NEW YORK–JPMorgan Chase was the top credit-card issuer in the U.S. by purchase volume in 2024, and it is setting its sights on even more growth.
According to the Nilson Report, the bank’s year-over-year credit-card sales volume growth, excluding corporate cards, of over 7% in the second quarter of 2025 topped the roughly 6% U.S. credit-card purchase volume growth across Visa and Mastercard.
“It is growing quickly in lending: The bank’s average outstanding card balances rose about 9% from a year earlier in the second quarter,” the Wall Street Journal reported. “During its May investor day presentation, the bank said it aimed to take its overall share of outstanding card loans to 20% from about 17%.”
The Growth Drivers
According to the report, while there are many drivers of all this growth, ranging from Chase’s broad portfolio of card products to its vast branch network, what may be most notable, though, is how heavily it continues to invest in the business.
“Some of that investment comes in the form of acquisitions, like the travel- and dining-related businesses it has bought in recent years to bolster its offering to rewards-card spenders and capture more of its customers’ spending end-to-end,” the Journal said.. “Those included restaurant review service The Infatuation and luxury travel shop Frosch International Travel. The bank has also been in talks to take over Apple’s credit-card program.”
Additional Investments
The Journal noted there are also ongoing investments, such as what it spends to attract new customers, like in the form of sign-up bonuses, and the benefits and value proposition it offers existing ones. In perhaps the most high-profile example, Chase recently refreshed its Sapphire Reserve card and launched the Sapphire brand into small-business cards.
The bank overall added about 10 million new card accounts a year from 2022 to 2024, the report stated.
“The bank has also maintained a fairly steady revenue rate for cards, even as the scale of the business has grown rapidly,” the Journal said. “A key measure for the bank’s card business is the net revenue rate. This includes the net interest earned on card loans, as well as fees and other forms of revenue collected via card spending. It takes out certain costs, including rewards and most of what it costs to acquire a new card customer.
“That rate was 10.22% of average loan balances in the first half of this year and just over 10% for full-year 2024. It was about 10.5% back in full-year 2019,” it added.
