When you’re out at a restaurant, coffee shop, or retail store, if your go-to payment method is your credit card, you are not alone. Credit card use was up last year for the third year in a row, according to the Nilson Report.
The annual survey of U.S. payment card spending at merchants compared the use of credit, debit and prepaid cards. It also looked at how credit card issuers and banks were doing with consumers.
Consumer and commercial credit, debit and prepaid cards issued in the U.S. amounted to $4.53 trillion in sales of goods and services in 2013, up 7.8% from 2012.
While credit card purchases were on the rise, the amount of money charged on prepaid and debt cards showed a minor decline last year.
The top ten credit card issuers were the same as the previous year, although they did show some gains and losses in terms of market share.
JPMorgan Chase came out on top, a position it has held for the last six years. The credit, debit and prepaid cards in its portfolio generated $640 billion in sales, accounting for 14.13% of the money spent with merchants, up 1 basis point from last year.
Three other issuers showed gains:
American Express gained 2 basis points, going up to 13.46%
PNC gained 2 basis points, going up to 1.69%
USAA gained 1 basis point, going up to 1.65%
The remaining six issuers showed declines:
Bank of America fell 39 basis points to 11.99%
Wells Fargo fell 5 basis points to 7.24%
Citi fell 33 basis points to 5.18%
Capital One Fell 3 basis points to 4.10%
U.S. Bank fell 9 basis points to 3.23%
Discover fell 10 basis points to 2.43%
When looking at the amount consumers and commercial enterprises spent using credit cards, taking prepaid and debit cards out of the mix, American Express continued to be the largest issuer. Bank of America issued the most debit and prepaid cards.
The Nilson Report is a newsletter that provides analysis of the card and mobile payment industry. It has more than 18,000 readers in 90 countries.