Small Business Credit Cards: A $1 Trillion Opportunity for Issuers, Networks, and Fintechs

Small business credit cards are evolving from a secondary product into a major battleground for banks, networks, processors, and fintechs. Javelin’s updated forecast shows transaction volume surpassing $1 trillion in 2027. The growth potential of small business cards is boosted by their vast reach, which ranges from sole proprietors to complex operating companies. Yet the market remains uneven, with leaders offering broad, segmented solutions while regional and secondary issuers continue to rely on limited, one-size-fits-all products. 

Competition is entering a new phase, and this report outlines leading issuers’ strategies and card plans. It draws on Javelin Small Business Card Bench, a competitive intelligence tool that provides detailed insights into credit card fees, rates, rewards, and terms from major issuers. The report also examines four game-changing market events and related risk management strategies, plus paths to success as small business cards move away from being stand-alone products.

Key questions discussed in this report: 

• How large is the U.S. small business credit card opportunity, and when will transaction volume pass $1 trillion?
• Why do issuers need to segment small business cards by vertical rather than treating all small businesses alike?
• Which issuers dominate small business card usage and product breadth?
• How can Javelin Card Bench help issuers monitor small business card competition in rates, fees, terms, conditions, and offers?
• What major market events will disrupt small business cards over the next several years?
• How does small business card underwriting differ from consumer card underwriting, and what additional risks must issuers manage? 

Companies Mentioned: 

Alloy, Amazon, American Express, Bank of America, Bank of Montreal / BMO, Barclays / Barclaycard, Bread Financial, Brex, Capital One, Celtic Bank, Chase, Citi, Comenity Bank, Delta / Delta SkyMiles, Discover, Dun & Bradstreet, Elan, Elavon, Equifax, Experian, FICO, Fifth Third, First Citizens Bank, First Electronic Bank, Fiserv, Goldman Sachs, Hilton / Hilton Honors, Huntington Bank, Imprint Payments, KeyBank, LexisNexis, M&T Bank, Marriott / Marriott Bonvoy, Mastercard, Mercantile, MX, Navy Federal Credit Union, Onboard Partners, Plaid, PNC, Rakuten, Regions Bank, Socure, TD Bank, Trulioo, Truist, U.S. Bank, USAA, Visa, Wells Fargo, Yodlee