Credit Card Market
These were the three main sources of revenue for credit card issuers.
What are cardholder fees, interest, and interchange fees?
Millennials are more interested in collecting these than buying material things.
What are experiences?
This was Chase’s premium card that launched in 2016
What is Chase Sapphire Reserve?
This credit card company was historically dominant in the affluent space with its Platinum card.
What is American Express?
The Sapphire Reserve card gave this amount in travel credit each year.
What is $300?
This percentage of U.S. households carried revolving credit card debt in 2016
What is 38%?
This trait made Chase Sapphire Reserve feel more like a lifestyle brand than a traditional credit card.
What is emotional branding/social identity?
This was the first Sapphire card launched in 2009 with no annual fee.
What is Chase Sapphire (basic)?
This bank released the Citi Prestige card to compete in the premium travel segment.
What is Citibank?
This was the redemption value (in cents) per point for Reserve users when booking travel.
What is 1.5 cents per point?
This was the average number of credit cards held by American consumers.
What is 2.35 cards?
This percentage of millennials under 35 carried credit card debt by 2013, the lowest since 1989.
What is 37%?
This card, launched in 2011, offered 2x points on travel and dining with a $95 annual fee.
What is Chase Sapphire Preferred?
This card benefit from Citi offered a free fourth hotel night when booked through their concierge.
What is the Fourth Night Free benefit?
This fee was charged annually to Sapphire Reserve cardholders.
What is $450?
In 2016, Chase led the credit card market with this percent of industry sales.
What is 21.7%?
Millennials often follow blogs and influencers for tips on this type of "credit card hacking" behavior.
What is churning?
This unique physical feature of Sapphire cards helped them feel premium and stand out in person.
What is the metal card design?
This was Chase’s core strategy to build long-term relationships instead of focusing on short-term gains.
What is customer engagement and loyalty over time?
This bonus point offer helped Sapphire Reserve go viral at launch.
What is 100,000 points?
These three types of credit card users determine how much value an issuer can extract over time.
What are transactors, revolvers, and dormants?
This influencer marketing strategy helped Chase gain millennial attention without using traditional TV ads.
What is partnering with celebrities and creators on social media?
This was the name of Chase’s proprietary rewards platform used across all Sapphire cards.
What is Ultimate Rewards?
This person, formerly of Amex, led the Sapphire Reserve launch and helped craft its positioning.
Who is Pam Codispoti?
These two spending categories earned 3x points on the Reserve card.
What are travel and dining?