From Capital One’s Q4 marketing spend to introducing the ACC, Andrew Davidson breaks down the latest news in the financial services industry. He also discusses Disney and Chase launching the new Inspire Visa Card, Santander announcing its acquisition of Webster Bank, and U.S. Bank launching Business Shield Visa.
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. Capital One Spent a Whopping $1.9 Billion on Marketing in Q4 2025
One number in Capital One’s Q4 2025 results stopped me cold. The bank spent $1.9 billion on marketing in a single quarter.
It is a number on a scale we have never seen in this industry. Yes, that figure includes Discover following the acquisition, but it also points to a trajectory where the largest issuers will soon be spending $2 billion per quarter if current trends continue.
When the results were released, I asked whether Capital One had just recorded the highest quarterly marketing spend by any issuer on record. The following week confirmed it: American Express came in lower at $1.6 billion, leaving Capital One’s number as the new high-water mark.
💡 Discover acquisition pushes marketing to new heights
- If you thought Discover was going away, think again. If anyone thought the Discover brand would fade with a lack of momentum, the reverse is true. Capital One continues to push the Discover brand in cards at a time when there is a massive opportunity for no‑fee products to capture mainstream prime consumers looking for cash back and a competitive intro APR.
- Remember the $5 billion club? As Amex, Capital One and Chase each began to near or surpass $5 billion in annual marketing spend, the idea of a “$5 billion club” seemed appropriate, but it’s already outdated. Capital One’s quarterly marketing number belongs in the company of the world’s largest consumer advertisers, the sort of scale normally reached only by giants like P&G. Why are they spending? It is an ultra-competitive market and these three see massive opportunities ahead by outspending the rest of the competition. Each year they spend more, they continue to get validation.
2. Introducing the ACC
Q4 2025 bank earnings season ended with confirmation that three financial institutions now operate in a different league when it comes to their quarterly marketing investment.
- Capital One: $1.9 billion.
- Amex: $1.6 billion.
- Chase: $1.5 billion.
Together, they form a new elite tier in credit card marketing.
ACC. Amex, Capital One, Chase.
Amex also delivered a record $6.25 billion in full-year marketing spend and signaled low single-digit growth that will put them at around $6.5 billion in 2026. Capital One set a new quarterly high as it integrates Discover. Chase continues to invest, setting its own annual record. The three issuers combined represent a massive $18 billion in annual marketing spend.
The ACC has emerged as the dominant tier of marketing spend in the credit card industry.
Source: Q4 2025 Bank earnings reports
💡The New Reality
- The ACC is creating a new competitive reality. Amex, Capital One, and Chase now spend at a scale unmatched by the rest of the market, with multi-billion-dollar quarters and a combined $18 billion in annual marketing investment. Their size, momentum, and commitment to customer acquisition put real distance between themselves and the rest of the field. This is the MBB equivalent in card marketing. Three players operating on a fundamentally different plane.
- Smaller issuers must compete differently. Matching ACC spending is not realistic, so the path forward is targeted, scrappy execution. That means precision marketing, clear value propositions, faster test and learn cycles, and leaning into pockets of opportunity where scale alone does not determine the winner. In this environment, agility becomes the competitive advantage.
3. Disney and Chase Launch the New Inspire Visa Card
New PREMIUM card alert!
It was leaked, but now it has launched. The new Disney Inspire Visa Card comes with a $149 annual fee and a promise to ‘elevate your Disney experience.’”
- $300 statement credit for spending $1K in 3 months
- $300 Disney Gift Card eGift to spend at Disney
- Earn 10% on DisneyPlus/Hulu/ESPN
- Earn 3% at Disney locations and gas stations
- Earn 2% at grocery stores and restaurants
- 200 Disney Reward Dollars per year for spending $2K on Disney Resorts/Cruises
- $100 statement credit per year for spending $200 on theme park tickets
- $120 statement credit annually for Disney streaming ($10 per month)
- APR: 18.24% to 27.74%
- Access to 4 card designs exclusive to Inspire
- All Disney credit cards get vacation financing, photo opportunites and discounts on shopping and dining
Source: Comperemedia Omni [02/01/2026 – 02/10/2026] as of 02/12/2026
💡Driving deeper engagement
- Disney rounds out its card lineup to drive deeper engagement. With one third of consumers visiting or planning to visit Disney, the Inspire Visa completes a three-tier structure that meets fans at every level. By adding a premium light option at the top of its portfolio, Disney creates more ways for frequent visitors, cruise guests, and streaming households to stay connected and spend across the ecosystem, building deeper and more continuous engagement.
