Credit Card Provider Ranking Charged Up For The Return Of Retail Therapy

PYMNTS recently picked up on an effort led by JPMorgan Chase, Wells Fargo and U.S. Bancorp among other large U.S. banks now collaborating “on a government initiative to get credit into the hands of people with no or low credit scores,” based on Wall Street Journal reporting.

We like the sound of it, almost as much as we like the silent sound of card apps being downloaded and people doing their banking the zippy mobile way. In fact, with balances having been paid down by millions of responsible cardholders during pandemic lockdowns, there’s zillions in available credit just itching to fund a summer wardrobe or the laptop of your dreams.

While we’re big fans of buy now, pay later (BNPL) and burgeoning forms of alt-credit, this is the PYMNTS Provider Ranking of Credit Card Apps. This is a ranking for the hardcore credit lover, unafraid of interest rates and APR.

Face it: stuff is just better when you buy it with a credit card. Who knows why? We’ll study the psychology of that in a future report. Until then, let’s go to the latest card rankings.

The Top 5

It’s not that positions have really changed since last month. They mostly haven’t. What’s interesting is what’s going on behind the brands in the chart rankings.

At No. 1 again is Capital One Mobile, chased at No. 2 by Chase Mobile, which shares the JMPC bloodline with the very popular Sapphire cards. AT No. 3 as last time is Bank of America Mobile Banking and its massive strategic moves of late in healthcare, payroll and platform automation.

At No. 4 as before is the Wells Fargo Mobile app, and the money mover’s recent move to try and help underbanked individuals with affordable, simple bank accounts and credit access.

Finishing out the Top 5 — as last time — is Discover Mobile, which recently did a deal with the Flywire platform with digital options for education payments. It’s exactly the kind of innovative thinking that keeps a card app consistently in the Top 5, as we see in this space weekly.

The Top 10

Moving down the new Provider Ranking of Credit Card Apps we find Credit One Bank Mobile holding at No. 6, having unveiled a new co-branded credit card launched in partnership with national animal welfare nonprofit Best Friends Animal Society. That calls for a treat.

Meanwhile at No. 7 it’s still stalwart American Express, whose American Express Global Business Travel is acquiring the Egencia corporate travel management platform.

The MySynchrony app remains unmoved at No. 8, having dropped a Walmart partnership but added Venmo to its platform earlier in 2021.

We love any variation in the more stable rankings (like this one), so we welcome Barclays US, brand new at No. 9. Barclays recently paired with FinTech Amount on a new BNPL solution.

Taking No. 10 yet again is the PREMIER Credit Card app, where it’s been for a cycle or two. PREMIER pitched into a $100 million in fund for needs-based scholarships in South Dakota. That’s premier thinking — first rate — and a common denominator of the card brands rated in PYMNTS Provider Ranking of Credit Card Apps.

Now charge out and buy that mountain bike. Use a credit card. You know you want to.