Gen Z is opting for American Express cards for the rewards. In 2023, 76% of new accounts for American Express’s premium Gold and Platinum credit cards in the U.S. were opened by Gen Z and Millennials. Notably, these younger consumers are opting for more expensive card options, such as the $695-annual-fee Platinum card, rather than starting with lower-cost alternatives. According to Amex, a major draw for this demographic is the cash-back and discount benefits of these cards, particularly those related to dining experiences. Amex also reported that Millennial and Gen Z cardholders in the U.S. use their cards at restaurants over 70% more frequently than older consumers. (WSJ)
📊 YPulse data: 59% of 18-39-year-olds have a credit card
