Comperemedia’s Chief Insights Officer, Andrew Davidson is well known for sharing the latest insights on financial services products and marketing strategies/innovations on his LinkedIn, as an event speaker and as a host on Mintel’s Little Conversation podcast. In this bi-weekly recap, he will provide you with the latest news and insights happening in the financial services industry.
Here are the 5 things you need to know:
1. DOJ draft report flags subprime concerns in Capital One-Discover deal
As the $35B Capital One–Discover merger approaches its May 19 deadline, new reporting from Catherine Leffert at American Banker reveals that the Department of Justice has drafted a report warning that the deal could harm competition in the subprime credit card market.
According to the article, the DOJ’s internal draft—referenced in a Capitol Forum report—points to the combined companies’ outsized share of subprime card debt (up to one-third of the market) as potentially anticompetitive.
While the DOJ can’t block the deal directly, its findings could influence regulators, marking the most serious antitrust signal yet.
💡On track for approval:
- Missing the point. The American Banker piece quotes Brian Foran of Truist Securities saying: “Many of Discover’s subprime customers have higher credit scores at origination, and later get dinged by a delinquency.” And that’s EXACTLY THE POINT: Discover doesn’t compete in the subprime segment. According to Comperemedia data (client link only), the overwhelming majority of Discover’s targeted offers go to Super Prime/Prime consumers. In fact, in recent years, Discover has leaned heavily into Super Prime (FICO 721+) to address delinquency issues. A combined Capital One–Discover doesn’t reduce choice for subprime consumers because Discover wasn’t serving that segment in the first place.
- Like a glove. A year ago, when the merger was announced, I posted: “The two companies fit like a glove in many respects. Capital One credit cards are traditionally strong at both ends of the credit spectrum and have recently pushed more aggressively into premium, while Discover is traditionally strong in the middle. Rising delinquencies at Discover? Who better to swoop in than the data-led experts at Capital One with decades of experience managing non-prime consumers through the business cycle. From banking to lending, there’s plenty that’s complementary.” That still holds and I think the merger will ultimately be approved.
Source: Comperemedia Financial Profiles Report, Q4 2024
2. Afterpay is now Cash App Afterpay
Brand dilemma.
In a significant development, Block has FINALLY integrated Afterpay with Cash App.
Now, Cash App customers can pay in 4 installments — either for past purchases or when shopping online with select merchants.
As a result, Afterpay has been rebranded as… Cash App Afterpay. We picked up emails to Afterpay customers announcing the new brand, logo, and colors.
Subject Line: Afterpay is now Cash App Afterpay
Source: Mintel ePerformance 03/21/2025 as of 04/02/2025
💡Integration and evolution:
- Significant move. Cash App reportedly has 57 million monthly active users who now have direct access to Afterpay. Whatever the reasons for delaying integration (Afterpay was acquired in 2022), the time may have worked in Block’s favor. It allowed Cash App to quietly expand its ecosystem and grow its online and in-store merchant network. The timing couldn’t be better: Klarna and Affirm have been expanding their presence, and with consumer budgets stretched, expect an almighty BNPL battle in the months ahead.
- First-world problems. The new “Cash App Afterpay” brand is underwhelming, but the challenges are real. According to Mintel, 33% of U.S. consumers used Cash App in the past year (more than Zelle, Venmo, and Apple Pay). A similar number used Afterpay, so both have strong brand equity among a similar audience (younger, digitally native consumers). But Cash App is U.S.-only, while Afterpay is global and well-established with retailers. What to do? Block chose a mashup, prompting its largest national branding campaign to date across OOH and video, with Cash App Afterpay featured in at least one ad. Block’s goal is to make Cash App the primary banking solution for households earning up to $150K. My bet? At some point, they’ll rip the Band-Aid off and drop the Afterpay name entirely. We’ll see
3. United’s new-look family of credit cards
United Airlines and Chase announced a long-overdue refresh of the United credit card lineup on March 24, following Amex’s lead by offsetting significant annual fee increases with new benefits like rideshare and travel credits.
The claim: “Over $800 for the United Explorer Card to $2,000 for the United Club Cards in total annual value.”
The updated annual fees?
- Explorer: $150 up from $95
- Quest: $350 up from $250
- Club: $695 up from $525
💡Prescreened push:
- Mass prescreening in action. A new campaign featuring Ty Burrell rolled out starting April 1, 2025, but initial marketing at launch was surprisingly quiet. The first sign of activity was a push notification from United Airlines that hit my phone, prompting a tap that revealed an offer of “up to 95,000 bonus miles” and presenting all four Chase United cards as “pre-approved.” Click-through revealed the required prescreen opt-out language, confirming this as an in-app prescreened credit offer. United MileagePlus has over 100 million members. I can’t say how many got the push notification, but this points to a massive in-app prescreening campaign.
- Amex Platinum heading to $795? Cardholders continue to tell us they’ll pay higher fees for higher rewards. United just matched Delta’s $650 fee tier but went further with the United Club Cards at $695. That now makes the Platinum Card from American Express ($695) no longer the most expensive premium rewards card on the market. With a refresh likely coming and competitive pressure rising, I’d bet we see Amex raise the Platinum fee again—probably by another $100+ to maintain its “king of premium” status.
4. Robinhood’s 3 million-person waitlist for Robinhood Gold
Robinhood’s Gold Card Waitlist Strategy: Smart Scarcity or Missed Opportunity?
One year after announcing the Robinhood Gold Card, the company says it’s now rolled out to 100K users—with another 100K recently invited.
The real headline? A waitlist nearing three million.
💡 The build-out challenge:
Pros
- Creates exclusivity and hype—a classic fintech move to drive demand
- Builds anticipation while refining product experience
- Drives Robinhood Gold subscriptions as a “membership unlock”
Cons
- Risk of frustrating loyal users who can’t access the product
- The card’s value prop could go stale while consumers wait
- Competitors are innovating fast—can Robinhood keep the momentum?
Big Picture
A waitlist of three million with only 200K cards issued also highlights the operational complexity of launching and scaling a credit card—from risk infrastructure to servicing and support. It’s not just a marketing challenge—it’s a build-out challenge.
5. Interview with Julie Szudarek: CEO of Self Financial
In our latest Mintel Little Conversation podcast episode, I sat down with Julie Szudarek, CEO of Self Financial, to talk about the future of credit access and how Self is helping consumers build credit and financial confidence one step at a time.
We dive into:
- The mechanics behind Self’s credit-building products
- Customer behavior in today’s economic climate
- Marketing strategies that are driving growth
- What it’s like stepping in as CEO after a founder
- What’s next for Self in 2025 and beyond
💡Redefining credit building:
- Empowering credit builders. For many, building credit is the top reason for opening a credit card, and secured cards are being redefined as smart financial tools to help consumers on their credit journey. With Julie Szudarek at the helm, Self Financial is leading this shift and entering its next phase of growth. As banks scramble to keep up, 2025 is shaping up to be a breakout year for secured cards, with new products and marketing strategies on the rise.
- Centering the customer voice. Self regularly brings customer stories into internal meetings to inspire and guide strategy. These voices help the team stay grounded in their mission and inform product decisions. About 25–30% of customers hear about Self from a friend—most without referral incentives—underscoring the brand’s authentic reputation and organic growth.
- From fintech niche to ecosystem. Julie sees Self evolving from a credit-building specialist to a broader platform. With strategic hires and expanding marketing, the company is entering its next growth phase—offering more products while staying focused on credit access. Like other successful startups, Self is bundling solutions to stay with customers longer.
