JP Morgan Chase Becomes #1 Credit Card Issuer in the U.S.

After a solid 2006, JP Morgan Chase increased their credit-card portfolio by six-percent to edge out Bank of America as the number one credit card issuer in the United States.

Bank of America had previously been the top issuer in the United States after it acquired MBNA, but after duplicate accounts and accounts tied to rival banks fell out of their portfolio, credit card accounts fell 16 percent in 2006 to 74 million.

JP Morgan Chase card accounts rose 8.4 percent for the full year to 79.5 million, the fastest growth of all U.S. issuers for 2006. The growth was credited to new products and gains in their small-business market.

Citigroup came in a close third, at 71 million credit card accounts.

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