Fulcrum Thought: Parallel growth isn’t a shift in direction,it’s a widening of the field. Are you in it?

We often default to covering the arms race in rewards.But this week’s marketing data and product moves reveal a much broader playbook in action.

Issuers are executing a calculated expansion, not just in premium or proprietary rewards, but across non-rewards cards, secured offerings, and personal loans. These categories are being given real investment, smart segmentation, and increasingly creative marketing.

The momentum here is not a shift away from rewards, it'sa parallel growth strategy. One that’s less about flash, more about coverage, and absolutely critical to long-term relevance.

Let’s break down what’s happening.

• Personal Loan Marketing in 2025
• Non-Reward and Secured Card Trends & Predictions
• Capital One’s acquisition of Discover
• The Cobrand Crown Chase is On

Parting Thought:
Growth isn’t just about chasing the shiny object. It’s about building resilience across the portfolio. As every corner of the card and lending space gets funded, tested, and optimized, we need to ask:

Are we allocating attention where the market is allocatingcapital?

Rewards may dominate headlines, but in the margins of non-rewards, secured, and lending, the next category leaders are being quietly built.

As ever - Anuj