Yet even as the luxury credit card sector continues to grow—its 2024 global value of $2.3 billion is expected to hit $10.5 billion by 2031, according to Valuates Reports—there are hints of trouble on the horizon.
As more cards enter the market, existing ones have to keep piling on the perks to draw new applicants, which is not sustainable forever. As one card official told ADWEEK, “This is a race to the bottom, and it’s going to be bad for customers and for us.”
What’s more, the increasingly byzantine benefits cards offer not only risk overwhelming customers, they call the very notion of “luxury” into question when the privileges of membership are really just a string of points and discounts.
As NerdWallet’s credit card expert Sara Rathner put it, “What I see out of these cards is the rise of the coupon book.”
Flush, adventurous, and under 45
While luxury cards will happily accept a Gen X or boomer applicant who meets the income criteria, 64% of today’s premium cardholders are between 28 and 45 years old, according to Market Reports World. And the design, marketing, and rewards structure of the big three cards align with that target demographic.
“When we evolve our product set, we are designing to be the card for this next generation—high credit quality, high spending, younger customers, which translates into a longer relationship with them over their lifetime,” said Lisa Kalhans, American Express executive vice president of U.S. consumer proprietary products, reward programs, and benefits.
Last year, American Express gave its Platinum card an extensive makeover, which included a mirror finish and a bevy of new “lifestyle” benefits, including a $600 credit for stays at properties in its Fine Hotels + Resorts collection, and a $400 yearly credit when members dine out in any of the 10,000 restaurants in network of reservation app Resy, which American Express acquired in 2019.
Chase’s Sapphire Reserve card has also emerged from a 2025 revamp with a sleeker look and $2,700 worth of perks, including a $500 credit for select hotels and resorts, and a $300 dining credit. Just like Amex, Chase is also after the young and prosperous, as evidenced by its latest ad campaign featuring stylish notables like Hailey Bieber and Dwyane Wade.
“This was our moment to reintroduce the card in a bold, fresh way, and we accomplished that with our fashion campaign,” Hassan said. “It signaled that Sapphire Reserve isn’t just a financial tool, it’s a reflection of personal style and status.”
Last year, JPMorgan Chase global chief brand officer Leanne Fremar explained to ADWEEK that Bieber, 29, was chosen for her “strong connection with Gen Z and younger millennials,” and her endorsement would allow Chase to speak “more effectively” to that age group.
Which brings us back to Shay Mitchell, signed in late 2025 amid Venture X’s own effort to reach consumers on their way up in the world. Mitchell turned up most recently at the February opening of the Capital One Landing (no mere “lounge”) at New York’s LaGuardia Airport, where soaring windows offer views of Runway 4/22, attendants serve martinis from bar carts, and ingredients flown in from Spain make up chef José Andrés’ tapas menu.
