This edition is superseded.
Everything on this page was published in Q1 2026 under methodology v3.1, which used a 3 layer CAC pyramid and scored on lifetime value over Operating CAC.
Methodology v6.0 rebuilt the first quarter from primary filings before drawing any comparison, added 3 issuers to the panel, moved the published ratio to 5 years of discounted contribution over Acquisition Investment, and stripped purchased portfolios from every denominator. The Q1 figures shown in the current edition come from that rebuild, so the figures on this page do not tie to it.
Read this page as a record of what was published in April 2026. Use the Q2 2026 edition for any current comparison.
Cards with no annual fee.
Lifetime value over Operating CAC, as published in the first edition.
| Issuer | Ratio | CAC | Lifetime value | Opens | |
|---|---|---|---|---|---|
| 1 | Wells Fargo | 3.1x | $128 | $397 | 736K |
| 2 | Citi | 3.0x | $134 | $397 | 798K |
| 3 | Bank of America | 2.5x | $157 | $397 | 698K |
| 4 | Capital One | 2.5x | $173 | $425 | 2,691K |
| 5 | JPMorgan Chase | 2.3x | $198 | $453 | 1,638K |
| 6 | American Express | 1.8x | $247 | $453 | 744K |
Cards with an annual fee
| Issuer | Ratio | CAC | Lifetime value | Opens | |
|---|---|---|---|---|---|
| 1 | Capital One | 8.1x | $311 | $2,528 | 1,449K |
| 2 | Citi | 8.1x | $241 | $1,953 | 532K |
| 3 | American Express | 7.7x | $445 | $3,447 | 1,736K |
| 4 | JPMorgan Chase | 7.7x | $357 | $2,758 | 702K |
| 5 | Bank of America | 7.3x | $283 | $2,068 | 232K |
| 6 | Wells Fargo | 7.0x | $231 | $1,609 | 184K |
Consumer fintechs
On isolated card economics, SoFi read 0.9x, PayPal 0.7x and Chime 0.7x. All 3 build toward a deeper member relationship and monetize the customer beyond the card alone, so the card economics resolve inside the wider franchise. Block carries no credit card product, and its card columns read n/a.
The 3 refinements disclosed at the time.
- Wells Fargo card share at 45%. Reported total marketing of $550M sat below peer issuers while the franchise was in active relaunch on Active Cash, Autograph and Autograph Journey following the asset cap lift in mid 2025. The steady state default of 35% card share of consumer plus small business marketing was raised to 45% for the quarter.
- American Express consumer checking and small business deposit set to n/a. Personal Savings is online only and immaterial relative to the card franchise.
- Capital One post-Discover integration. Q1 2026 marketing of $1,497M covered the first full quarter after the Discover integration, up 25% year over year.
Methodology v3.1, in brief.
Operating CAC divided allocated marketing expense by gross new accounts. Channel-Loaded CAC added branch personnel at $250 per consumer checking open and $400 per small business checking open, plus $100 per retail account for identity verification. Incentive Yield Offsets carried sign up bonus and reward expense separately under ASC 606 contra-revenue.
Lifetime value ran as annual revenue per active times margin times an NPV factor, with margin at 45% on no fee cards and 55% on fee based cards, tenure at 6 years for no fee, 9 years for fee based and 5 years for fintech, and a 10% discount rate. Scoring bands read Excellent above 5x, Healthy from 3x to 5x, Marginal from 1.5x to 3x, and below 1.5x on isolated card economics.
Version 6.0 replaced this stack. The current definitions live in the Q2 2026 methodology, and the first edition write up sits in Edition 307.