New CX Performance Monitor Report from TFG Payments Intelligence shows that strong cardholder experience alone does not consistently translate into top-of-wallet performance
TFG Payments Intelligence today released a new CX Performance Monitor Report: The State of U.S. Credit Card Performance, highlighting a critical shift in the market. While cardholder experience (CX) remains essential, strong CX scores do not always translate into top-of-wallet performance.
“In today’s hyper-competitive market, standing still is falling behind. With the right performance lens and competitive context, erosion in spend can be spotted long before it shows up in quarterly results.”Share
Across the U.S. market, cards with similar CX levels often deliver markedly different wallet performance outcomes. High CX scores do not consistently translate into stronger usage or momentum, and mid-ranked cards can outperform higher-ranked peers. The implication is significant. Portfolios can appear healthy on CX measures while steadily losing share of wallet over time.
To address this gap, TFG developed the Wallet Performance Index (WPI), a complete measure of wallet performance and growth designed to answer the question that matters most to issuers: “Is our card gaining or losing wallet position; and in what direction is spend headed?”
The findings show that attaining key performance indicator (KPI) targets requires more than strong CX. Once CX is established, portfolio outcomes separate based on other critical factors, including the competitiveness of the value proposition, the effectiveness of marketing and ongoing activation, and the underlying spend capacity of the cardholders the product attracts.
These barriers are not uniform across portfolios. Every card has unique strengths and weaknesses, and performance is often constrained by different factors relative to competitors. TFG Payments Intelligence analytics identify the primary barriers for each portfolio, enabling more targeted and effective strategies to improve KPI outcomes.
The value of this approach is visible in the contrast between two market leaders. Amex Platinum leads on cardholder experience, but Chase Sapphire Reserve captures a larger share of wallet and stronger spend momentum. However, deeper performance signals suggest that recent value proposition changes across both products may not impact them equally, a distinction that satisfaction scores alone would not reveal.
Across 100+ bank and co-brand portfolios benchmarked in the report, the following cards lead their respective categories:
Top Premium Cards:
- Chase Sapphire Reserve
- Amex Platinum
- Capital One Venture X
Top Mid-Tier Cards:
- Chase Sapphire Preferred
- Bank of America Premium Rewards
- Amex Blue Cash Preferred
Top No Fee Cards:
- Citi Double Cash
- Wells Fargo Active Cash
- PNC Cash Rewards
Top Airline Cards:
- AAdvantage Platinum & Executive
- Atmos Rewards Ascent
- United Club Infinite
Top Hotel Cards:
- Marriott Bonvoy Brilliant
- Marriott Bonvoy Bountiful
- Hilton Honors Surpass
Top Retail Cards:
- Costco Anywhere
- Kroger Rewards
- Sam’s Club Plus
“In today’s hyper-competitive market, standing still is falling behind. With the right performance lens and competitive context; erosion in spend, engagement, and wallet share can be spotted and corrected long before it shows up in quarterly results and becomes a larger problem,” said Demitry Estrin, CEO at TFG Payments Intelligence.
