--- title: "Credit Card Issuers Industry: Companies" description: "66 SEC filers are classified under the Standard Industrial Classification codes that describe the credit card issuers industry." canonical: https://www.getswoopr.com/stocks/industries/financials/credit-card-issuers/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Credit Card Issuers Industry ## Direct Answer 66 SEC filers are classified under the Standard Industrial Classification codes that describe the credit card issuers industry, and their latest annual reports show $75.6 billion of combined revenue and a median operating margin of -113.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Credit card issuers lend to consumers and small businesses on revolving credit and earn interest, interchange fees and annual fees. Credit losses and funding costs dominate profit, while spending volume drives fee income. The first numbers to compare across companies here are loan balances and growth, net charge-off rate and net interest margin. ## Key Industry Metrics - **Loan balances and growth**: Amount owed by cardholders and its rate of increase. Growth lifts interest income, and should be read with credit performance. - **Net charge-off rate**: Balances written off after recoveries as a share of average loans. It is the largest cost, and follows unemployment and household finances. - **Net interest margin**: Interest earned on balances less funding costs, relative to earning assets. High card rates give wide margins that depend on revolving behavior. - **Purchase volume**: Spending on cards, which drives interchange income. It follows consumer confidence and inflation, and is less sensitive to credit cycles. - **Reserve build**: Additions to the loss allowance for expected losses. Builds show a cautious outlook, while releases boost profit and can reverse. ## Primary Macro Drivers - **Consumer spending and employment**: Card balances and fees follow how much households spend and how many are employed, shown in purchase volume and loan balances. - **Interest rates**: Interest earned on balances and paid on funding sets margin, so rate moves and funding mix change net interest margin. - **Credit standards**: Approval choices decide growth and loss, so loose standards lift balances and later charge-offs, shown in reserve build and net charge-off rate. - **Regulation of fees**: Limits on late fees, interest or interchange reduce income per account. Watch regulatory proposals and fee income disclosures. ## Major Risks - **Rising delinquencies**: Job losses and high balances raise missed payments, forcing larger reserves and charge-offs. Watch delinquencies, reserve build and net charge-off rate. - **Interest rate and fee regulation**: Caps on late fees or rates and interchange rules would cut revenue per account. Watch regulatory actions and litigation disclosures. - **Funding costs**: Deposit and securitization costs rise with rates, squeezing margin unless pricing is adjusted. Watch net interest margin and funding mix. - **Fraud losses**: Stolen credentials and account takeovers cause losses and add security cost. Watch fraud loss disclosures and charge-off drivers. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Cyclical | | Capital Intensity | High | | Regulatory Intensity | High | | Industry Maturity | Mature | | Geographic Importance | U.S. | ## Credit Card Issuers Filers in the SEC Record 66 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 6141, 6199. Their latest fiscal years end between 2022 and 2026, and together they reported $75.6 billion of revenue. Median revenue growth over the prior year was 10.4%. Median operating margin was -113.3% and median net margin -96.5%. Median total liabilities were 50% of total assets, and 17 of 66 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [American Express Co](https://www.getswoopr.com/stocks/companies/american-express/) | $41.3 billion | 6.4% | n/a | 26.2% | FY 2025 | | [Coinbase Global, Inc.](https://www.getswoopr.com/stocks/companies/coinbase/) | $7.2 billion | 9.4% | 20.0% | 18.1% | FY 2025 | | [Affirm Holdings, Inc.](https://www.getswoopr.com/stocks/companies/affirm-holdings-inc/) | $3.2 billion | 38.8% | -2.7% | 1.6% | FY 2025 | | [Circle Internet Group, Inc.](https://www.getswoopr.com/stocks/companies/circle-internet-group-inc/) | $2.7 billion | 63.9% | -3.5% | -2.5% | FY 2025 | | [Bakkt, Inc.](https://www.getswoopr.com/stocks/companies/bakkt-inc/) | $2.3 billion | -32.1% | -6.3% | -4.6% | FY 2025 | | [Chime Financial, Inc.](https://www.getswoopr.com/stocks/companies/chime-financial-inc/) | $2.2 billion | 30.7% | -47.6% | -46.2% | FY 2025 | | [Green Dot Corp](https://www.getswoopr.com/stocks/companies/green-dot-corporation/) | $2.1 billion | 20.7% | 0.7% | -4.8% | FY 2025 | | [Atlanticus Holdings Corp](https://www.getswoopr.com/stocks/companies/atlanticus-holdings-corporation/) | $2.0 billion | 50.1% | n/a | 6.1% | FY 2025 | The 8 largest of 66 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Credit Card Issuers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Financials - [Financials sector overview](https://www.getswoopr.com/stocks/industries/financials/) - [Credit Rating Agencies](https://www.getswoopr.com/stocks/industries/financials/credit-rating-agencies/) - [Consumer Finance](https://www.getswoopr.com/stocks/industries/financials/consumer-finance/) - [Cross-Border Payments](https://www.getswoopr.com/stocks/industries/financials/cross-border-payments/) - [Consumer Banks](https://www.getswoopr.com/stocks/industries/financials/consumer-banks/) - [Crypto Brokerage](https://www.getswoopr.com/stocks/industries/financials/crypto-brokerage/) - [Community Banks](https://www.getswoopr.com/stocks/industries/financials/community-banks/) - [Custody & Fund Services](https://www.getswoopr.com/stocks/industries/financials/custody-and-fund-services/) - [Commercial Mortgage REITs](https://www.getswoopr.com/stocks/industries/financials/commercial-mortgage-reits/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Credit Card Issuers industry? Key performance indicators for the Credit Card Issuers industry include: Loan balances and growth, Net charge-off rate, Net interest margin, Purchase volume, Reserve build. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Credit Card Issuers industry? The Credit Card Issuers industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing. What are the biggest risks in the Credit Card Issuers industry? The primary risks for Credit Card Issuers companies include: Rising delinquencies, Interest rate and fee regulation, Funding costs, Fraud losses. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).