The US has more than 4,500 banks. Most of them offer credit cards.
By your logic you'd also argue that search engines aren't a monopoly because there's tens of them.
Visa and Mastercard are the dominant processors. Amex is far behind (but it is both a processor and a bank).
But they don’t set card fees and interest rates. The bank that issues cards does.
Capitalone is not a credit processor. It’s a bank. Along with Chase, B of A, Citi, US Bank, Wells Fargo, Barclays and hundreds of credit unions.
None of the banks has more than a 20% market share. #1, Chase, has an 18% market share. The top 3 only make up 55% of the market.
https://www.bankrate.com/finance/credit-cards/credit-card-ma...
It’s highly fragmented and very competitive. It is in no way a monopoly.
