If it feels like everyone is using their card for everything these days — you’re right. From morning coffee to major travel expenses, Americans are putting more money on plastic than ever before. In 2023, total credit and debit card spending hit a jaw-dropping $10.4 trillion in the U.S., and the biggest names in the card business are fighting for a piece of that swipe-happy pie.
📈 Card Spending Hits Historic Highs
According to data from The Nilson Report, credit card transactions totaled $5.6 trillion in 2022, while debit and prepaid cards accounted for another $4.9 trillion. That means Americans charged more than the GDP of Japan — just on cards.
And this isn’t just about inflation — it’s a lifestyle shift. Americans are moving away from cash and leaning heavily into rewards, convenience, and tap-to-pay tech.
💳 Visa and Mastercard Still Rule the Networks
When it comes to card networks (the companies that process your payments), Visa and Mastercard continue to dominate:
-
Visa: 1.3 billion credit cards in circulation worldwide
-
Mastercard: 1.1 billion credit cards
-
Together: Nearly 70% of global credit card share
In terms of purchase volume in the U.S. alone:
-
Visa: $3 trillion (52% market share)
-
Mastercard: $1.4 trillion (24%)
-
American Express: $1.1 trillion (19%)
-
Discover: $300 billion (5%)
🏦 Who’s Issuing the Most Credit?
While Visa and Mastercard provide the rails, banks and issuers are the real players behind your card. Here’s who processed the most credit card spending in the U.S. in 2023:
-
Chase: $1.2 trillion
-
American Express: $1.1 trillion
-
Citi: $594 billion
-
Capital One: $575 billion
-
Bank of America: $494 billion
American Express may not issue as many cards, but its users spend big. And Chase continues to be the top dog, processing more spending than any other issuer.
💰 Credit Card Debt Is on the Rise
With record spending comes record debt. As of the end of 2023, U.S. consumers held $1.51 trillion in credit card debt, a 12.2% jump from 2022.
Here’s who’s holding the most of that debt:
-
Chase: $211 billion (18%)
-
American Express: $150 billion (13%)
-
Citi: $140 billion (12%)
-
Capital One: $135 billion (12%)
-
Bank of America: $117 billion (10%)
🏧 Debit Cards Still Going Strong
Credit may be flashier, but debit hasn’t lost its edge. In 2023, Americans made $4.3 trillion in debit purchases — and Visa processed 74% of that volume.
The top five debit card issuers by purchase volume:
-
Bank of America: $468 billion
-
Wells Fargo: $468 billion
-
Chase: $467 billion
-
PNC Bank: $129 billion
-
Navy Federal Credit Union: $117 billion
💳 How Many Cards Do Americans Have?
Short answer: a lot. In 2022, there were 2 billion credit and debit cards circulating in the U.S. — that’s about eight cards per adult. Not all of those are traditional cards (think gift and prepaid cards), but the numbers are still huge.
According to the Federal Reserve Bank of Atlanta:
-
23.5% of cardholders have one credit card
-
24.5% have two
-
16.1% carry six or more
Experian estimates the average American has 3.9 credit cards, while Nilson pegs the number at 4.9 if you count every card tied to an account.
🧾 What’s the Average Transaction Size?
According to Nilson:
-
Credit card: $99 per transaction
-
Debit card: $49 per transaction
And if you’re curious how the brands compare:
-
American Express: $150
-
Mastercard: $94
-
Visa: $91
-
Discover: $58
🔮 What’s Next?
Card usage isn’t slowing down. The Nilson Report projects that by 2026, Americans will spend $6.3 trillion on credit cards alone. As rewards get richer and tap-to-pay becomes the norm, the card economy is only getting bigger.
Final Swipe
Visa and Chase may be winning the battle for your wallet, but Americans are the real drivers of this trillion-dollar machine. Whether it’s for groceries, flights, or streaming subscriptions, one thing’s clear: America is a plastic-powered nation — and the swipe is here to stay.