Gen Z wants to borrow smarter, faster, and on their own terms.
The opportunity? Build the tools that meet them where they are.
Fulcrum Question: Does our product help a user make a smart choice right now, one they’ll feel good about tomorrow?
I always smile when people say Gen Z doesn't like credit, as I know this is not true. Today, I have some statistics to back up that smile. Gen Z is reshaping credit, incorporating the best elements of debit as a component.
Gen Z is not a generation of spenders or savers. It’s ageneration of choosers.
They want tools that are simple, transparent, and seamlessly integrated into their existing shopping and payment processes. BNPL’s rise is about gaining control and confidence. The brands that appear at checkouts makeflexibility feel intuitive and win the current transaction, while also being front-runners in gaining long-term loyalty.
BNPL’s Blueprint: Empowerment in Four Taps
BNPL’s rise is not a fluke. What started as a short-term lending tool has evolved into a frictionless way for young consumers to gain greater control over their finances. And the numbers show it.The result: BNPL feels modern. It feels like it's been designedfor them.From Control to Confidence: Why This Matters
Dig beneath the behaviors, and a bigger motivation comes into view: control. And with it, something even more powerful: confidence. Gen Z doesn’t want to be told how to manage money. They want tools that work like the rest of their digital life: intuitive, transparent, and available instantly.
That’s why the best BNPL providers are doubling down on clarity. Terms are easy to understand. Installments are visible at checkout. Alerts remind users what’s due and when. And if something slips? The UX doesn't punish, it guides.
BNPL proves this: when you treat the user as capable and in control, they repay you with trust.The Takeaway
The future of credit isn’t about interest rates or APR calculators. It’s about trust at the moment of action.
Whether your customer is buying sneakers or booking their dream vacation, they’re evaluating your product on one thing: Does this help me get what I want, without surprising me later?
Get that right, and you don’t just win the transaction; you also win the customer.You earn the repeat. You earn the relationship. You earn the default position in their financial life.
The New Chemistry of Growth
Money 20/20 this year was less about competition and more about connections/partnerships; everyone’s finding their element.
Walking the expo floor at Money 20/20 in Las Vegas thisweek, it struck me that the word “alone” is fading from the payments vocabulary. Wallets are partnering with AI firms, banks are collaborating with crypto firms, fintechs are teaming up with banks and brands, and even credit unions are forming partnerships with one another.
Fulcrum Question: If you’re in cards, retail banking, or payments, the question to be asking is, “Who will partner fastest and smartest?”
Conclusion: The Chemistry Lesson
If Money20/20 taught us anything this year, it’s thatgrowth is no longer a solo pursuit; it’s a shared reaction. The future of commerce won’t be written by isolated innovators but by the bonds they form.Every partnership, whether PayPal bonding with OpenAI, Amex linking with Coinbase, or Comperemedia fusing with Equifax, adds a new element to the ecosystem.
The most potent compounds are those in which each elementamplifies the other.
That’s the chemistry of 2025.
That’s the new formula for growth.
Find your element. Form your bond. Start your reaction.
Today’s edition covers two big moves in cards and banking.
Fulcrum Question: Are you building for the earn and burn of today, or the yearn and AI-driven journeys of tomorrow?
Andrew interviewed Pam Habner, Head of US Branded Cards and Lending for Citi, and I’d recommend you skip reading my takeaways and watch the full video here. This conversation is a masterclass from one of the most influential voices shaping the future of cards today.
1. The Premium Card Renaissance: Flexibility Over "Coupon Books"
2. Strategic Partnerships as the Ultimate Differentiator
Citi is leveraging its partnership assets to create a unique value proposition that is difficult for competitors to replicate.
Anti-Algorithm: Empowerment Over EfficiencyConsumers are pushing back against black-box systems. They don’t want to be told “the algorithm knows best.” They want personalization with transparency and control over their choices.
In finance, this shift is stark. Algorithms drive credit decisions and product recommendations, but today’s consumer asks: are you empowering me, or just automating me? That’s the fulcrum every CMO faces.
Flexibility is winning loyalty.Programs that let people pick their own rewards outperform one-size-fits-all offers. That’s why customizable rewards cards and subscription-style memberships like SoFi Plus, Robinhood Gold, or, like we discussed last week, Coinbase One resonate: they monetize loyalty while giving consumers agency.
