The news: Consumer spending was robust in Q3 2026, according to earnings from JPMorganChase, Wells Fargo, and Citigroup, but broader market headwinds dragged on the banks’ performance.

• JPMorganChase missed revenue and earnings expectations for the first time in three years as expenses climbed 12% YoY—driven by compensation, technology costs, marketing, and distribution fees—outpacing revenue growth of 8%. Still, it raised its full-year net interest income guidance to $106.2 billion.
• Wells Fargo exceeded analysts' profit expectations but fell short of revenue estimates. Revenue still grew across all four major business segments, led by a 12% increase in wealth and investment management.
• Citigroup posted its strongest third-quarter revenues in a decade. Its services business grew 15%, and the bank raised its full-year net interest income growth guidance.

Diving into card performance: Despite dour consumer sentiment, spending was robust in Q3.

• JPMorganChase’s credit and debit volume grew 10% YoY.
• Citi’s credit card purchase volume jumped 13%.
• And Wells Fargo’s credit card purchase volume rose 12% YoY.

Thirty- and 90-day delinquencies held roughly steady across all three issuers. 

However, banks struggled to attract new cardholders:

• Citi’s general purpose card acquisitions fell 2% YoY; acquisitions for its private-label cards declined 10% QoQ and 7% YoY.
• Wells Fargo’s credit card acquisitions were down 7% YoY.

Rivals are dominating the card market: Chase grabbed 17.4% of all account openings by consumers with credit scores above 660 in Q2 2026—more than double Citi or Wells Fargo, per JD Power.

Citi’s premium Strata Elite card drove strong gains last year, but it may be losing steam as consumers compare the card’s perceived value against Chase Sapphire Reserve or Amex Platinum. Both Wells Fargo and Citi’s brands have also taken hits for customer service quality; Wells’ transfer of the Bilt Card from its portfolio and Citi’s Strata Elite rollout were riddled with errors.

Recommendations for financial providers: Snagging premium spenders is a non-negotiable for card volume growth. Marketing to this group will require significant investment in rewards that reflect the tastes of affluent shoppers. 

Authentic, exclusive travel and dining experiences can bolster potential sign-ups.  Chase’s CMO noted that issuers’ goal is “connecting with them in the moments where they are, not trying to bring them to where we are.”

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