Week at a Glance: 

• The Evolution of Cobrand
• Co-branded Card 2025 Competitive Intelligence Trends
• Co-branded Card Predictions for 2025
• All That Glitters Is Not Gold: Sometimes It’s Sapphire

Fulcrum Question: Who owns the future of co-brand: issuers, brands, or ecosystems?

Bonjour, I am back after a two-week break and re-energized, raring to go. Time away always sharpens perspective, and this week’s edition is all about co-brand. It was hard for me to miss the “usual” ads that I saw at JFK, and interestingly, CDG and NCE were no different; a reminder that cobrand messaging truly travels across borders.

One story that caught my eye during the break was Imprint’srecent Rakuten co-brand. Reportedly, Imprint beat out a number of traditional banks to land this partnership. Not bad for a five-year-old credit card startup that is now valued at $900 million. For context, consider Cardless, another fintech challenger that already has major co-brands in its portfolio. The fact that merchants are entrusting these partnerships to young entrants rather than legacy issuers shows just how much the ground is shifting.

Speaking of shifting ground, Alaska and Hawaiian are nowmoving closer together, and with Bank of America’s launch of the Atmos Rewards cards, the combined airline is doubling down on loyalty alignment. This is not just a merger of fleets but a merger of ecosystems, with co-brand as a central pillar.

The Micro‑Entrepreneur Mandate

The American small business is no longer the corner shop or the family franchise.The new face is the micro‑entrepreneur.The delivery driver. The online seller. The creative freelancer. This is not a side hustle economy. This is the engine of modern entrepreneurship. Almost half of consumers now consider gig work necessary to support themselves. For struggling households, it rises to six in ten. This is no niche. This is the new mainstream of small business.

Fulcrum Question: Do you see the gig worker at the margins, or at the center?

Trust has shifted. Millennials and Gen Z treat peer voices as the highest form of credibility.Their priorities place experiences ahead of ownership. Their financial stack now includes digital assets. Their journey with financial services begins earlier than any prior generation. These shifts define the next era of marketing.

Fulcrum Question: Are you listening to the narratives your next customers are creating, or do the assumptions of the last generation still guide you?

The Trust Transfer Has Occurred

We know that for Millennials and Gen Z, credibility no longer flows downward from established experts but radiates outward from peers.More than half of all Millennials agree with the statement, "I trust my peers more than experts". This isn't just a preference; it's a fundamental rewiring of how they filter information in a saturated digital world.

This shift explains the paradox of the highly educated Millennial who feels overwhelmed by information yet is more likely to trust peer-driven narratives. They aren't rejecting expertise outright; they are outsourcing the cognitive load of validation to trusted curators within their social and digital circles.

Strategic Implication: The "expert" voice in our marketing is now less effective than the "peer" voice. The challenge is that consumers are highly attuned to inauthenticity. Two-thirds of social media users report feeling "tricked" or "misled" by undisclosed sponsored content. The path forward requires a two-pronged approach:

• Systematic User-Generated Content (UGC):Actively solicit and amplify authentic customer stories. This creates a scalable engine for peer validation that feels genuine because it is.We see numerous examples in business card marketing, but I am surprised that we barely see this in consumer marketing yet. Chime and a few fintechs have led the pack on this front thus far. It is high time we all embraced customer stories to be the core of our marketing strategy. Don’t trust me, trust the data.

• Ethical Influencer Partnerships: Move beyond transactional relationships. Identify and build long-term partnerships with niche creators who have earnedgenuine trust with your target audience. Transparency is non-negotiable.

We operate in an industry of narratives.

There is the story we tell consumers: one of value, access, and aspiration.

Then there is the story the ledger tells us: one of cost, liability, and margin.

The legend of a reward point is its perceived value on afirst-class flight; its reality is a line item on a balance sheet, meticulously managed and strategically deployed.

