From Fifth Third announcing the acquisition of Comerica and Snap Finance officially launching Seen branded credit cards, to American Express leading with its Platinum refresh in Q3 earnings, Andrew Davidson breaks down the latest news in the financial services industry. He also interviews Jacob Zachs: Founder & CEO of Fasten Rewards, in this week’s edition of Lightbulb Moments.
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. Interview with Jacob Zachs: Founder & CEO of Fasten Rewards
In this episode of the Mintel Little Conversation podcast, I sat down with Jacob Zachs, Founder and CEO of Fasten, to discuss how the company is reinventing credit card rewards for America’s drivers.
We cover:
- The launch of the Fasten Rewards Visa, the first card to give points on car loans, leases, insurance, gas, repairs, and registration
- How Fasten is building a loyalty network with dealerships and turning auto retailers into rewards partners
- The technology and verification behind earning points on loan or lease payments
- The challenges of starting a new credit card business, from funding to partnerships to customer acquisition
- How tariffs and the new federal auto-loan tax deduction are reshaping incentives and creating opportunity for innovation in auto finance
💡Fasten’s moment to accelerate
- Reimagining loyalty for America’s drivers. Fasten Rewards is redefining how consumers think about loyalty. By rewarding essential auto-related expenses, Fasten is transforming a massive but historically ignored category into an engaging rewards ecosystem. Fintech startups are finding unique ways to offer rewards for large recurring payments, whether it’s rent, mortgages, or car payments that have been overlooked by major card players.
- The dealer advantage. Through partnerships with dealerships, Fasten has created a dual value proposition, giving consumers meaningful rewards while helping dealers build long-term customer relationships. Much like Bilt’s landlord network, this dealer-driven model could be a major differentiator.
- Timing and opportunity. With vehicle prices rising and new policies reshaping consumer finance, Fasten’s timing couldn’t be better. The company sits at the intersection of fintech innovation and automotive loyalty, two sectors ripe for disruption.
2. Fifth Third announces the acquisition of Comerica
Introducing the 9th largest U.S. Bank: Fifth Third + Comerica.
With its planned acquisition of Comerica, Fifth Third will become the 9th largest U.S. bank, with $288B in assets and $224B in deposits, spanning the Midwest, Southeast, Texas, and California.
Once the deal closes (expected Q1 2026), Comerica will operate under the Fifth Third name and brand, with rebranding and integration rolling out later in the year.
💡The evolving bank landscape
- Growth with reach. The acquisition gives Fifth Third greater density in high-growth markets like Texas and California while reinforcing its strong Midwest base. It marks a step toward true super-regional scale and signals that consolidation among mid-sized banks is accelerating. The banking landscape is set to evolve in the coming months, creating both opportunities for growth and new competitive threats from recently formed entities.
- Marketing challenge. Retiring the Comerica name simplifies branding but risks alienating loyal customers in legacy markets like Detroit and Dallas. Competitors will see an opening to position themselves as the “local” alternative just as Fifth Third works to earn new trust under its own name.
3. Snap Finance officially launched Seen branded credit cards
2% cash back on a non-prime card?!
Snap Finance has officially launched its Seen brand, expanding access to credit for consumers working to build or rebuild their financial profile.
Since its soft launch in late 2023, Seen has issued more than 100,000 credit cards and is now open for new applicants (pre-qual) at seen.com.
The Seen CashBack Plus Card offers 1% or 2% cash back on repayments, no annual fee, a credit limit up to $3,000, and a 35.99% APR. Direct mail offers have already been captured on Comperemedia.
The 2% is an unusually rich offer for non-prime consumers, where the focus has traditionally been on access rather than rewards.
💡Credit building opportunity
- Shifting expectations. In my recent conversation with David Johnson, the CEO and founder of subprime specialist Vervent, he talked about how their 1% cash back card is also changing expectations in non-prime lending. The fact that we’re now comparing reward levels in this segment shows just how quickly the category is maturing.
- Seen ramp-up. Seen has accelerated its targeted acquisition marketing in 2025, building on the momentum gained in 2024. The company also plans to introduce a secured card by year-end, signaling a commitment to growth. While there continues to be plenty of focus and attention on the top of the market (premium) there remains an opportunity to meet the needs of consumers looking to build credit, which remains the #1 reason why consumers apply for a card.
4. American Express leads with Platinum refresh in Q3 earnings
Amex opened its Q3 earnings call with a full slide and a strategic spotlight on the U.S. Platinum Card refresh, a move that tells you everything about how central Platinum has become to the Amex growth story.
Based on the first three weeks (early days), the refresh is exceeding expectations and is the “strongest start ever for a Platinum refresh” with acquisition running 2X higher than pre-refresh and more than 500K requests for the new Mirror card design.
The annual fee increase, from $695 to $895, comes into effect in a few months and hasn’t impacted retention yet.
💡What does it say about Amex when it spends the first 10 minutes of earnings talking about one card?
- Concentration risk. When one product gets this much airtime on an earnings call, it signals strategic dependence. You didn’t see Chase or Citi dedicate a similar slide to any single product as their engines are more diversified across other products/divisions. At Amex, Platinum is the strategy.
- Existential pressure. Competition at the top of the market is escalating with Chase Sapphire Reserve, Citi Strata Elite, Capital One Venture X and new premium co-brand options coming hard for the affluent segment. Amex can’t afford to slip here. If Platinum loses relevance, Amex loses its moat. 2026 is going to be a big year for Platinum marketing!
5. Capital One gears up for the next phase of premium
The new front in the battle for premium will be AI-driven experiences, and Capital One is gearing up.
This is how Chairman and CEO Rich Fairbank framed the company’s strategy on the Q3 2025 earnings call, responding to questions about competitors such as Amex, Chase, and Citi raising their game significantly.
Capital One began its technology transformation in 2012 and believes those long-term investments now position it to lead in the AI era, using advanced data, analytics, and machine learning to elevate customer experiences and strengthen its competitive edge.
Source: Capital One Q3 2025 Earnings Call
💡Capital One “struck” by the opportunity in premium
- New competition enhances the premium opportunity. In a particularly interesting comment, Fairbank noted that it was “striking” how much the competition, and particularly escalating annual fees, had enhanced the opportunity in the premium segment for Capital One. Capital One is leaning into anti-coupon book messaging such as “Easy-to-use travel benefits, at a price that makes sense” and “Elevated, not complicated,” as it seeks to take advantage of the myopic price war between Amex and Chase.
- AI-driven experiences. Fairbank pointed to AI-driven experiences as the new front in the battle for premium and Capital One is gearing up for that fight. Remember, Capital One acquired Velocity Black (https://velocity.black), “a digital lifestyle concierge that makes the extraordinary possible,” back in 2023 and has yet to integrate the service into its offerings. Fairbank, who always invests for the long term, made a point of emphasizing his long-term outlook on the earnings call. Rest assured, Capital One is gearing up for the next phase of premium.
