The news: Satisfaction with premium cards is growing, per JD Power’s 2026 U.S. Credit Card Satisfaction Study, as issuers focus attention on tailoring rewards to key demographics.

• American Express ranked No. 1 in customer satisfaction for the seventh consecutive year. Chase and Bank of America notched second and third, respectively.
• Amex Platinum earned its second-straight year as the highest-rated rewards card with an annual fee, with Capital One Venture X and Chase Sapphire Reserve rounding out second and third place, respectively.

Zoom out: Rich rewards and perks are key to maintaining and acquiring big discretionary spenders. 

At the same time, fewer consumers are accounting for the majority of discretionary spending: the top 10% of US households now spend as much on discretionary items as the bottom 70% combined, per the Bank of America Institute. 

Tailoring rewards for that demographic relies on serving exclusivity and value equivalent to the cost of carrying a premium card. Amex’s success in branding and capturing elite experiences for members could account for its dominance in satisfaction ratings, even as its annual fee approaches $900.

• Amex deepened its bench of dining options in Europe with the acquisition of TheFork and brought Netflix’s Chef’s Table experience to members.
• It also partnered with prestige sports franchises like the NFL, the US Open, and Formula 1.

Implication for issuers: Credit cards need to operate as a tool for unlocking access, not just facilitating payments. 

Premium credit cards that can act as the definite portal to exclusive concerts, sporting events, dining, and travel opportunities telegraph an immaterial value that justifies steep annual fees.

The more members are driven back to their premium card or mobile app to facilitate leisure time, the more these cardholders are likely to perceive their payment of choice as invaluable. Notching partnerships with signature brands will be essential to signal exclusivity, as credit card issuers become curators of taste to consumers seeking elite status.

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