excellent choice for anyone who travels often. It has a $395 annual fee, but it offers:
- A welcome bonus of 75,000 Miles (worth $750 toward travel) after you spend $4,000 on purchases in the first three months
- $300 annual travel credit on bookings made through Capital One Travel
- 10,000 bonus miles (worth $100 toward travel) every account anniversary
- Airport lounge access
- 2 to 10 miles per $1 on purchases
2. Bank of America: 32%
Nearly a third of Americans have Bank of America credit cards. This card issuer has some of the longest 0% intro APR offers. As far as rewards cards go, it's good for cash back cards and travel cards with rewards you can redeem at a fixed rate.
It also rewards loyal clients who have at least $20,000 in qualifying balances across Bank of America and Merrill accounts. If you meet that requirement, you qualify for the Bank of America Preferred Rewards program. This has a variety of benefits, including a credit card rewards bonus.
Card to check out: The Bank of America® Customized Cash Rewards credit card lets you choose where you want to earn bonus cash back. It earns 3% cash back in your choice of one of six popular spending categories, and 2% at grocery stores and wholesale clubs. The 2% and 3% cash back rates apply to your first $2,500 in spending combined per quarter. Here's what else this card has to offer:
- A welcome bonus of $200 cash rewards after you spend $1,000 on purchases in the first 90 days.
- $0 annual fee
- 0% intro APR for 18 billing cycles on purchases and any balance transfers made within the first 60 days, after which a go-to rate of 19.24% - 29.24% (Variable) applies.
3. Chase: 26%
Chase credit cards are in the wallet of 26% of Americans, good enough for third place by a narrow margin. Chase excels at rewards credit cards. It offers some of the best sign-up bonuses I've seen, and many of its cards have lots of bonus categories to help you earn even more. In particular, Chase is great for travel credit cards. The Chase Ultimate Rewards program makes it easy to use your points for travel purchases.
Card to check out: The Chase Sapphire Preferred® Card is one of the more affordable travel credit cards, but it still packs plenty of value. For a $95 annual fee, it has:
- A welcome offer of 75,000 bonus points (worth $750 toward travel) after you spend $4,000 on purchases in the first three months
- $50 annual hotel credit for hotel stays booked through Chase Ultimate Rewards
- 1 to 5 points per $1 on purchases
- 10% points bonus every cardmember anniversary
4. American Express: 25%
A quarter of Americans carry American Express cards. American Express is known for having excellent customer service, and it ranked first in the J.D. Power 2022 U.S. Credit Card Satisfaction Study. It has traditionally had a reputation for offering high-end cards with lots of benefits, but it also has no annual fee cards available.
Card to check out: The Blue Cash Preferred® Card from American Express is my personal favorite grocery credit card. This cash back card has a $95 annual fee (see rates and fees) and offers the following benefits:
- 6% back at U.S. supermarkets on up to $6,000 in purchases per calendar year
- 6% back on select U.S. streaming subscriptions
- 3% back at U.S. gas stations
- 3% back on transit (including taxis, rideshares, parking, tolls, trains, buses, and more)
- 1% back on other purchases
- $250 in statement credits when you spend $3,000 on purchases in the first six months
- Terms apply; enrollment may be required
5. Discover: 17%
Discover rounds out the top five, with 17% of Americans using its cards. Like American Express, Discover is known for its customer service, and it was a close second in J.D. Power's 2022 satisfaction study. Its other claim to fame is keeping fees to a minimum. All Discover credit cards have no annual fee, no foreign transaction fees, and they even automatically waive your first late fee.
Card to check out: The Discover it® Cash Back has been one of the most popular cash back cards for years. That's mainly due to a couple of fantastic benefits:
- 5% back on everyday purchases at bonus categories that change each quarter (up to the quarterly maximum of $1,500 on purchases and when you activate those bonus categories)
- 1% back on other purchases
- Unlimited Cashback Match welcome offer for new cardholders, where Discover will automatically match all the cash back you've earned at the end of your first year
While these aren't the only credit card companies with cards worth looking into, they're the most popular for a reason. They have many of the best credit cards, so if you're in the market for a new one, these card issuers are a great place to start.
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