The future will go further. Imagine a banking app where you can tweak the algorithm yourself: setting the parameters for your robo-advisor or your budgeting tips.
Mintel forecasts consumers will demand this level of explainability and co-creation.
Strategic takeaway: Highlight empowerment. Make transparency, choice, and explainability visible features.The brands that invite customers into the process will feel like partners. The ones that don’t risk feeling manipulative.
Will your customers sense a guiding hand, or invisiblestrings?
The New Young: The Ageless Consumer
Life stages are blurring. Longevity is rising, milestones are shifting, and consumers are redefining what it means to be “young.” The old playbook: designing products by age bracket, no longer holds.
A retiree might open a robo-advisor account for the first time. A millennial might delay homeownership into their 40s. A 65-year-old could be starting a business. The message is clear: design for life needs, not life stages.
This shift shows up in credit cards. Premium cards are simplifying, not complicating. Citi Strata Elite and Capital One Venture X succeed with clarity. Simplicity resonates across generations, whether you’re 25 or 55.
Another example is intergenerational money flow. Cash App thrives by making value exchange seamless across ages, from splitting dinner with friends to sending money to family. Consumers want brands that work across their entire lives, not just one chapter.
Strategic takeaway: Retire the retirement talk. Position products around mindsets and moments, not birth years. Build offerings that flex as customers evolve.
Are your products built for life stages that no longer exist?
The Affection Deficit: Craving Connection in a Digital World
In a world optimized for speed and automation, consumers are lonely. Mintel calls it an affection deficit. Efficiency has stripped away human touch, leaving people craving warmth and recognition, even in financial services.
Banking is no exception. Seamless digital apps are wonderful, but they risk invisibility.When a fraud scare hits or a savings milestone is reached, people don’t just want efficiency; they want reassurance, empathy, and acknowledgment.
Even digital-first players recognize this. Robinhood added 24/7 live support after realizing chatbots couldn’t calm customers in moments of panic. American Express leans on its “membership” ethos to cultivate belonging. These examplesremind us that trust is emotional currency.
Design for affection. A proactive note congratulating a retiree. A celebratory message when a savings goal is reached. A human advisor call at key stress points. These aren’t extras: they’re signals that your brand sees the person, not just the account number.
Strategic takeaway:Reintroduce humanity into digital services. Blend tech and touch.
Can empathy become a part of your KPIs?
Fifteen seconds change everything.
Once you feel instant access, you expect it everywhere. After that speed, you don't want to go back to the old way.
Last week, I tried something that left me genuinely amazed. I applied for the Coinbase Card, expecting the usual processof filling out details, approvals, and delays. Instead, what I got was a journey that lasted all of fifteen seconds. A few screens later, I had a brand-new credit card ready in my Apple Wallet; no waiting for plastic (or metal, in this case) to arrive in the mail. BTW, the card is beautifully designed, and I could spend a newsletter on just the story behind it and itsdesign.
Fulcrum Question: When instant becomes normal, what becomes the moment only you can own?
Behind the curtain, this experience is crafted by Cardless, Coinbase, and Amex, and it is how financial services should feel. It’s quick, it’s seamless, and it makes you wonder whyall cards aren’t issued this way already.
Yes, I know “tech” is expensive, and we move with caution. However, here’s the deal: Amex’s Agile Partnership Platform, Cardless, Coinbase, and, don’t forget, First Electronic Bank all had to come together to create this seamless experience.
For decades, marketers believed story came first. Today, a new generation has flipped the script: the product speaks first, the brand follows.
What drives brand love today? For younger consumers, the answer starts with product. Gen Z is reshaping the credit card market, expecting their card to be more thanjust a means of payment.
They want simplicity, design that doubles as self-expression, and a digital experience that feels like second nature.
Cashback is the starting point, but what they are really after is a product that helps them build their financial identity, safely, transparently, and with a touch of personalization.
That’s where we see the contrast: Millennials have mastered the rewards game, moving seamlessly between points, perks, and partnerships. Gen Z is just entering the arena, but with very different instincts. Winning with them means rethinking how the product shows up in their daily lives before the brand narrative takes hold.
Fulcrum Question: How do you build a brand that feels premium when your youngest customers believe the product itself is the brand?
