The news: By total payment network volume, US consumers are still spending. For the quarter ending September 30, Visa’s US payments volume grew 10% YoY, and Mastercard’s increased 7% YoY.

However, looking deeper at the numbers, Mastercard and Visa are relying more on premium acquisitions to support their growth, mirroring issuers in their chase for affluent spenders.

Zooming in: Both payment networks are using affluent card portfolios to support long-term growth.

• Mastercard CEO Michael Miebach said his network won 100 new affluent credit and debit programs and launched more than 25 World Legend programs during 2026, per the earnings call.
• And more than 70 issuers across 40 countries signed on to offer Visa’s premium Infinite card series, per CEO Ryan McInerney. 

Why this matters: Affluent card portfolios have higher spend and can supplement weaker points in networks’ programs.

Miebach said that Mastercard’s affluent spend is growing twice as fast as the network’s overall credit program. This surge in premium credit spending can also help Mastercard offset debit weakness from Capital One’s Discover transition: Purchase volume growth for US debit spending slid from 7.5% a year ago to 2.8%. 

Recommendations for payment networks: Networks are following issuers upstream to attract more premium cardholders. 

But as spending on rewards increases, networks need to invest in perks that connect with their target audiences and drive acquisitions.

While cardholders typically associate perks with their issuers, networks can also offer perks and benefits to improve their brand association and customer satisfaction. Programs that offer curated travel or wellness packages, like Priceless Africa, underscore this strategy.

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