From Fetch’s partnership with Imprint and Amex, to the quiet launch of Booking.com’s credit card, Andrew Davidson, breaks down the key developments redefining the financial services industry. He also sits down to chat with Adam Boyd, Head of Consumer Lending at Citizen which you can listen to on our podcast, Mintel Little Conversation.
Want to discover more of Andrew’s cutting-edge insights on financial products, marketing strategies, and industry innovations? Follow him on LinkedIn, or listen to him as the host of Mintel’s Little Conversation podcast.
Here are the 5 things you need to know:
1. What’s the most successful credit card launch of all time?
Chase is reportedly nearing a deal to take over from Goldman Sachs as the issuer of the Apple Card. A huge portfolio with massive potential given the size and scope of the Apple ecosystem.
Back in 2019, I wrote an article about the Apple Card launch, calling it “probably the most talked about credit card of all time” while praising its impressive mobile integration. I even posted my first credit card unboxing video.
I recently revisted that question with a LinkedIn poll: Which card had the most successful launch? Success here means disruption, and lasting influence, not just scale or longevity. It’s a small but mighty sample of 100+ credit card industry enthusiasts.
💡The winner: Apple Card
- Winner: Apple Card (2020). An incredible pre-launch campaign built huge anticipation. Apple delivered a truly mobile-first experience that integrated beautifully with the Wallet app. Apple/Goldman Sachs branded metal cards may become collectors’ items – 12 million cardholders as of Jan 2024 (Estimated 13–14 million cardholders today)
- Runner-up: Citi AAdvantage (1987). The original airline co-brand card is still going strong after all these years and we are expecting a refresh soon following a new deal between American Airlines and Citi – 6% of U.S. air travelers hold the card today with 12 million lifetime users, and an estimated 6–7 million active now.
- Third place: AT&T Universal Card (1990). Caused a sensation with its bold “no-fee guarantee,” helping to normalize no-annual-fee cards at scale (even though Discover got there first in the mid-1980s) – 19 million customers reported at one point!
- Fourth place: GM Card (1992). The most successful launch in card history at the time, with Household Bank adding seven million cardholders in less than a year. It broadened the concept of rewards beyond travel and inspired my own passion for credit cards when it launched in the UK in 1993. Relaunched by Barclays this year. An estimated 2–4 million current cardholders today.
2. Fetch announces new credit card with Imprint and Amex
Gamified payments? Fetch extends its gamified approach to its new credit card.
Coming in hot on the heels of the Rakuten launch, rewards app Fetch has partnered with Imprint and American Express to announce the pre-launch waitlist for the Fetch American Express Card.
- Target: 12.5 million monthly active users
- 10x points on retail & grocery
- 5x points everywhere else
- 🤩Spin & Win up to 1200 bonus points per transaction
- Point bonuses, promotions and stackables to earn more rewards
- Amex network benefits: Offers & Experiences
- Choice of two card designs
- No annual fee
- APR: 19.74% – 33.99%
💡New approaches and new opportunities
- Gamified engagement. Fetch doesn’t just use gamified mechanics, it offers actual games to earn points. Users can play mobile games, complete challenges, and now spin a wheel after every card transaction. With Spin & Win built in, gamification moves beyond the app and becomes part of how the card works too, adding even more interactivity for its 12.5 million–strong user base.
- Why wait? The infrastructure is clearly in place, but the waitlist likely allows Fetch, Imprint, and Amex to control the rollout, manage demand, and ensure smooth performance before opening the gates.
- Stacking up the wins. Another win for Amex and Imprint following the Rakuten launch. Together, they’re uncovering co-brand opportunities in unexpected places and getting them to market fast.
3. Booking.com and Imprint launch the Genius Rewards Visa Signature card
New card alert! Yes, another one! The long-rumored Booking.com Genius Rewards Visa Signature Credit Card from Imprint has launched.
- Target: Genius Rewards members
- $150 in Travel Credits after spending $1500 in 90 days
- 6% in Travel Credits on hotels via the app and 5% on flights via Booking.com
- 3% in Travel Credits WHILE YOU TRAVEL ⭐Unique (I like this)
- 3% in Travel Credits on dining, gas and groceries
- 2% in Travel Credits for all other purchases
- Upgrade to Genius Level 3 which means 10-20% off select hotels
- $100 credit spend bonus for spending $15K in a year
- No annual fee or foreign transaction fees
- APR: 22.99% – 32.99%
💡The OTA credit card segment heats up
- How many consumers want a Booking.com credit card? Approximately 14 million emails (client access only) were sent on July 23rd with the subject line “Something new is coming your way 💳” announcing the new card and telling Genius members to “stay tuned.” That gives us a sense of the initial scale of the opportunity for Booking.com which is the largest Online Travel Agent in the world. The value prop looks very strong for a no-fee card and could be a no-brainer for those who prefer to book their travel on the app/site and are focused on how they want to use their credit card rewards.
