How the American Express CMO turned credit cards into Gen Z’s passport to culture

Gen Z expect a lot of their credit cards. Racking up points and getting cash back simply don’t cut it anymore. Companies are trying to entice young consumers by tacking on card benefits like access to airport lounges and presale tickets to concerts, but those can often feel, well, tacked on. Under CMO Elizabeth Rutledge, however, American Express has been going further, positioning the credit card as a passport to a richer cultural life—and younger consumers are buying in.

Amex’s sponsorship of major music festivals (Coachella, Austin City Limits) and sporting events (the golf and tennis U.S. Opens, Formula 1 racing) gives cardholders access to priority lines, exclusive swag, and even lounges in some cases. For foodies, certain cards grant access to hard-to-snag restaurant reservations via Amex-owned app Resy. With all these perks, Rutledge has helped turn Amex cards into must-have accessories for the upwardly mobile 35-and-under set. The numbers bear this out: In 2023, 60% of new global accounts were Gen Z or millennials (despite collectively only comprising some 42% of the U.S. population), and they made up 75% of new Gold and Platinum accounts.

What Rutledge calls Amex’s “expansiveness of access and experiences” has been informed by the fact that well over half of Gen Z consumers describe themselves as “superfans” of music, sports, or entertainment. To deliver for those superfans—and justify the $325 and $695 they spend on annual fees for Gold and Platinum cards, respectively—Rutledge and team try to “bring them as close to their passions as possible.” Recent cardholder-only events included an intimate album-release listening party with Billie Eilish and a Miami Race Week dinner on the beach with chef Mario Carbone.

Rutledge has worked at American Express for more than 30 years, including six as CMO. Key to her success, she says, is curiosity. “You really have to want to learn and see a few steps forward to make connections.”

This story is part of Fast Company’s 2024 Brands That Matter. Explore the full list of honorees that have demonstrated a commitment to their brand’s purpose and cultural relevance to their audience. Read more about the methodology behind the selection process.