Gen Z is the consumer cohort every B2C company is fixated on today. But what sets them apart isn’t just their digital fluency—it’s their insistence on choice. From the syrup in their morning coffee to how they consume entertainment—whether binge-watching, scrolling through short-form clips, or tuning into live-streamed gaming—this generation refuses to settle for a one-size-fits-all approach. And it’s not just about choosing—it’s about choosing the extra. A quick scroll through social media reveals viral “extra-hypes” that capture Gen Z’s appetite for indulgence, whether it’s a smoothie packed with creamy almond milk, organic strawberries, avocado, and sea moss, or 24K gold-coated chicken wings that scream luxury on Instagram.
In a Sea of Payment Choices, Credit Cards Win with Gen Z
When Gen Z pays for whatever is trending, they often reach for a credit card. Despite the relentless wave of new payment innovations, young consumers are embracing the enduring appeal of the card. As of Q4 2023, 84% of credit-active Gen Z consumers in the U.S. held at least one credit card (bankcard)—a sharp increase from 61% of Millennials at the same age a decade earlier. And true to form, when they choose, they choose big. Many Gen Z consumers skip the starter card altogether and go straight for premium products—case in point: the American Express Platinum at $695 per year. As Stephen Squeri, CEO of American Express, put it, “Years ago, we used to target them with a fee-free product.” That was then. Today, Gen Z and Millennials account for 75% of Amex’s new Platinum and Gold consumer accounts.
Customization Over Pre-Packaged Banking
The demand for choice extends beyond luxury purchases—it applies to banking, too. FinTechs like N26 have already caught on, allowing customers to customize their banking experience, selecting from different plans and payment cards. Meanwhile, many traditional banks remain stuck in the past, offering rigid, predefined account packages—a checking account, a banking app, a debit card—with little to no room for customization. If banks want to stay relevant, the future may lie in flexibility. Imagine a world where instead of assigning consumers to pre-set categories, banks allow them to choose their preferred card—a virtual card, a standard plastic card, or an "extra" metal card. Given Gen Z’s clear preference for premium, offering a metal card option isn’t just a gimmick—it’s a strategic move. As Emily Rueth, founder of Vicuse Payments Advisors LLC, notes, “premium metal materials for the physical card … elevates them to status symbols, evoking a sense of exclusivity rather than ubiquity.”
Choice Isn’t Just Consumer-Centric—It’s Profitable
Beyond consumer appeal, offering customization in banking isn’t just about experience—it’s about revenue. Studies show that personalization in banking reduces churn, increases engagement, and can drive annual revenue uplifts of 10%. And let’s not forget: the average U.S. consumer holds four credit cards. With over half of surveyed Americans stating that card design influences what type of card they choose to use on a regular basis, giving customers the option to choose an “extra” card could be the key to securing top-of-wallet status—instead of being just another card buried in the stack.
For banks, the message is clear: If Gen Z demands choice, why not give it to them?
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