- Big noise coming. The card launched quietly without a big splash and not even a press release at first. Booking.com spends more than eight billion each year on marketing (more than Amex) so in that context you would think something big is in the works and acquisition emails (client access only) began rolling out in late August.
- OTA opportunity. Last year I wrote about rising Online Travel Agency (OTA) usage when Expedia and Wells Fargo launched two new credit cards. Despite direct bookings still being more popular, OTA usage has been rising. The percentage of travelers using OTAs increased from 38% in 2022 to 43% in 2024 according to Mintel. This is officially a hot segment and other travel cards should pay attention to these launches, given shifting consumer preferences.
4. New Yorkers are trading in the Amex Black Card says the New York Post
In a recent New York Post piece, Lydia Moynihan suggested that the ultimate credit card status symbol — the Amex Centurion Card (aka Black Card) — may be losing its cachet.
According to the article, some wealthy New Yorkers are trading in the Black Card (with its $5,000 annual fee + $10,000 initiation fee) for aspirational, “coupon-style” premium cards like the Amex Platinum ($695) or Chase Sapphire Reserve ($795) cards.
Here’s the killer quote from a former Black Card member:“I paid more for this than most of my private club memberships in the city — I couldn’t justify it anymore.”
💡The New Frontier: Elevated Premium
- Cards for the aspirational. Amex and Chase are in a price war (where price is a feature) to capture the wallets of high-earning Gen Z and Millennial consumers. These HENRYs (High Earners, Not Rich Yet) are willing to pay higher annual fees if they see real value in return. But there’s only so much further this tension between luxury and value can stretch. (At some point, no one needs another Lyft credit.)That opens an opportunity to go beyond today’s aspirational premium cards.
- Cards for the truly wealthy. Think a refreshed Amex Black or new cards above Sapphire Reserve or Venture X. I’m calling this emerging tier “Elevated Premium” for cards focused less on perks and more on high-touch service, concierge experiences, and true access. The NY Post piece is another signal that we’re likely headed toward a reset at the top. Expect premium players to rethink and consider new offerings for cards with annual fees in the thousands of dollars rather than the hundreds, as the number of millionaires and billionaires continues to rise. And that quote about “private membership clubs” (plural) might just hint at what the next wave of elevated premium cards will look like, going far beyond lounge access and Equinox credits. As a magnet for wealth, New York will be the battleground and the bellwether.
5. Interview with Adam Boyd: Head of Consumer Lending at Citizens
In this episode of the Mintel Little Conversation podcast, I sat down with Adam Boyd, Head of Consumer Lending at Citizens, to talk about the bank’s bold move to relaunch its entire credit card lineup.
We cover:
- Why credit cards are becoming central to regional banks’ growth strategies
- The decision to launch four new cards at once and what that means for customers
- How Summit Reserve marks Citizens’ entry into the premium space with unique lifestyle perks
- Citizens’ ambition to double its card business
- The bank’s long-term vision for competing with the biggest players in credit cards
💡Ripping off the Band Aid
- Credit cards as a new growth engine for regionals. Credit cards are no longer just an add-on product for regional banks. They are becoming central to strategy. For Citizens, the decision to overhaul its entire lineup in one bold move underscores how cards can serve as a cornerstone for deepening customer relationships. This marks a real shift in mindset. Regional banks are no longer content to play defense but are leaning into credit cards as a proactive way to engage customers, cross-sell, and capture loyalty. Cards offer not just transactional value but a daily touchpoint that keeps the bank at the center of a customer’s financial life.
- Premium cards as the next battleground. Perhaps the most notable development is Citizens’ entry into the premium segment with the Summit Reserve card. This is not just about offering richer rewards; it is about signaling to affluent customers that Citizens intends to hold on to its most valuable relationships. With unique lifestyle perks and a tailored brand story, Citizens is making it clear it will not cede its most valuable clients without a fight. As consumer demand for premium credit products accelerates, expect more regional banks to follow suit, reshaping the competitive landscape and broadening access to benefits once reserved for national players.