“Brand Follows Product” is a bold statement, and for the readers of this newsletter, who are mainly marketing executives, perhaps even a controversial one. Yet theevidence is mounting. The next generation of consumers is not waiting to be told what a brand stands for: they are deciding for themselves based on how the product shows up in their daily lives.
This is not a generational quirk. It is the early signal of astructural shift in how loyalty is earned and how brands are built.
The key points are clear. First, loyalty is being built less through storytelling and more through utility. Second, design and digital experience have become extensions of personal identity. Third, premium is no longer just a price pointbut a signal of purpose and belonging.
If the product itself is the brand, then the real challenge is not crafting the narrative after launch but engineering the product so that it tells the story from the start.
This is both a shift in mindset and a call to action. Ask yourself: is your brand still leading with story, or is your product ready to speak for itself?
We are in a moment where the Top 10% continue to remain strong, and the Bottom 10% have seen the most significant increase in their wages. I like to think of this as a moment where the edges are defining the next leg of the credit cardjourney. I touched on this idea in “Strength at the Edges,” and today we build on it.
The Amex Platinum Refresh is setting the tone. That said, the center, prime and mainstream cashback are helping set the pace. And finally, the other edge, subprime, reveals where the next wave of product design may emerge.
My goal is to identify the signals that matter so you can connect them to your reality.
Fulcrum Question: If status is the spark and cashback is the engine, what keeps customers with you?
Fulcrum Question: How do we pivot from being SEO-obsessed to AIO-obsessed?
Andrew and I were invited to a Fireside Chat at Meta’sFinancial Services Summit, and as a result, social media has been top of mind for me. It’s fascinating to see the progress Meta has made on the regulatory and policy front, which confirms to me that social media will be responsiblefor a significantly larger share of acquisitions in the future. I recently wrote about this trend in "Strength at the Edges," before my time at Meta, based on our data.
Add in the progress made on AI, and RayBan’s, and I thinkMeta is unstoppable.
Social + AI is now the new performance engine.
What has blown my mind are these stats from Amr’s much-awaited upcoming consumer research report:62%of GenZs are using AI-powered tools (e.g., ChatGPT) to get a recommendation for which Credit Card to apply
This number is 60% for Millennials and 33% for the GeneralPopulation.
Curious about what consumers are seeing, I tested three major AI platforms: Chat GPT 5.0, Gemini 2.5 Flash, and Perplexity Pro, with a variety of common financial questions. The results are eye-opening.
The Tipping Point Is Already Here
For the last twenty years, the game has been Search Engine Optimization (SEO). We’ve all worked tirelessly to climb Google's rankings. However, a seismic shift in consumer behavior is currently underway, driven by AI.
With a third to two-thirds of consumers using AIrecommendations, please identify how few products are being served up to the consumer.This isn't just a new channel; it's a new paradigm. WithSEO, the goal was to appear on a list of options for a user to research. With AI Optimization (AIO), the goal is to be the single best answer the AI provides. If your product doesn't appear, you will be completely invisible to this massive and growing audience. [I am considering Answer Engine Optimization (AEO) as part of your larger AIO strategy]
Why AIO Is the Great Equalizer
The immediate reaction to this might be panic, but thereality is that AIO presents a monumental opportunity for every financial institution. Unlike SEO, which often favors incumbents with decades of domain authority, AIO levels the playing field.
The time to act is now. We must shift our focus from the oldrules of SEO to the new, dynamic world of AIO. Start by asking these simple questions on today's AI platforms and see if you appear. If you don't, you've found your most crucial project for the rest of the year.
ChatGPT is now a verb.
By the time Google became a verb, consumer habits hadalready undergone significant changes. We knew Google had achieved escape velocity, and as one would expect, the trend continued to grow exponentially.We “photoshop” pictures, “Instagram” them, and “WhatsApp” folks.
I feel we’re on the cusp of ChatGPT becoming a verb, if it hasn’t already. At the very least, ChatGPT now occupies that space in daily conversations. I use this as a proxy to reiterate why this trend is not optional. I recently saw an excellent podcast titled “AI or DIE.” There’s more truth in that title than not.
Fulcrum Question: How do you justify a premium price to an aspirational market that just wants to "shop like a billionaire?"
