This Week in Credit Cards: Why Gen Z Is Paying the Amex Platinum Card’s $895 Fee

“Time is on my side, yes it is,” Mick Jagger sang on a 1964 Rolling Stones recording. Jagger may not have the same perspective on time now that the modern credit card industry is no longer in its infancy.

But for adult members of Gen Z, time may indeed be on their side when it comes to using premium credit card perks. The Wall Street Journal reported this week that Gen Z has taken to cards that offer high-end rewards.

The report said that members of Gen Z and millennials accounted for more than 75% of new U.S. sign-ups for premium credit cards American Express saw during the second quarter. Amex upped the price tag on its Platinum Card in 2025 to $895.

That’s a relatively steep price to pay for a card, but many young people aren’t balking. The Journal reported that the average age of a new U.S. Platinum user is just 33, showing how much younger the card’s customer base has become.

Michele Raneri, Vice President and Head of U.S. Research and Consulting at TransUnion, offered one explanation for the card’s appeal among younger consumers. She told the Journal that many young people in America are entering a phase where they have both time and money to spend.

Citi has entered into an agreement to purchase rewards platform Kard Financial, the credit card issuer said in a press release this week. Kard helps banks and fintechs offer more personalized rewards to their customers.

In a competitive marketplace, more personalized rewards could help Citi stand out and build loyalty among cardholders.

Abhinav Anand, Head of Value Cards, Lending, and Commerce at Citi, said Kard’s capabilities align with Citi’s vision for the future of commerce and loyalty.

“With this acquisition, we believe we can work with Kard to accelerate innovation and deliver more personalized experiences for customers while creating new opportunities for brands and merchants to reach, engage, and reward consumers in more meaningful ways,” Anand said.

Kard, founded in 2015, uses first-party transaction data and predictive AI to create personalized offers.

Terms of the arrangement were not disclosed, and the two companies will continue to operate independently until the transaction closes.

A new U.S. debit card allows cardholders to earn up to 2% cash back on purchases, with rewards paid in either U.S. dollars or Bitcoin. Known as the Krak Card, the new payment tool comes from Krak, the fintech app of crypto exchange Kraken.

To earn the 2% rate, cardholders need to have a 30-day average balance of at least $50,000 on assets held with Kraken, Krak, and Kraken Pro. Lower balances can reduce cash back rates, but the app discloses on its website that new cardholders are eligible for the top tier of rewards for the 30 days following their opening of an account with Krak.

0K+125K+ Number of cardholders with the Krak Card in Europe and the UK.

The card allows users to spend from balances held in more than 600 assets, including U.S. dollars and popular cryptocurrencies such as Bitcoin and Ethereum. In addition, it doesn’t come with any monthly or annual fees.

The card is new to the U.S., but Krak introduced it in Europe and the UK late last year, where it has attracted more than 125,000 cardholders.

The Krak Card is not currently available to residents in Indiana, Maine, Massachusetts, or New York. Krak says the company is working to bring the card to additional consumers.

NASCAR is teaming up with online lender Avant to offer a new credit card designed for stock car racing fans.

The new payment tool will allow cardholders to earn 3% cash back on eligible purchases they make in certain categories. In addition, it gives users automatic access to the All-Star level of NASCAR’s rewards program, which lets them receive a 10% bonus on their rewards earnings.

The new payment tool will give cardholders automatic All-Star status within NASCAR’s rewards program.

NASCAR currently partners with Credit One Bank on a card that offers 1% cash back on all purchases. According to the Sports Business Journal, Avant is replacing Credit One as the official card partner of NASCAR, but Credit One isn’t planning to leave its association with NASCAR behind.

The financial institution sent a statement to Sports Business Journal saying that it “will continue to invest in the sport now and for years to come.”

The new NASCAR credit card is expected to launch next January, and more information about its features and rewards will be revealed closer to that time.

As students return to college campuses, some families have a new way to pay tuition and fees.

Students and families at participating colleges can now make tuition payments through PayPal and Venmo. Integrations with education payment platforms Illumia, Nelnet Campus Commerce, and TouchNet now allow students and families at participating colleges to pay tuition and fees through PayPal or Venmo.

Those integrations are now live at a number of schools, including Kansas State and Texas Tech. PayPal expects more colleges to be added to that list as the year progresses.

Tuition payments made using PayPal and Venmo come with security measures such as encryption and fraud monitoring and can take place through the existing payment portals that participating schools use.

“Tuition is one of the biggest payments a family will make, and it should come with the same flexibility and security that millions of people already count on PayPal and Venmo for every day,” Frank Keller, President, Checkout Solutions & PayPal, said in the release.