 The gap between the ledger and the legend is where strategy lives. The most successful leaders don't just read the headlines; they understand the economics that write them. They see the signal through the noise.

Fulcrum Question: Are you analyzing the headline, or the economics that write it?

Why Every Launch and Refresh Strengthens the Market

We're witnessing an extraordinary moment in premium credit cards, a moment defined not by competition, but by precision, innovation, and strategic clarity. Each refresh and launch not only enhances the issuer's proposition but also elevates our entire industry.

Let's unpack the strategic moves reshaping our landscape.

Citi Strata Elite: Precision with Purpose

Citi’s Strata Elite exemplifies strategic precision. By securing exclusive 1:1 transfer capabilities with American Airlines AAdvantage, Citi has designed a laser-focused proposition for high-value travelers and affluent Citigold clients. Every feature, from Admirals Club access to Citigold integration,reinforces Citi’s commitment to specificity over scale. This targeted re-entry does not just fill a niche; it creates one.

Strata Elite marks Citi’s return to the premium travel arena with a differentiated playbook. Instead of chasing breadth through multiple airline and hotel partners, Citi is doubling down on exclusivity and loyalty stickiness. The AAdvantage tie-up positions Strata Elite as the only true premium bridge to American Airlines, appealing directly to the frequent flyer segment that values certainty over optionality. Layering this with Citigold banking integration elevates the card from a travel perk vehicle to a holistic wealth-and-travel platform.

The choice of Mastercard Legend as the network reinforces Citi’s premium intent. Legend adds a layer of elite services, concierge access, and travel protections to the offering.

The early response suggests that Strata Elite’s strength lies not in trying to serve everyone, but in speaking directly to the needs of the frequent traveler who is already deeply invested in Citi and American Airlines. For this consumer,Strata Elite is the logical next step.

In many ways, Strata Elite is Citi’s statement that precision can be as powerful as breadth. By anchoring the card to a clearly defined consumer and delivering depth of value rather than sheer variety, Citi has set the stage for Strata Elite to become a durable success story within its premium portfolio.

Amex and Chase: Ecosystem Architects

American Express Platinum and Chase Sapphire Reserve continue to define premium through expansive lifestyle ecosystems:

• Amex Platinum remains synonymous with status andbreadth, expertly balancing aspirational value with exclusive access. Its ongoing refreshes maintain prestige while methodically expanding into dailylifestyle integration.
• Chase Sapphire Reserve builds an all-encompassing ecosystem where travel, dining, entertainment, and daily habits merge seamlessly. Chase has transformed its card into a curated life subscription, making customer loyalty both immersive and frictionless.

Each ecosystem approach represents intentional strategic depth designed to captivate distinct customer segments.

Capital One: The Simplicity Strategy

Capital One’s Venture X reflects a profound understanding of modern premium preferences, simplicity, and clarity. By offering straightforward, instantly justifiable value, itaddresses the cognitive load consumers increasingly seek to minimize. Its continued evolution will likely reinforce simplicity, enhancing clear and immediate value without sacrificing prestige.

BofA: Relationship Reinforcement

BofA’s Premium Rewards Elite capitalizes on asset-linked loyalty, uniquely positioned to reward existing high-net-worth relationships. The model is strategic and deliberate: it enhances returns precisely in line with client value. ExpectBofA to deepen this strategy further, fortifying its "relationship moat."

The brands winning today are sharper, not louder. They listen with intent, decode signals quickly, and act with precision. Every click, pause, and swipe from your customers is a message. It is direction. The challenge is the discipline to interpret the insight before the moment passes.

Relevance does not wait. It belongs to those who read the market in motion and move with purpose.

Fulcrum Question: Are you reading your customers closely enough to stay meaningful?Gen Z Banking Begins Before the First PaycheckAndrew’s recent interview with the CEO of Step reveals a shift that deserves every CMO’s attention. The conversation outlines a model built around early engagement, not traditional timelines. Step is building credit history before teens can earn income. It is embedding financial behaviors at the point of curiosity, not just capability.

