U.S. Card – Credit Card Industry Digital Marketing Spend Mostly Flat Y/Y

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U.S. Card – Credit Card Industry Digital Marketing Spend Mostly Flat Y/Y

TD SECURITIES (USA) LLC INDUSTRY UPDATE

June 30, 2026

■Diversified Financials: Consumer Finance U.S. Card – Credit Card Industry Digital

Marketing Spend Mostly Flat Y/Y

Moshe Orenbuch THE TD COWEN INSIGHT

646 562 1495

Digital marketing dataset: Digital marketing is an increasingly important marketing channel

moshe.orenbuch@tdsecurities.com

for credit card issuers, together with the more traditional direct mail channel. Below, we

Hoang Nguyen, CFA provide a view into 2QTD (through mid-Jun) digital marketing trends at the biggest credit card

646 562 1337 issuers, based on data from our provider Mintel.

hoang.nguyen2@tdsecurities.com

Burç Okumuş 2Q26TD trends: 2Q26TD through Jun 15th 2026, the seven biggest credit card issuers (BAC,

212 468 8443 JPM, C, WFC, AXP, COF and Discover – now part of COF) have collectively spent $120 mil

burc.okumus@tdsecurities.com in the captured digital marketing channels on credit cards, -4% q/q and +1% y/y. QTD, they

have collectively spent $220 mil across all banking products (credit card, lending, banking,

investment), +13% q/q and +21% y/y, with strength particularly in banking. While the marketing

dollars are mostly flat y/y, card issuers continue to lean into marketing to acquire new

cardholders, and some issuers that tightened underwriting have gradually opened up their

credit box. Issuers like AXP and COF will likely continue to spend more on marketing this year,

given recently heightened competition in the premium card space (Platinum and Sapphire

Reserve refreshes). We note that within credit card, JPM, AXP and COF all saw marketing

dollars down y/y in 2QTD.

Credit card is often the most heavily marketed financial services products in terms of dollar