Today’s edition covers two big moves in cards and banking.

• A deep dive with Citi’s Pam Habner on the launch of Strata Elite and the premium card renaissance
• A fast read on the Q3 earnings momentum that is reshaping card marketing and product strategy

Fulcrum Question: Are you building for the earn and burn of today, or the yearn and AI-driven journeys of tomorrow?

Andrew interviewed Pam Habner, Head of US Branded Cards and Lending for Citi, and I’d recommend you skip reading my takeaways and watch the full video here. This conversation is a masterclass from one of the most influential voices shaping the future of cards today.

1. The Premium Card Renaissance: Flexibility Over "Coupon Books" 

• The definition of "premium" is shifting, demanding greater simplicity and user control. Affluent consumers, especially Millennials, will pay steep annual fees if the value is clear. Strata Elite proves that premium is aboutdelivering freedom, control, and experiences that matter.
• The "Earn, Burn, and Yearn" Hierarchy: Premium today is built on three layers. Earn is strong rewards. Burn is the ability to redeem. But it is the Yearn that now drives the category forward; exclusive access, hard-to-get reservations, and cultural experiences that resonate with younger cohorts. The future of premium lives in the Yearn.

2. Strategic Partnerships as the Ultimate Differentiator

Citi is leveraging its partnership assets to create a unique value proposition that is difficult for competitors to replicate.