Rivals Give Chase as JPMorgan Runs Away on Credit Card Spending

Credit card sales volume for JPMorgan Chase grew more than 7% in the second quarter — outpacing the approximate 6% growth in that metric other issuers saw in the same period, according to a recent Wall Street Journal report. The growth numbers for JPMorgan Chase exclude activity from its corporate cards.

The steps the company has taken to achieve those figures, and its plans to continue expanding, provide other issuers with a blueprint they can study to inform their own growth strategies.

Being at the top of the industry isn’t anything new for JPMorgan Chase. The bank ranked first in a Nilson Report list the publication released earlier this year that tracks the leading credit card issuers in the U.S.

According to the Nilson Report, 2024 marked the sixth consecutive year that JPMorgan Chase has come out ahead of its industry rivals.

The company ranks issuers by purchase volume, and JPMorgan Chase’s volume of $1.34 trillion outpaced second-place finisher American Express, with $1.16 trillion of purchase volume, and third-place Citi, with $616 billion.

JPMorgan Chase ranks first among credit card issuers in terms of purchase volume.

More spend on cards means more revenue for credit card issuers. In addition to increased interchange revenue, outstanding card balances can also allow issuers to collect more interest income from cardholders.

The average outstanding balances on JPMorgan Chase’s cards rose around 9% from 2024’s second quarter compared with the same period in 2025. The company has lofty goals for the card balances in its portfolio. The WSJ report revealed that JPMorgan Chase plans to increase its share of outstanding card loans from about 17% to 20%.

JPMorgan Chase has employed numerous strategies in 2025 to make its programs more valuable to cardholders, and it’s a good bet that more than a few of them are paying off. Not all of those strategies relate directly to program enhancements. Some are tied to the company’s overall approach to doing business.

Jamie Dimon, JPMorgan Chase’s CEO, is no stranger to shaking things up at his company in efforts to revitalize its workforce. Earlier this year, Dimon backed a plan to bring more JPMorgan Chase employees back into the office five days a week. 

“We know that some of you prefer a hybrid schedule and respectfully understand that not everyone will agree with this decision,” Dimon and other bank leaders wrote in a memo to staff. “Being together greatly enhances mentoring, learning, brainstorming, and getting things done.”

Whether JPMorgan Chase’s approach to managing where its employees work has had a substantial impact on the company’s achievements in 2025 is difficult to guage. But given its performance over the first half of the year, Dimon’s comments appear more wisdom than folly.

Beyond its credit card portfolio, JPMorgan Chase is enjoying a strong year in 2025. The bank’s second-quarter earnings bested analysts’ estimates in spite of an economy that’s facing challenges from the short and long-term effects of tariffs.

JPMorgan Chase’s position as the largest commercial bank in the U.S. affords it advantages that smaller issuers don’t have. For example, its vast branch network consists of nearly 5,000 locations across the country. 

Rival institutions including Bank of America and Citibank have far fewer domestic branch locations. JPMorgan Chase’s branch presence not only extends convenience to its customers, it provides branding opportunities that allow the company’s name to get on the radar of prospects.

Despite the company’s robust system of branches, it isn’t planning on resting on its laurels when it comes to reaching new territories. Dimon and other top executives from JPMorgan Chase recently went on a tour through many of the U.S.’s southern states, including Alabama, Mississippi, and the Carolinas, to scout new potential branch locations.

“Even though we’re starting very small in some cities, we’re growing almost everywhere,” Dimon said, according to a separate Wall Street Journal report covering the tour.

Smaller issuers lack the budget firepower to build a branch network that can rival JPMorgan Chase’s. But they can still take cues from the company’s product strategies and investment moves to bolster their own growth initiatives.

JPMorgan Chase introduced an enhanced Chase Sapphire Reserve card for consumers earlier this year. The card, which JPMorgan says delivers more than $2,700 in value to cardholders every year, links people with opportunities to earn points they can redeem for premium travel rewards.

The bank also announced a new Sapphire card for business customers this summer.

Sapphire Reserve cardholders can access an exclusive network of airport lounges and hotels and resorts. In a recent study, 92% of people said they would use a credit card more if it came with offers to earn rewards, and 78% of survey respondents said they are open to paying for a new card that allows them to enter lounges in airports.

So many people value card rewards that issuers of all sizes should consider which types of benefit programs would motivate more people to apply for their cards. 

JPMorgan Chase is in negotiations to purchase Apple’s credit card portfolio.

JPMorgan Chase made headlines earlier this summer when news outlets reported that the company was in discussions to purchase Apple’s credit card program. That move exemplifies that even the biggest players in the credit card ecosystem don’t only seek to expand via organic growth.

Many issuers can’t afford to make a splashy acquisition like JPMorgan Chase’s potential purchase of Apple’s card portfolio. But a purchase of another financial institution’s credit card portfolio could allow an issuer to quickly grow their base of cardholders.

When a bank buys another institution’s credit card program, they not only gain new cardholders — they gain an accessible group of customers that they can sell other services to. For example, a bank may be able to entice a new credit card customer to open a deposit account or apply for an auto loan with them.

JPMorgan Chase’s 2025 strategy to boost the value of its card programs won’t appeal to every issuer, but it may offer clues on how an issuer can survive in a marketplace that appears more competitive with every passing day.

As people become more comfortable with payment solutions such as buy now, pay later products, issuers should closely examine every opportunity to grow responsibly.