A year ago, I shared a number you asked me about more than any other. 62% of Gen Z and 60% of millennials started their credit card search with an AI.
This year, I wanted to know what happens once they have the card. Amr Hamdi’s new Credit Cards, US, 2026 report answered that. They keep asking.
Boomers built their banking habits at a branch counter. Gen Z is building theirs now, with a second opinion in every pocket.
Most of us get a second opinion when a decision matters: a diagnosis, a roof repair, a mortgage. Gen Z gets one for a $95 annual fee.
I mean that as a compliment. This is a smart, confident generation. They do their homework, and they spot a weak offer fast.
Gen Z checks the offer with an AI before they say yes. The cards that win look even better after the check.
Every ad, mailer, and sponsorship is a bank giving its own opinion of itself. I added up what that cost last quarter at the 10 big issuers that report marketing on their own line.
About $76 million a day.
9 of the 10 spent more than a year ago. Chase grew the most. Its increase alone, $437 million, is more than 6 of the other 9 spent in the whole quarter.
The first opinion still works. Here is Jeremy Barnum, Chase’s CFO, on the new customers:
“They’re responding well to the marketing.”
Bank of America spent more on new sponsorships and on relaunching BofA Rewards in May. Nearly 6 million clients have joined since then. Card spending at Capital One grew 11% to $254.7 billion.
Now look at who is signing up. Millennials and Gen Z account for 65% of new American Express consumer accounts. Gen Z card spending there grew 35% in a year.
The first opinion is winning the second-opinion generation.
This month, 3 of the biggest banks moved to keep outside AI agents away from customer accounts.
These are sensible steps to keep money safe. The comparison shopping happens earlier, on public pages, before anyone logs in. Every bank can take part by publishing clear answers about its cards.
Some are already taking part:
Start with this number. 18% of struggling cardholders have left all their card’s rewards unused. For healthy cardholders, it is 4%.
Those unused points have a name. The industry calls it breakage, and some card programs are priced to count on it.
Now add the second opinion. 79% of Gen Z cardholders say it matters to pick a card for each purchase by its rewards. An AI that helps them do it will use those points for them.
So breakage shrinks, and real value wins. 75% of Gen Z say great benefits matter more than a low fee. 74% would rather have exclusive access than pile up points.
“Trust is clearly an asset, and we’ve spent decades building it.”
That was Barnum on why Chase feels good about its position.
I agree. Trust earns the first look. Real value is what the second opinion confirms.
Every issuer pays for the first opinion. Last quarter, it cost $7 billion, and it bought real accounts.
The second opinion is free. It comes from an AI the customer trusts. They ask it before they apply, and they keep asking once the card is in their wallet.
You can buy the first opinion. You have to earn the second.
My colleagues Lierin Melvin, Patrick Rahlfs, and Andrew Davidson will share 3 trends for 2027: helpful money guidance, simpler products, and the people who build trust. They will also cover what changes as AI agents start acting for customers. Everyone who registers gets the report and the recording.
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