What CEOs Are Saying: The Credit Card Companies

Americans now carry $1.233 trillion in credit card debt as of Q3 2025, according to the Federal Reserve Bank of New York. That’s the highest balance since tracking began in 1999.

Against this backdrop, the three major payments networks closed 2025 with strong earnings despite heightened regulatory uncertainty. While consumer spending remained resilient, the calls revealed divergent strategies: American Express is betting on premium customers and relationship depth, Visa is positioning itself as the infrastructure layer for AI-powered commerce, and Mastercard is building a diversified services business that extends well beyond transaction processing.