The USA is one of the leading countries when it comes to using credit cards. Credit card companies are so much in competition that they offer attractive cash back and other deals to their customers, more than any country in the world.
What is a credit card?
A sort of credit facility offered by banks is a credit card, which enables users to borrow money up to a pre-approved credit limit. It makes it possible for customers to buy both goods and services.
Benefits of using a credit card:
The preferred method of payment is: If you have this card, you can travel anywhere without carrying much cash. You can use a credit card to pay for anything because it is the most widely used method of payment.
Countless reward points: When you use these cards, you get reward points.
Insurance coverage: One of the key features of credit cards that attract people is that you get both comprehensive travel insurance coverage and personal accident coverage.
Purchase on credit: The credit limit made available to the cardholder is what draws people to a credit card. Within that range, you can purchase anything and pay later. Even if you use credit to purchase expensive products, it won’t have an impact on your monthly budget. One of the most significant advantages of using a credit card is the ability to divide the total cost of your purchases into affordable EMIs, allowing you to pay it back over time with ease. This has contributed to a revolution in shopping.
Which are the most famous credit card companies in the USA?
The Nilson Report estimates that by purchase volume in 2020, these are the largest credit card issuers in the United States (the most up-to-date data available). In that year, transactions made using all of these cards totaled around $3 trillion.
- Chase: $743.5 billion
- American Express: $673.9 billion
- Citibank: $399.8 billion
- Capital One: $353.1 billion
- Bank of America: $339.4 billion
Which is the most used credit cards in the US?
USD 6.7 trillion. That sum was spent by Americans in 2019 using their debit or credit cards. A company that has long dominated the payment card industry, Visa, issued the cards used for more than 60% of those purchases. Visa has quickly risen to become one of the most valuable companies in America as the use of payment cards becomes more pervasive in our daily lives. The various benefits that it offers, making it the most famous, is the ease to get it, low interest rates, no transfer fees, attractive rewards, etc are only few.
Conclusion: people in the US have widely accepted credit cards and use it regularly in their daily lives. Credit card companies in the US give more attractive offers as compared to any other country because of the competition in the market. Among these VISA credit cards are the most used because of the ease of access and low-interest rate among other things. Other cards like, American Express and MasterCard are following in their footsteps too.