Credit cards remain a cornerstone of US consumer spending, with total transaction value reaching $3.841 trillion in 2025, according to EMARKETER.

Yet the industry is in flux: Capital One's acquisition of Discover reshaped network competition, buy now, pay later (BNPL) services attract cost-conscious consumers, and financial media networks are emerging as a new revenue stream for card issuers. This FAQ addresses what financial services marketers, strategists, and insights professionals need to know about credit card trends, payment networks, and marketing opportunities in 2026.

What is the current state of US credit card usage?

Total US household credit card debt reached $1.23 trillion in Q3 2025, up $24 billion from the prior quarter, according to the Federal Reserve Bank of New York.

Credit access is tightening. Rejection rates for new credit applications hit 24.8% in October 2025, a series high per the New York Fed's SCE Credit Access Survey. 42% of consumers doubt they would be approved for a credit card, per i2c and PYMNTS. As underwriting standards tighten, issuers are concentrating on higher-income households while lower- and middle-class consumers increasingly turn to alternative credit products.

How does credit card usage differ by generation?

Generational differences in credit card behavior are pronounced. While 42% of boomers say they most often use credit cards for common purchases, more than 20% of Gen Z respondents say they never use a credit card, according to a US News survey. 26% of boomers are "not concerned at all" with credit card debt, compared with just 8% of Gen Z reporting no concern, according to the survey.

Only 29% of Gen Zers own three or more cards, compared with 49% of millennials and 57% of boomers, per PYMNTS Intelligence and i2c. 35.7% of Gen Z cardholders said they would use their primary card more often if they had higher credit limits, and 47.7% want more control over their payments. This suggests credit issuers targeting younger consumers should lead with payment flexibility over rewards.

What are the major payment networks and their market positions?

Visa dominates US card networks with $7.428 trillion in projected transaction value for 2026, per EMARKETER. Mastercard holds the second position at $3.237 trillion, American Express will reach $1.162 trillion, and Discover trails at approximately $215 billion.

The landscape shifted significantly in May 2025 when Capital One acquired Discover, making Capital One the largest credit card issuer and sixth-largest US bank by assets. Capital One is transitioning its debit cardholders onto the Discover network, with credit card migration expected to follow. This merger may widen Visa's dominance in the short term, as many Capital One products currently run on Mastercard.

Which credit card networks have launched financial media networks?

Financial media networks (FMNs) allow card issuers to monetize transaction data for advertising. US FMN ad spending will grow 89.5% in 2026, reaching $1.22 billion, per EMARKETER.

Key players include:

• Mastercard: Launched October 2025 with anchor partners Citi, WPP, American Airlines, and Microsoft. Mastercard has $2.997 trillion in card volume and 160 billion yearly transactions reaching 500 million consumers.
• Amex Ads: Debuted October 2025, targeting 34 million cardholders through AmexTravel.com. Positioned around luxury and travel, linking advertisers with high-spending consumers.
• Chase Media Solutions: Launched April 2024, serving 80 million customers. Drove $12 billion in customer spend in 2024, a 31% year-over-year increase.
• PayPal Ads: Announced May 2024, it offers share signals across more than 430 million consumer accounts, according to a PayPal press release.
• Klarna: FMN pioneer (April 2023), reporting clickthrough rates 25 times higher than industry average.

Unlike retail media networks, FMNs capture retailer-agnostic spending data, offering a fuller view of consumer behavior across merchants.

How are digital wallets changing credit card usage?

Digital wallet adoption continues rising. 31.2% of US consumers used a digital wallet in-store in September 2025, per PYMNTS Intelligence. 68.9% of US adults will be mobile wallet users by 2028, EMARKETER forecasts.

Apple Wallet leads in users, followed by Google Wallet and Samsung Wallet. Gen Z is driving adoption: 67.1% of Gen Z mobile smartphone users will be proximity mobile payment users by 2027, per EMARKETER.

Credit issuers benefit from digital wallet integration, as stored cards increase transaction frequency. However, wallet intermediation also distances the issuer from the customer relationship.

What regulatory changes should credit card marketers monitor in 2026?

Three regulatory pressures affect credit card issuers in 2026:

• Credit Card Competition Act (CCCA): This legislation would require large banks to offer merchants alternative payment networks beyond Visa and Mastercard. While not included in the GENIUS Act passed in 2025, the swipe fee debate continues. If enacted, reduced interchange revenue could pressure rewards programs.
• Open banking rules: The CFPB's Personal Financial Data Rights rule clarifies how financial institutions may use customer data and requires opt-in permissions for advertising. This framework enables financial media networks but adds compliance requirements.
• Late fee scrutiny: Regulators continue examining consumer fees and interest rate practices, potentially affecting issuer profitability and marketing claims.

Marketers should ensure promotional materials accurately represent APRs, fees, and rewards terms as regulatory attention intensifies.

How is Buy Now, Pay Later competing with credit cards?

Buy now, pay later (BNPL) services are expanding as an alternative to traditional credit. BNPL drove $10.1 billion in November 2025 spending, a 9% year-over-year increase, per Adobe Analytics. On Cyber Monday 2025, BNPL accounted for approximately 7% of all spending ($1.03 billion), the biggest single day for the payment method in US history.

EMARKETER projects that US BNPL users will jump 35.9% in 2026. As credit rejection rates climb, consumers denied traditional credit are turning to BNPL's easier-to-access installment plans. Players like Klarna, Affirm, and PayPal have expanded in-store availability through Apple Pay integrations and branded debit cards.

How should financial services marketers approach credit card marketing in 2026?

Credit card marketers face a bifurcated market in 2026. Issuers are pursuing wealthy cardholders aggressively—premium card refreshes from American Express, Chase, and Citi feature annual fees reaching $895—while lower- and middle-income consumers face tightening credit access.

Effective strategies include:

1. Segment messaging by income tier: Premium prospects respond to experiential rewards and exclusive access; value-seekers prioritize low APRs and no annual fees.
2. Target Gen Z with rate-forward messaging: Gen Z prioritizes low interest rates over rewards when selecting cards.
3. Invest in creator partnerships: Financial education content on TikTok and YouTube reaches younger audiences building their first credit relationships.
4. Explore financial media networks: FMNs offer first-party transaction data for targeting, with FMN ad spend forecast to grow 89.5% in 2026.

Balance acquisition messaging with value propositions that address cost-of-living pressures without overpromising on credit availability.

We prepared this article with the assistance of generative AI tools and stand behind its accuracy, quality, and originality.

EMARKETER forecast data was current at publication and may have changed. EMARKETER clients have access to up-to-date forecast data. To explore EMARKETER solutions, click here.