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Industry Reports

US Private Label Credit Card Trends, 16th Edition

Packaged Facts’ US Private Label Credit Card Trends, 16th Edition market research report examines the $155 billion in payment value industry, which is facing increasing pressure from co-branded credit cards while maintaining usage among current cardholders.

US Private Label Credit Card Trends, 16th Edition cover

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  • EXECUTIVE SUMMARY
    • SCOPE OF REPORT
    • REPORT METHODOLOGY
      • Consumer Survey Methodology
      • Secondary Research Methodology
    • EXECUTIVE SUMMARY
      • Market Size and Forecast
        • Declines over time
        • Scope
        • Forecast
      • Private Label Cards Continue To Lose Ground to Co-Branded Credit Cards
        • Co-brand vs. private label card usage
        • User income in focus
      • PLCC Ownership and Active Use Wane While Engagement Rates Are Maintained
        • The bad news
        • The good news
        • Low usage rates among younger adults poses industry challenges
        • Higher-income consumers are most likely to use PLCCs and use them often
        • Declines hit the middle class the hardest
      • Private Label Credit Card Use by Major Card Program and Retail Segment
        • Kohl’s wins on ownership; Amazon wins on active use
        • Nordstrom overperforms over time
        • Department store cards remain stalwarts
      • PLCC Acquisition Influencers
      • Importance of Private Label Credit Card Program Features
        • Top five most important features
        • PLCC user preferences
        • PLCC user preferences by gender, generation, and credit score
      • Private Label Credit Card Issuers
        • Bread Financial
        • Capital One
        • Citibank
        • Synchrony Financial
        • TD Bank
        • Wells Fargo
  • MARKET SIZE AND FORECAST
    • TWO ISSUERS DOMINATE THE MARKET
      • After a Rough 2025, Payment Value and Loan Receivables Declines Moderate
        • Table | US Private Label Credit Card Payment Value and Loan Receivables, 2021 - 2026 (billion dollars and percent)
      • The Biggest Players Get Bigger
        • Table | US Private Label Credit Card Payment Value by Issuer, 2021 - 2026 (billion dollars and percent)
        • Table | US Private Label Credit Card Payment Value Share by Issuer, 2021 - 2026 (percent)
      • PLCC Loan Receivables Declines Suffer From Co-Brand and BNPL Migration Effect
        • Co-brand conversions leave PLCC programs with higher-risk customers
        • BNPL-only programs validate an evolution in this fintech payment threat
          • Table | US Private Label Credit Card Loan Receivables by Issuer, 2021 - 2026 (billion dollars and percent)
          • Table | US Private Label Credit Card Loan Receivables Share by Issuer, 2021 - 2026 (percent)
    • PRIVATE LABEL CREDIT CARDS MARKET FORECAST
      • Payment Value and Loan Growth Pressure Will Continue
      • But the Worst May Be Over
        • Table | US Private Label Credit Card Payment Value and Loan Receivables, 2026 - 2028 (billion dollars and percent)
  • PLCC GROWTH DRIVERS
    • DOUBLE DOWN ON WHAT PLCC PROGRAMS DO BEST
      • PLCCs Still Do What Brand Partners Crave
        • Seismic correlation between card ownership and partner shopping frequency
          • Table | Retailer Brand Usage Frequency by Private Label Credit Card Ownership and Usage in Last 30 Days, 2026 (percent of adults)
        • Having PLCCs boosts partner visits and spend, aided by closed loop and acquisition discounts
      • Protect and Expand Large-Ticket Space
        • Large-ticket purchases are a PLCC growth engine
        • BNPL interest-based loans threaten PLCC dominance
        • PLCC players can reduce interest rates and emphasize digital channels to compete
      • Lean into Exclusivity
        • Yes, premium general-purpose rewards cards can offer more bang for total bucks spent
          • Table | Incentives Credit Card Holders Say Drive Their Credit Card Usage, 2026 (percent)
        • But exclusivity - once a private label calling card - should be revisited
    • ADDRESS MAJOR PLCC PROGRAM CHALLENGES