Gen Z does not separate financial activity from digital life. Step understands this and builds accordingly.

The distribution model prioritizes creator partnerships and platforms like Snapchat.

Marketing leaders should treat this as both a case study and a call to action. The next generation is not waiting for onboarding. They are already operating with intention. The question is whether we are willing to participate in those early moments or observe them from a distance.

Week at a Glance:

• Marketing Momentum Is Real
• Credit Card Debt, Reconsidered
• Institutional Crypto Quietly Goes Mainstream

Last week, I made the case for an explosion in marketing in 2H 2025.

The response? Strong opinions on all sides.

Many asked, “In this macro environment?” Fair question.

But here’s something to consider: there has neverbeen a moment in time that wasn’t clouded by uncertainty.

And when caution becomes consensus, sometimes the best position is to lean forward.

This week, I invite you to examine three common narratives with fresh eyes. Not because I want to win a debate, but because the data tells a different story.

Three exhibits. One request: please read with curiosity, then make a decision.

Fulcrum Question: What if the bearish sentiment is already priced in, and the real contrarian move now is optimism?

• Marketing as Signal | H1 2025 Spend Sets the Stage:First-half 2025 data shows financial marketers ramping up spend (overall +11% YoY) even as credit card promo budgets took a brief breather. Now, a wave of product refreshes and record budgets from the likes of Chase and Amex signal that the second half of 2025 will be a marketing blitz of historic scale, one aimed at brand identity as much as customer acquisition.
• SoFi’s CMO for Lending on Storytelling | Inspiration as Strategy:Andrew’s interview with SoFi’s marketing chief for Lending, Meera Iyer, offers an energizing reminder: great marketing in financial services isn’t just aboutproducts, it’s about purpose. From building trust through education to turning data into compelling member stories, her playbook challenges every CMO to lead with mission and imagination.

Fulcrum Thought: The next era of marketing won’t be measured by accounts acquired, but by identities inspired. Is your brand inspiring one?

The definition of value is undergoing a fundamental shift, driven by a new generation of consumers and transformative technology.

For leaders in the financial sector, this represents a tremendous opportunity. Understanding how consumers perceive value, from the demand for authentic marketing to the redefinition of premium rewards and the very assets people can own, is the key to building brands that resonate and lead in this new era.

Fulcrum Thought: Your customers are already living in the future of value. Is your brand building it with them?

Another way to test this thought is: If your brand disappeared tomorrow, what value would your customers truly lose?

Marketing to Gen Z: Authenticity is Your Brand's Mirror

Gen Z navigates a world of financial stress with a demand for radical transparency and genuine connection. They are wary of traditional advertising. To win with this generation, our marketing must be a mirror, reflecting their world with empathy and authenticity. We must create content and experiences that feel personal, valuable, and, above all, real.The "So What": To connect with this generation, your brand's message must be authentic and genuinely reflect their values and anxieties. Move beyond generic campaigns to create content and experiences that feel personal and prove you understand their world.

Why ‘Boring’ Is The New Bold

• PNC’s Counter-Play: How a "Brilliantly Boring" card is chasing relationships, not rewards
• Paid Search in the Age of AI: Shifting from broad keywords to deep conversations
• Wealth Management's Two Fronts: The battle betweenchallenger hype and legacy reassurance
• The CURB Advantage: Why local focus is delivering national-level results
• How Black Swan Data is helping your competitors?

The strategies emerging in 2025 show the market isn't just expanding; it's bifurcating. On one side is the loud, expensive race for mass acquisition. On the other is a quiet, deliberate pursuit of deep relevance. From PNC’s focus on relationships to the shift toward conversational search, the signal is clear: the loudest voice doesn't always win. The most resonant one does.

The question is how you're choosing to grow. Are you building a brand that shouts, or one that's worth listening to?