Report Overview
Airline Co-Brands Translate to Airline Riches
In 2025, eight US airline companies combined to generate $36 billion in loyalty program revenue, up an astounding 92% since 202. Delta was way out front. As of February 2026, some 30 airline brands have US co-branded credit card programs. Twelve US airlines offer a US-issued co-branded credit card, while 18 foreign carriers do. These airline co-branded card programs are shared among ten issuers.
Key Themes Covered in this Report:
- National airline and hotel programs have seen rapid revenue increases in recent years
- Customer affluence and net worth play a significant role in a co-branded program’s success.
- Alternative payment options are restraining co-branded credit card usage among younger consumers.
This report covers the U.S. market for co-branded credit cards, with an emphasis on co-branded credit card program refreshes and innovations and their impact on program performance, including detailed performance trending over time, and on program growth by issuer and card network. The report:
- Trends performance of top co-branded credit card programs across the airline, hotel, and retail verticals, including payment value and revenue trending. Examples range from Delta Air Lines to Costco to Hyatt.
- Splices and dices the total number of co-branded credit card programs and program partners in 2025 by network, issuer, and partnership vertical and sub-vertical. Analysis includes partnership wins, losses, and launches by issuer, and network.
- Dives into the airline, hotel, and retailer segments to trend proprietary data and craft proprietary estimates. Examples include loyalty program usage trends, degree of brand loyalty, and loyalty program revenue analysis. Customer demographic analysis emphasizes affluence and net worth—key co-branded card drivers.
- Approaches co-branded credit card users from a variety of angles—including trended demographic analysis from 2021-2025—to identify where these cards are winning and losing, how usage by vertical is performing over time, and which features are most important to co-branded card users today.
US Co-Branded Credit Card Trends Report Details
Details about the US Co-Branded Credit Card Trends, 11th Edition Report
| Current Market Size of Top Programs |
$1.1 trillion |
| Historical Period |
2021-2025 |
| Units Covered |
US dollars |
| Countries Individually Covered |
United States |
| Partnerships |
Airline, Hotel, Retailer |
| Additional Elements |
Review of major co-branded issuers, survey data regarding co-branded credit card ownership and usage |
Leading Companies Driving Trends in the US Co-Branded Credit Card Industry
Leading companies in the Leading companies in the <industry> Industry Industry
| American Express |
First National Bank of Omaha |
| Bank of America |
JPMorgan Chase |
| Barclays |
Synchrony Financial |
| Bread Financial |
TD Bank |
| Capital One |
US Bancorp |
| Citigroup |
Wells Fargo |
Lower Co-Branded Credit Card Usage Rates Among Younger Adults Could Pose Industry Challenges
Survey data show that co-branded credit card ownership increase with age. As a general trend, this is not surprising. Credit card ownership rates grow as consumers age into higher disposable incomes, asset accumulation, and creditworthiness. And high disposable incomes are especially relevant to co-branded card use—there would be no airline or hotel co-brands without that—which is why these co-brand cardholders have tended to be even older.
But data that show such a wide degree of usage by age, as well as declining usage among younger consumers over time, suggests that alternative payments options may be siphoning them away from co-branded cards.
US Co-Branded Credit Card Trends Report Scope
This report covers the US market for co-branded credit cards, with an emphasis on co-branded credit card program refreshes and innovations and their impact on program performance, including detailed performance trending over time, and on program growth by issuer and card network.
More specifically, the report:
- Shows performance of top co-branded credit card programs across the airline, hotel, and retail verticals, including payment value and revenue trending. Examples range from Delta Air Lines to Costco to Hyatt.
- Splices and dices the total number of co-branded credit card programs and program partners in 2025 by network, issuer, and partnership vertical and sub-vertical. Analysis includes partnership wins, losses, and launches by issuer, and network.
- Dives into the airline, hotel, and retailer segments to trend proprietary data and craft proprietary estimates. Examples include loyalty program usage trends, degree of brand loyalty, and loyalty program revenue analysis. Customer demographic analysis emphasizes affluence and net worth—key co-branded card drivers.
- Approaches co-branded credit card users from a variety of angles—including trended demographic analysis from 2021-2025—to identify where these cards are winning and losing, how usage by vertical is performing over time, and which features are most important to co-branded card users today.