The news: Chase launched the IHG One Premier Select Credit Card, part of its refreshed IHG co-brand portfolio, per a press release.

IHG One Premier Select has a $350 annual fee. The card also includes up to $300 in food and beverage rewards at IHG properties and up to $200 in annual airline statement credits. Cardholders can earn up to 28x points on IHG stays, 6x for dining and travel, and 3x for all other purchases.

How we got here: Issuers are competing to grab affluent consumers’ travel and hospitality spending.

• Affluent travelers book nearly double the trips as non-affluent consumers, per a Visa study.
• And in the US and the UK, the top decile of consumers by income spend twice the national average on food and lodging compared with less affluent peers. 

This reality forces issuers to create the most compelling premium cards and portfolio to capture volume from just a handful of consumers, especially as digital travel sales growth begins to slow, per our forecast.

However, too much of a focus on the most elite consumers risks losing opportunities with other US adults who still want to travel. As more issuers move upmarket with offerings, middle-tier cards have become neglected. Chase’s IHG co-brand hits that sweet spot with a $350 annual fee—under half the cost of American Express Platinum Card or Chase’s own Sapphire Reserve’s annual fees.

Implications for issuers: Rewards-rich premium cards will continue to drive a dominant share of payment volume. 

However, issuers need to keep robust mid-tier cards with attractive rewards as a long-term acquisition strategy, even as premium cards and debit rewards cards erode the middle market. Gen Zers and millennials need card portfolios that can grow with them over the course of their careers—saving issuers costly marketing campaigns when they’re ready for a premium card.

Go deeper: Read our Hotel and Airline Co-Brand Credit Card Trends 2026 report.