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. Amex announces updates to Platinum
As teaser ads for the upcoming Sapphire Reserve refresh began appearing across NYC (I snapped this one on 14th Street), American Express moved to reclaim the spotlight, issuing a press release announcing “major updates” to its Consumer and Business Platinum cards coming later this year.
Howard Grosfield, Group President, U.S. Consumer Services, said, “We’re going to take these Cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers.”
💡Reclaiming the narrative
- Narrative control. If Amex wanted to generate buzz, it worked. Major outlets and specialist media quickly picked up the story. Following the launch of Chase’s teaser campaign, the momentum was with Chase Sapphire Reserve, but Amex clearly doesn’t intend to let Chase dominate the premium card conversation, especially not for long. Amex posted on Instagram that this would be “the largest ever investment in a card refresh.” The message to cardmembers is clear: Don’t get distracted. Watch this space.
- Amex will never surrender. Whatever the annual fee is for Chase Sapphire Reserve (initially rumored and subsequently subsequently confirmed at $795), Amex will likely go higher (rumored: $895). Amex isn’t just defending its turf, it’s reaffirming its intent to own the premium category. And unlike Chase and Capital One, Amex can afford to focus its marketing firepower on Platinum, without needing to balance attention across banking products like checking accounts or mortgages.
2. Chase releases details of the Sapphire Reserve refresh ahead of the launch
After Amex reclaimed the narrative with its own announcement, Chase dominated the headlines again by introducing Sapphire Reserve as “the most rewarding card” and releasing some specifics of the refresh plus details on the new Sapphire Reserve for Business, notably a few days before cardholders could apply.
Creative marketing continued, including a swanky unboxing video on Instagram to showcase the appealing card design.
The rumored $795 annual fee was confirmed to be offset by “over $2700 in annual value.”
- $1200 in annual travel credits
- “More than $1500 in annual lifestyle value”: partnerships with DoorDash, StubHub, Apple, Lyft and Peloton
- Network of airport lounges including Chase Sapphire Lounge by The Club
- Spend $75K to earn more credits and status with IHG and Southwest
💡Is it a marketing mismatch?
- Luxury or value. In my last Lightbulb Moments, I commented on how Chase had signaled a shift to quiet luxury by deploying Claudia Schiffer in its teaser campaign. The unboxing videos are beautifully conceived in line with that aspirational message BUT when it comes to the value prop it seems to be a luxury price tag with a value or some might say “coupon book” approach. What’s interesting is that the marketing shows where we are heading with this premium segment but the true reflection of that aspirational message isn’t there yet…at least from what I can tell so far. Will Amex follow the same path or try to be different when it releases a new version of Platinum later this year with an even higher price tag?
- New premium opportunities are emerging. As the top end of the market tries to stretch the premium value play as far as it can go, new opportunities are emerging from truly affluent and aspirational cards to mid-tier premium products that can fill in the gaps for those who aren’t willing to pay these higher annual fees.
3. Chase Sapphire Reserve goes live
The new Chase Sapphire Reserve and Sapphire Reserve for Business went LIVE on June 23rd and Chase kicked things off with a complete takeover of The Points Guy.
TPG visitors on June 23rd were greeted with a full screen of Chase Sapphire Reserve marketing.
Also revealed…the “best offer ever” welcome bonus:
- Chase Sapphire Reserve: 100,000 points + $500 Chase Travel promo credit for spending $5,000 in purchases in the first 3 months.
- Chase Sapphire Reserve for Business: 200,000 bonus points for spending $30,000 on purchases in your first 6 months.
Existing customers were also notified of the changes coming to their cards via email.
Note: The campaign is now rolling out across multiple channels.
Source: The Points Guy, Comperemedia Omni [06/01/2025 – 07/02/2025] as of 07/03/2025 | LinkedIn
💡New creative tactics
- Is the Points Guy a Chase platform now? With a single advertiser dominating the homepage, the lines between editorial credibility and paid placement are blurring. It’s a smart and aggressive move by Chase but a risky one for The Points Guy brand. As these kinds of advertiser takeovers become more common, will audiences start to tune out in search of more neutral, independent voices
- Creative tactics in a competitive market. Chase’s “best offer ever” blends points and a promotional credit. Meanwhile, American Express is adapting with its own messaging, shifting the Platinum Card offer to “as high as” 175K Membership Rewards Points. That language – which is more common what promoting fees/rates than points – and the Chase points/credit combo signals a new level of nuanced creative positioning when it comes to sign-on incentives. The incentive war is heating up for premium cards. Next move: Amex?
4. Interview with Nate Bacon: Head of Credit Cards at PNC
In the latest episode of the Mintel Little Conversation podcast, I sat down with Nate Bacon, Head of Credit Cards at PNC, to talk strategy, innovation, and the journey to break into the top 10.
We cover:
- PNC’s transformation into a national banking brand
- The new Spend Wise Visa and its APR reduction feature
- Why credit cards are now a strategic priority for PNC
- A behind-the-scenes look at how Spend Wise was developed
- PNC’s marketing approach and long-term vision for growth
💡Watch out for PNC
- A product made for the moment. PNC has evolved from a mega-regional to a true national player when it comes to banking but where do credit cards fit into that vision? Spend Wise is one step on that journey. With its unique APR reduction feature and focus on smart money habits, it’s a product made for the moment. As consumers grapple with high interest rates and record debt, PNC is positioning itself with real relevance.
- Building momentum in cards. After launching two new cards in the past year, PNC is quietly building momentum, aiming to match its retail banking strength with a more competitive card portfolio. There is a quote from Nate starting at minute 4:35 that really stood out to me, and that is that “more and more your credit card and how you spend is a bigger component of how you identify with your primary bank.” That change is a call to action for PNC and other regional banks. PNC is one to watch!
5. Wawa launches a new credit card with FNBO
New Card Alert! Wawa – the beloved East Coast chain known for its hoagies, coffee, and made-to-order convenience – has teamed up with FNBO to launch the Wawa Mastercard.
- 50 cents off per gallon for the first 30 days
- 5 cents off per gallon after 30 days
- 3X points at Wawa
- 1X points elsewhere
- Auto redeem 2.5K points for $25 Wawa gift cards
- No annual fee
- 30.99% APR
💡A partnership for growth
- Bold growth. Wawa just kicked off what it calls its “largest expansion ever.” With 1,050+ stores across eight states and D.C., 70 more opening this year, and a goal of 1,800 by 2030, it needs tools to fuel loyalty and scale. In that context, this card is a smart move and a strategic win for FNBO.
- On the value prop. Sure, it doesn’t stand out and those earn rates are modest versus other gas cobrand cards BUT that’s not the complete picture as Wawa is also a full-service convenience retailer known for freshly prepared food (hoagies, breakfast sandwiches, coffee), made-to-order options, and a welcoming in-store experience. That means customers stay longer and they SPEND MORE.
- Shared values. Wawa: privately held, family-owned, with 200+ years of history and a purpose-driven story. FNBO: also privately held, rooted in six generations of family leadership, and building out a niche in gas co-brand (B.P., Sheetz… and now Wawa). This feels like a values-aligned partnership, and one that plays to FNBO’s strength in building durable, regional loyalty plays.
