Research and Statistics

Bank of America becomes top credit card issuer


Bank of America becomes the nation’s largest issuer of credit cards following the merger with MBNA.

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

With the recent stockholder and regulator approval of the merger between Bank of America and MBNA, BofA has become the largest credit card issuer in the United States. Bank of America now has outstanding credit card assets totaling approximately $61.5 billion.

Compare Business Credit Cards

The merger in 2004 between JP Morgan Chase and Bank One created what was then the largest issuer, surpassing Citibank for the first time ever in terms of credit cards issued and total assets. However, Chase has fallen to second place and Citibank third as a result of the BofA/MBNA gargantuan merger.

Bank of America began operations in 1904 in San Francisco and was originally called the Bank of Italy, as its founder was an Italian

immigrant. Several years ago, Bank of America merged with Nation’s Bank, creating the first coast to coast banking operation. Prior to the MBNA merger, Bank of America also acquired Fleet Bank of Boston in 2003, which secured its spot as a top three banking powerhouse.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

What’s up next?

In Research and Statistics

Bank of America to issue American Express

Now that the Visa and MasterCard stranglehold has been broken over which bank can issue which card, Bank of America has announced its plans to issue American Express cards.

See more stories
Credit Card Rate Report
Cash Back

Questions or comments?

Contact us

Editorial corrections policies

Learn more