Visa is one of the largest payment processors and credit card brands in the world. It operates a worldwide network that facilitates electronic payments between consumers, merchants, financial institutions and governments. Visa does not directly issue credit cards to consumers – rather, Visa works with various banks and financial institutions that issue Visa-branded cards and payment products. So what banks actually issue Visa cards to customers?
Major U.S. Banks That Issue Visa Cards
Most major banks in the United States issue Visa credit and debit cards. This includes the largest consumer banks:
- JPMorgan Chase
- Bank of America
- Wells Fargo
- Citibank
- U.S. Bank
- PNC Bank
These major banks issue Visa credit cards, debit cards and prepaid cards to consumers and businesses. For example, some popular Visa cards offered by major U.S. banks include:
- Chase Freedom Visa
- Bank of America Travel Rewards Visa
- Wells Fargo Platinum Visa
- Citibank Simplicity Visa
- U.S. Bank Visa Platinum
- PNC points Visa
In addition to these large consumer banks, thousands of smaller regional and community banks and credit unions in the U.S. also issue Visa-branded credit, debit and prepaid cards to their customers and members.
Top Visa Card Issuers
Based on purchase volume, the top 10 Visa credit card issuers in 2022 were:
- JPMorgan Chase
- Bank of America
- Citibank
- Capital One
- Wells Fargo
- U.S. Bank
- PNC Bank
- Synchrony Financial
- Barclays
- TD Bank
The top Visa debit card issuers were:
- Bank of America
- JPMorgan Chase
- Wells Fargo
- PNC Bank
- U.S. Bank
- TD Bank
- Capital One
- Citibank
- BB&T
- HSBC
As you can see, the major U.S. banks also dominate Visa credit and debit card issuance based on overall purchase volume on their cards.
International Banks That Issue Visa
Internationally, thousands of banks in over 200 countries and territories issue Visa-branded cards. This includes major banks in Canada, Europe, Asia, Latin America, Africa and Australia. Some examples include:
- Royal Bank of Canada
- Toronto-Dominion Bank
- Scotiabank
- HSBC
- Barclays
- Banco Santander
- BNP Paribas
- ICICI Bank
- Westpac
- Commonwealth Bank of Australia
Virtually every major bank outside of the U.S. issues Visa credit, debit and prepaid cards. Visa has near-universal acceptance worldwide, making it a strategic priority for international banks to partner with Visa and issue Visa-branded payment cards.
Types of Visa Cards Issued by Banks
Banks that partner with Visa typically issue the following types of Visa-branded payment cards:
- Credit Cards – Visa credit cards allow cardholders to make purchases and pay over time, with a revolving credit limit.
- Debit Cards – Allow cardholders to make purchases that immediately deduct funds from their bank account.
- Prepaid Cards – Consumers pre-pay funds that are loaded onto the card to make purchases.
- Business Cards – Designed for business owners to make purchases for their company.
- Co-Branded Cards – Issued jointly by Visa and another brand, like an airline or hotel chain.
- Rewards Cards – Offer points, miles or cash back on purchases made with the card.
Within these categories, banks have tremendous flexibility to design Visa cards that meet their customers’ needs. They set the credit limits, interest rates, fees, rewards programs, and other features of the Visa cards they issue.
Major Credit Card Networks
Visa is the largest payment processor globally based on the total dollar value of card payments transacted. The major card networks and their approximate market shares are:
| Credit Card Network | Market Share |
|---|---|
| Visa | 60% |
| Mastercard | 33% |
| American Express | 7% |
| Discover | 1% |
| JCB | 1% |
| UnionPay | 1% |
As the table illustrates, Visa has a dominant market share in global card payments. Mastercard is Visa’s main competitor, while American Express has a much smaller overall share. Meanwhile, Discover, JCB and UnionPay play minor roles in the total global card market based on purchase volume.
How Visa Works with Issuing Banks
When a bank issues a Visa credit, debit or prepaid card, they are gaining access to Visa’s payment processing network and capabilities. However, the issuing bank takes on the risk of extending credit lines to customers and absorbs losses from fraud or non-repayment of debts.
Visa provides the payment technology and infrastructure for card transactions to flow through its network. This includes verifying funds, approving purchases, processing payments between consumers and merchants, handling disputes and preventing fraud. Visa takes a small percentage fee from the issuing banks for providing this transaction network.
The issuing bank is responsible for approving applications for Visa cards, determining credit limits and interest rates, billing statements, collecting payments and debt recovery. They also may provide rewards programs and other features associated with their Visa cards.
This allows thousands of banks to issue Visa cards globally, while Visa operates the back-end payment rails that enable transactions on this massive scale. It’s a mutually beneficial relationship between the card brand and card-issuing institutions.
Major Types of Visa Credit Cards
While each bank structures their own Visa card offerings, some major types of Visa credit cards you may commonly see include:
Visa Traditional Credit Cards
This basic credit card simply allows consumers to make purchases and pay over time. Traditional Visa cards have a preset credit limit and require monthly minimum payments with interest charged on revolving balances.
Visa Rewards Credit Cards
A rewards Visa card provides points, miles or cash back on purchases made with the card. Rewards can be redeemed for statement credits, gift cards, travel and more. Airlines and hotels often co-brand rewards cards with Visa.
Visa Signature Credit Cards
Signature Visa cards typically offer higher credit limits and additional benefits like travel insurance, concierge service and access to entertainment events. They charge annual fees but provide premium rewards programs.
Visa Secured Credit Cards
Secured Visa cards require a cash deposit upfront that becomes the credit limit. They are designed for applicants with bad credit or no established credit score yet.
Visa Balance Transfer Credit Cards
Balance transfer Visa cards offer an intro 0% APR period when transferring existing balances from another credit card. This temporary 0% rate allows consumers to pay down balances faster without interest accumulating.
Major Types of Visa Debit Cards
The main types of Visa debit cards issued by banks include:
Visa Check Card
Check cards can be used to make purchases online, in-stores or at ATMs. Funds instantly come out of the cardholder’s checking account.
Visa Prepaid Debit Card
Prepaid cards allow consumers to load funds in advance and then spend down the prepaid balance. They help users avoid overdrafts and only spend money they have.
Visa Gift Debit Card
Gift Visa cards have a preloaded amount that’s given as a gift to recipients. The recipient can then make purchases with the prepaid funds until the balance reaches zero.
Conclusion
Visa has become the world’s most recognized and widely-accepted payment brand. It provides the platform for thousands of banks and financial institutions globally to issue Visa-branded credit, debit and prepaid cards to consumers and businesses. While Visa does not directly issue cards, its network capabilities allow partner banks to offer customized Visa cards that meet their customers’ needs for installment credit, rewards, convenience, security and more. Visa will likely continue dominating the electronic payments space through its unmatched scale and reach across the world’s banking system.