Breaking News: The Amex Platinum Refresh is set to launch on September 18.
This week, the financial world is buzzing with news of the upcoming American Express Platinum card refresh,rumored to launch on Thursday, September 18, with a potential new annual fee of $895. In an economy where consumers are supposedly tightening their belts, aprice hike of this magnitude seems counterintuitive. But it’s not. It’s a calculated, strategic bet based on a fundamental rewiring of what "luxury" means to the modern consumer.
To understand why Amex is making this move, we need to look beyond the fee and into the converging worlds oftravel, consumer psychology, and the universal desire to live an elevated life.
A Historic Move on a Historic Day
It’s no coincidence that the refresh is slated for September 18th. That date marks the 67th anniversary of the "Fresno Drop," the day in 1958 when Bank of America mailed 60,000unsolicited BankAmericards to residents of Fresno, CA.
This event created the first mass-market credit card and ignited the consumer credit revolution. The BankAmericard eventually became Visa, and September 18th is, in essence, the birthday of the modern financial landscape.
By choosing this date, Amex, which launched its own charge card just weeks later on October 1, 1958, is making a powerful statement.
This isn't just an update; it's a reinvention, a milestone intended to redefine the role of a premium card for a new generation.
Disclaimer: This remains speculative, but after hours of scouring the depths of Reddit, I have gained enough confidence to make this bold claim.
Why Amex is Doubling Down on the New Luxury Dream
Amex Platinum isn't just a card; it's a statement. It represents a shift in consumer behavior that's perfectly captured by Temu's viral tagline, "shop like a billionaire."
While many people might scoff at the mention of Temu, dismissing it as just another fast-fashion app, itsmarketing team has created one of the smartest taglines of this current moment. The phrase speaks directly to the modern consumer's desire for luxury and exclusivity, but at a more accessible price point.
While operating at the opposite end of the price spectrum, Temu’s tagline taps into the core desire animating the entire luxury market: everyone wants a taste of the good life. Amex Platinum provides access to a world of elevated experiences, making premium perks feel within reach. The card's appeal lies in its ability to deliver an aspirational lifestyle. It grants consumers the kind of access and benefitsthat were once reserved for a select few, offering a taste of luxury without needing a billionaire's bank account.
This is where the “coupon book” may initially receive adverse reactions, but I have consumer data to support my claim that showing value is the most innovative way to sell luxury.
The move to an $895 annual fee isn't a sign of being out of touch. It's an incredibly astute reading of the new luxury landscape. Amex is betting that on the anniversary of thetool that democratized spending, it can successfully redefine the tool that curates aspiration. By offering demonstrable value, Amex is positioning the Platinum card not as an expense, but as an essential investment for anyonewho wants to "live like a billionaire," even if only for a weekend.
Week at a Glance:
Fulcrum Question: What offer at the edges earns the nextwave of applications. Or does a simplified middle offer win because the field is clear.
I was at the US Open this week, watching Djokovic vs Fritz. The match delivered. The other contest was American Express vs. Chase. The two blues owned the grounds. Youmet one of them at every turn. Each moment offered a small welcome. A place to sit. A nudge to spend with a perk that felt timely. Staff pointed to the benefits before you asked.
The lesson is simple. Share of mind becomes share of wallet when presence meets service in the flow of the day. I’m constantly asked how Amex has such a high in-person card acquisition rate.Their presence at these events is the easiest way to offset the lack of branches. Amex staff were diligently scanning “leads.”
This is a playbook. Treat an event as discovery, activation, and retention in one venue. Surprise at the moment of intent. Carry the same cadence into everyday channels with clear value and fast follow-through.
Week at a Glance:
Fulcrum Question: Who owns the future of co-brand: issuers, brands, or ecosystems?
Bonjour, I am back after a two-week break and re-energized, raring to go. Time away always sharpens perspective, and this week’s edition is all about co-brand. It was hard for me to miss the “usual” ads that I saw at JFK, and interestingly, CDG and NCE were no different; a reminder that cobrand messaging truly travels across borders.
One story that caught my eye during the break was Imprint’srecent Rakuten co-brand. Reportedly, Imprint beat out a number of traditional banks to land this partnership. Not bad for a five-year-old credit card startup that is now valued at $900 million. For context, consider Cardless, another fintech challenger that already has major co-brands in its portfolio. The fact that merchants are entrusting these partnerships to young entrants rather than legacy issuers shows just how much the ground is shifting.
