Kevin Lin got an $895-a-year credit card before he graduated college.

He was planning trips across three continents, and after researching premium credit cards, he concluded the American Express Platinum card would pay for itself with its travel perks and sign-on bonus.

"I feel like a lot of people now, especially our age, are into our own personal finances," said Lin, who paid for the card himself.

Lin's fellow Gen Zs, as well as Millennials, are taking to premium credit cards at a particularly rapid pace. They accounted for 65% of American Express's new consumer accounts globally in the second quarter, and more than three-quarters of Amex's premium credit card sign-ups in the U.S.

Amex's average new U.S. Gold card user is 29 years old, and its average new Platinum user is 33.

Squeezing the most out of premium cards requires a commitment to juggling the increasingly unwieldy series of perks, points and redemption schedules. But many young Americans are entering a "happy medium" where they have both time and money to spend, said Michele Raneri, head of U.S. research and consulting at TransUnion. Many older people, meanwhile, are juggling more commitments.

In return for the hours spent tracking the perks-often with spreadsheets-they are earning rewards for things like their DoorDash purchases, access to airport lounges and the chance to buy coveted tickets to concerts and other events.

Credit-card issuers are eager to sign up people they hope will remain loyal as they become more affluent. Younger Americans are building more wealth per person than boomers at the same age, according to research from the Federal Reserve Bank of St. Louis. Younger Americans also have more credit cards than older generations did at the same age, according to TransUnion's most recent analysis.

But capturing the Gen Z market is far from guaranteed, especially in the competitive business of selling credit cards to the legions of the points-obsessed, who tend to be loyal to whoever is offering the best perks. Many follow credit-card fanatics on social media and compare notes on rewards in group chats to make the annual fees worthwhile.

Lin, now 22, said his friends who also have premium credit cards have used their perks on dining and purchases that they might not have otherwise made.

"It kind of forces you to enjoy life," Lin said. "I do like that mindset."

Since graduating from Harvard, he realized that he doesn't have as much time to use travel rewards. He plans to switch to a card that is meant for everyday use, like Amex's Gold card, which has a lower annual fee of $325.

The premium credit-card market has grown increasingly crowded in recent years, with more perks and higher prices. JPMorgan Chase raised the fee for its Sapphire Reserve card to $795 last year. Amex raised its Platinum card fee soon after.

Credit-savvy and big-spending customers don't represent all Gen Zs. Young people are facing a tougher job market now than before the pandemic.

Lisa Kalhans, Amex's executive vice president of U.S. consumer proprietary products, said that the company's lending standards are consistent, regardless of age, and that Amex's Gen Z customers outperform the Gen X and Boomer credit performance across all lenders. She said Amex is mostly targeting Gen Zs with the best credit scores.

The company is finding young people want in-sometimes even more than their parents.

Gabrielle Beamon, 29, paid the $395 annual fee for the Venture X card in 2024 because of the travel perks. She also got the Amex Gold card in January to maximize rewards on dining out and other regular spending. Now she has more premium cards than her parents. She has been trying to convince her mom, who recently started a business, to get one of the cards.

"I've definitely been the ambassador for premium cards in my family," said Beamon, who works for a public-relations firm in New York.

For Ally Chiu, 27, a premium credit card was a rite of passage into adulthood. Three years ago, she moved to New York from California for a new finance job and had gotten a raise.

"It was time to get my big-girl card," said Chiu.

She opted for the Chase Sapphire Reserve partly because it had a lower annual fee than the Amex Platinum. Chiu is fond of the concierge service for booking restaurant reservations, selecting gifts and obtaining tickets to events. She used the service to get a table at the hard-to-reserve Polo Bar.

Younger users' expectations for the company's products are higher than older generations, said Chris Reagan, president of Chase Branded Cards. In a recent survey commissioned by Chase, younger customers were less likely to say they were happy with their card issuer.

"Millennials and Gen Z are ultrasavvy and they've got more tools than anyone has had in history to choose the right product for them," Reagan said.

Esha Desai, 26, has had an American Express Platinum card since she was in her early 20s. She convinced three of her friends to get the card, too, cashing in on referral bonuses. Her parents also have premium cards.

But she isn't entirely loyal to any credit-card brand. She said she has shifted away from cards in the past when their perks and conditions have changed.

"I'm curious to see how my perspective on the card will shift," she said.