- $150 is emerging as an important middle layer for premium light cards. As top-tier annual fees rise, issuers are converging on a $150 price point that offers elevated perks without ultra-premium costs. This tier is becoming a meaningful bridge between mass market cards and true premium products, raising the question of whether it could become the new anchor for accessible premium value (replacing $95 fee cards?). Disney now stands alongside BMO, United, Delta, Hilton, Ameriprise and Caesars at this level, reflecting broader demand for cards that feel aspirational but remain within reach for many consumers.
4. Santander Announces its Acquisition of Webster Bank
Here comes Santander!
Big move in U.S. banking. Santander is acquiring Webster Bank for about $12.2 billion, a deal that will create a top ten retail and commercial bank in the United States by assets and a top five deposit franchise in the Northeast.
The acquisition is expected to close in the second half of 2026. Once combined, the bank will have more than $300 billion in U.S. assets and a significantly expanded footprint across key markets.
The deal brings together Webster’s deposit franchise and Santander’s U.S. consumer credit capabilities. According to Santander, the combined operation will be one of the most efficient and profitable banks in the country.
Source: Santander Q4 2025 Earnings
💡Big intentions
- A new force in U.S. banking. We have seen this playbook before. Santander enters a market, makes a strategic acquisition, scales, integrates, and climbs the rankings. Look at the UK, where Santander is now the number three bank by personal current account balances following the TSB acquisition. It is hard to pretend we do not know what is coming next in the United States. Expect more moves. Expect more consolidation. Expect Santander to use this deal as a platform for further growth.
- The brand will follow the strategy. The transaction closes in the second half of 2026. That is when you should expect a major U.S. brand push. There was no mention of a Webster rebrand in the announcement, but it feels inevitable. Santander has a consistent pattern: integrate first, then go big on brand. In London, its presence is visible everywhere from traditional branches and Work Cafés to Santander bikes. The United States should expect its own version of that visibility once the new footprint is live. This one will reshape the Northeast banking landscape. And it is only the beginning.
5. U.S. Bank Launches Business Shield Visa
New BUSINESS card alert!
U.S. Bank has launched the Business Shield Visa “designed to help business owners navigate the unpredictable financial and resource challenges that come with running a small business.”
The launch replaces Platinum (bye bye Platinum, hello Shield), mirroring the portfolio refresh we saw on the consumer side last year.
- 0% intro APR for Purchases & Balance Transfers for 18 months when applying in a branch vs. 12 months when applying online (5% BT fee)
- Spend management tools to track spend, capture receipts and more
- 5% cash back when booking through the U.S. Bank Travel Center
- $50 statement credit for spending $5K via the Travel Center- Annual option for a 3 month ExtendPay for $0 after the intro rate expires
- APR: 16.24% to 25.24%
- No annual fee
💡U.S. Bank leans into its intro APR formula
- In‑branch reward. The branch vs. digital intro differential is notable because the 18‑month intro rate appears only in the press announcement, not on the application page and not in early marketing materials. That signals this is not a drive‑to‑branch acquisition strategy, but rather a relationship‑aligned benefit. In‑branch applicants tend to be existing customers or business owners already engaging with bankers in person, and U.S. Bank appears to be quietly rewarding deeper relationships rather than trying to shift behavior or push traffic into branches.
- U.S. Bank meets a need. Small business owners are actively seeking financing, and credit cards remain a key tool. According to the latest Bank of America Business Owner Report, 83% of business owners plan to obtain financing in the coming year. Extended intro APRs are uncommon in the business card space, where 12 months is considered long. U.S. Bank has consistently been one of the few issuers offering 18‑month intro APRs to business owners, and the new Business Shield Visa continues that approach while incorporating ExtendPay installment financing and the added value of earning rewards and credits when booking travel through U.S. Bank’s Travel Center.