Speaking of shifting ground, Alaska and Hawaiian are nowmoving closer together, and with Bank of America’s launch of the Atmos Rewards cards, the combined airline is doubling down on loyalty alignment. This is not just a merger of fleets but a merger of ecosystems, with co-brand as a central pillar.
The Micro‑Entrepreneur Mandate
The American small business is no longer the corner shop or the family franchise.The new face is the micro‑entrepreneur.The delivery driver. The online seller. The creative freelancer. This is not a side hustle economy. This is the engine of modern entrepreneurship. Almost half of consumers now consider gig work necessary to support themselves. For struggling households, it rises to six in ten. This is no niche. This is the new mainstream of small business.
Fulcrum Question: Do you see the gig worker at the margins, or at the center?
Trust has shifted. Millennials and Gen Z treat peer voices as the highest form of credibility.Their priorities place experiences ahead of ownership. Their financial stack now includes digital assets. Their journey with financial services begins earlier than any prior generation. These shifts define the next era of marketing.
Fulcrum Question: Are you listening to the narratives your next customers are creating, or do the assumptions of the last generation still guide you?
The Trust Transfer Has Occurred
We know that for Millennials and Gen Z, credibility no longer flows downward from established experts but radiates outward from peers.More than half of all Millennials agree with the statement, "I trust my peers more than experts". This isn't just a preference; it's a fundamental rewiring of how they filter information in a saturated digital world.
This shift explains the paradox of the highly educated Millennial who feels overwhelmed by information yet is more likely to trust peer-driven narratives. They aren't rejecting expertise outright; they are outsourcing the cognitive load of validation to trusted curators within their social and digital circles.
Strategic Implication: The "expert" voice in our marketing is now less effective than the "peer" voice. The challenge is that consumers are highly attuned to inauthenticity. Two-thirds of social media users report feeling "tricked" or "misled" by undisclosed sponsored content. The path forward requires a two-pronged approach:
We operate in an industry of narratives.
There is the story we tell consumers: one of value, access, and aspiration.
Then there is the story the ledger tells us: one of cost, liability, and margin.
The legend of a reward point is its perceived value on afirst-class flight; its reality is a line item on a balance sheet, meticulously managed and strategically deployed.
The gap between the ledger and the legend is where strategy lives. The most successful leaders don't just read the headlines; they understand the economics that write them. They see the signal through the noise.
Fulcrum Question: Are you analyzing the headline, or the economics that write it?
Why Every Launch and Refresh Strengthens the Market
We're witnessing an extraordinary moment in premium credit cards, a moment defined not by competition, but by precision, innovation, and strategic clarity. Each refresh and launch not only enhances the issuer's proposition but also elevates our entire industry.
Let's unpack the strategic moves reshaping our landscape.
Citi Strata Elite: Precision with Purpose
Citi’s Strata Elite exemplifies strategic precision. By securing exclusive 1:1 transfer capabilities with American Airlines AAdvantage, Citi has designed a laser-focused proposition for high-value travelers and affluent Citigold clients. Every feature, from Admirals Club access to Citigold integration,reinforces Citi’s commitment to specificity over scale. This targeted re-entry does not just fill a niche; it creates one.
Strata Elite marks Citi’s return to the premium travel arena with a differentiated playbook. Instead of chasing breadth through multiple airline and hotel partners, Citi is doubling down on exclusivity and loyalty stickiness. The AAdvantage tie-up positions Strata Elite as the only true premium bridge to American Airlines, appealing directly to the frequent flyer segment that values certainty over optionality. Layering this with Citigold banking integration elevates the card from a travel perk vehicle to a holistic wealth-and-travel platform.
The choice of Mastercard Legend as the network reinforces Citi’s premium intent. Legend adds a layer of elite services, concierge access, and travel protections to the offering.
The early response suggests that Strata Elite’s strength lies not in trying to serve everyone, but in speaking directly to the needs of the frequent traveler who is already deeply invested in Citi and American Airlines. For this consumer,Strata Elite is the logical next step.
