Growing superprime and subprime shares hollow out the middle tier—and payment products are following suit.

Visa and Mastercard reported strong growth in their most recent earnings. Visa’s net revenues increased 12% YoY in its Q4 2025, per its earnings release. Mastercard’s net revenues grew 17% YoY in Q3, per its earnings release. Lower-income consumers are more sensitive to tariff-induced inflation and other economic events. If lower- and medium-tier cardholders pull back on spending, their premium counterparts who are more insulated from economic pain can keep spending afloat. Issuers are following the same strategy: Citi, Chase, and American Express all launched or revamped premium cards this year.

Travel brands and issuers are pushing premium cards to attract affluent consumers and boost revenues

The company said its premium base will help it withstand a potential economic slowdown or other macroeconomic concerns

Other airlines like Alaska Airlines have also pushed into the premium space as the cards can bring in higher volume and revenues

Card spend from these factors helped lift revenues 9% YoY