The news: Chase and Capital One led new credit card account openings among adults with higher credit scores in Q2 2026, per JD Power.

• Chase had a 17.4% share of new account openings among consumers with credit scores of 660+.
• Capital One earned 14% share.
• Citi ranked third with 8.8%.

Why this matters: Spending has increasingly become concentrated among the affluent, with the top 10% of US households by income spending more than the bottom 40% of households, per Bank of America Institute. This gap grows larger when looking at discretionary spending: The wealthiest 10% of US households spend almost as much on discretionary items as the bottom 70% combined.

That makes these biggest spenders valuable to card issuers looking to generate higher interchange fees. Chase, Capital One, and Citi’s strong Q2 acquisition numbers suggest that their premium card portfolios—Sapphire Reserve, Venture X, and Strata Elite—are resonating with affluent consumers.

Zooming out: Mid-tier products are getting hollowed out as issuers focus on premium products. This reduces opportunities for consumers to progress to a premium card but could open the door for fintech players to capture lower-credit quality consumers. Capital One, however, has had success on both ends of the credit spectrum: It ranked first in account opening among consumers with credit scores between 400 and 659. Its entry-level, secured, cash-back, and travel cards have enough range to capture various US consumers, regardless of their credit quality or history.

Implications for issuers: Investment in premium products can help draw high-spending customers and generate higher interchange fees. As competition for affluent households increases, issuers will need to make sure rewards align with  those households’ preferences. Wellness products and experiential rewards may be particularly effective in gaining  affluent and aspiring affluent millennials and Gen Z consumers.

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