In many ways, Strata Elite is Citi’s statement that precision can be as powerful as breadth. By anchoring the card to a clearly defined consumer and delivering depth of value rather than sheer variety, Citi has set the stage for Strata Elite to become a durable success story within its premium portfolio.
Amex and Chase: Ecosystem Architects
American Express Platinum and Chase Sapphire Reserve continue to define premium through expansive lifestyle ecosystems:
Each ecosystem approach represents intentional strategic depth designed to captivate distinct customer segments.
Capital One: The Simplicity Strategy
Capital One’s Venture X reflects a profound understanding of modern premium preferences, simplicity, and clarity. By offering straightforward, instantly justifiable value, itaddresses the cognitive load consumers increasingly seek to minimize. Its continued evolution will likely reinforce simplicity, enhancing clear and immediate value without sacrificing prestige.
BofA: Relationship Reinforcement
BofA’s Premium Rewards Elite capitalizes on asset-linked loyalty, uniquely positioned to reward existing high-net-worth relationships. The model is strategic and deliberate: it enhances returns precisely in line with client value. ExpectBofA to deepen this strategy further, fortifying its "relationship moat."
The brands winning today are sharper, not louder. They listen with intent, decode signals quickly, and act with precision. Every click, pause, and swipe from your customers is a message. It is direction. The challenge is the discipline to interpret the insight before the moment passes.
Relevance does not wait. It belongs to those who read the market in motion and move with purpose.
Fulcrum Question: Are you reading your customers closely enough to stay meaningful?Gen Z Banking Begins Before the First PaycheckAndrew’s recent interview with the CEO of Step reveals a shift that deserves every CMO’s attention. The conversation outlines a model built around early engagement, not traditional timelines. Step is building credit history before teens can earn income. It is embedding financial behaviors at the point of curiosity, not just capability.
Gen Z does not separate financial activity from digital life. Step understands this and builds accordingly.
The distribution model prioritizes creator partnerships and platforms like Snapchat.
Marketing leaders should treat this as both a case study and a call to action. The next generation is not waiting for onboarding. They are already operating with intention. The question is whether we are willing to participate in those early moments or observe them from a distance.
Week at a Glance:
Last week, I made the case for an explosion in marketing in 2H 2025.
The response? Strong opinions on all sides.
Many asked, “In this macro environment?” Fair question.
But here’s something to consider: there has neverbeen a moment in time that wasn’t clouded by uncertainty.
And when caution becomes consensus, sometimes the best position is to lean forward.
This week, I invite you to examine three common narratives with fresh eyes. Not because I want to win a debate, but because the data tells a different story.
Three exhibits. One request: please read with curiosity, then make a decision.
Fulcrum Question: What if the bearish sentiment is already priced in, and the real contrarian move now is optimism?
Fulcrum Thought: The next era of marketing won’t be measured by accounts acquired, but by identities inspired. Is your brand inspiring one?
The definition of value is undergoing a fundamental shift, driven by a new generation of consumers and transformative technology.
For leaders in the financial sector, this represents a tremendous opportunity. Understanding how consumers perceive value, from the demand for authentic marketing to the redefinition of premium rewards and the very assets people can own, is the key to building brands that resonate and lead in this new era.
Fulcrum Thought: Your customers are already living in the future of value. Is your brand building it with them?
Another way to test this thought is: If your brand disappeared tomorrow, what value would your customers truly lose?
Marketing to Gen Z: Authenticity is Your Brand's Mirror
Gen Z navigates a world of financial stress with a demand for radical transparency and genuine connection. They are wary of traditional advertising. To win with this generation, our marketing must be a mirror, reflecting their world with empathy and authenticity. We must create content and experiences that feel personal, valuable, and, above all, real.The "So What": To connect with this generation, your brand's message must be authentic and genuinely reflect their values and anxieties. Move beyond generic campaigns to create content and experiences that feel personal and prove you understand their world.
Why ‘Boring’ Is The New Bold
The strategies emerging in 2025 show the market isn't just expanding; it's bifurcating. On one side is the loud, expensive race for mass acquisition. On the other is a quiet, deliberate pursuit of deep relevance. From PNC’s focus on relationships to the shift toward conversational search, the signal is clear: the loudest voice doesn't always win. The most resonant one does.
The question is how you're choosing to grow. Are you building a brand that shouts, or one that's worth listening to?