A processing device in a memory sub-system iteratively processes input/output (I/O) operations corresponding to a plurality of logical devices associated with a memory device. Tor each of the plurality of logical devices, the processing includes identifying a current logical device, determining one or more I/O operations in queue for the current logical device, and determining a number of operation credits associated with the current logical device. The number of credits is based at least in part on a set of quality of service (QoS) parameters for the current logical device. The processing further includes responsive to determining that the number of operation credits satisfies a threshold condition, performing the one or more I/O operations for the current logical device and identifying a subsequent logical device of the plurality of logical devices.