      • Staunch PLCC Demographic Losses
        • Declining Gen Z private label card usage bodes ill for growth
        • Other types of credit cards have not suffered the same fate
        • How to fight back
      • Among Gen Zers, top PLCC program features include mobile apps that unify the program experience, early sales access, and exclusive checkout, but financing choice also resonates.
      • Use Buy Now, Pay Later To Advantage
        • A Gen Z payment preference
        • And BNPL keeps growing rapidly
        • Issuers must offer compelling BNPL products - and Bread does
    • PAY LITTLE MIND TO LATE FEE AND APR REGULATION-SERIOUSLY
  • CREDIT CARD USAGE TRENDS
    • PRIVATE LABEL SHARE OF CREDIT CARD USAGE SHRINKS
      • Consumer Credit Card Usage Overall Remains Robust
        • Table | Credit Card Ownership and Usage in Last 30 Days, 2022 - 2026 (percent)
      • Private Label Cards Continue To Lose Ground to Co-Branded Credit Cards
        • Confirmed by ownership trends over time and in 2026
          • Table | Credit Card Ownership: Any, Co-Branded, and Private Label, 2022 - 2026 (percent)
        • Active use trends tell a similar story
          • Table | Credit Card Usage in the Last 30 Days: Any, Co-Branded, and Private Label, 2022 - 2026 (percent)
      • Demographic Segmentation: HH Income and Net Worth
        • Table | Credit Cards Used in Last 30 Days by Consumer HH Income and Net Worth: Any Credit Card, Bank-Issued Credit Card, Co-Branded Card, and Private Label Card, 2026 (percent of adults who are cardholders)
        • Table | Share of Consumers Who Used Credit Cards in Last 30 Days by Consumer HH Income and Net Worth: Any Credit Card, Bank-Issued Credit Card, Co-Branded Card, and Private Label Card, 2026 (percent of adults who are cardholders)
  • THE PRIVATE LABEL CREDIT CARD USER
    • OVERVIEW
      • PLCC Ownership and Active Use Wane While Engagement Rates Are Maintained
        • Table | Private Label Credit Cards: Own, Used in Last 30 Days, and Active Use Rate, 2022 - 2026 (percent)
      • Usage Frequency Rates Remain Stable
        • Table | Private Label Credit Card Use in Last 30 Days: Usage Frequency Share, 2022 - 2026 (percent)
    • PRIVATE LABEL CREDIT CARD OWNERSHIP AND USAGE FREQUENCY BY AGE
      • Low Usage Rates Among Younger Adults Poses Industry Challenges
        • Table | Private Label Credit Card Use and Usage Frequency by Age, 2026 (percent)
        • Table | Private Label Credit Card Usage Frequency Share by Age, 2026 (percent)
      • Trends Over Time: Penetration Declines Steepest Among Younger Consumers
        • Table | Private Label Credit Card Use and Usage Frequency by Age, 2022 vs. 2026 (percent)
    • PRIVATE LABEL CREDIT CARD OWNERSHIP AND USAGE FREQUENCY BY GENDER
      • Private Label Credit Card Gender Gap Persists
        • Table | Private Label Credit Card Use and Usage Frequency by Gender, 2026 (percent)
        • Table | Private Label Credit Card Use and Usage Frequency Share by Gender, 2026 (percent)
      • Men and Women Exhibit Similar Usage Penetration Declines Over Time
        • Table | Private Label Credit Card Use and Usage Frequency by Gender, 2022 vs. 2026 (percent)
    • PRIVATE LABEL CREDIT CARD OWNERSHIP AND USAGE FREQUENCY BY HH INCOME
      • Private Label Credit Cards Open Credit Usage to Those with Lower HH Income
        • But higher-income consumers are most likely to use them and use them often
          • Table | Private Label Credit Card Use and Usage Frequency by HH Income, 2026 (percent)
          • Table | Private Label Credit Card Use and Usage Frequency Share by HH Income, 2026 (percent)
      • Trends Over Time: Declines Hit a Core Income Group the Hardest
        • Table | Private Label Credit Card Use and Usage Frequency by HH Income, 2022 vs. 2026 (percent)
  • PRIVATE LABEL CREDIT CARD USE BY MAJOR CARD PROGRAM AND RETAIL SEGMENT
    • PRIVATE LABEL CREDIT CARD USE BY MAJOR CARD PROGRAM
      • Adoption is highest for Kohl’s - but active usage tells another story
        • Table | Private Label Credit Card Usage by Retailer Card Program: Have in Own Name, Used in Last 30 Days, and Active Use Rate, 2026 (percent of adults)
        • Private label credit card adoption declined over time; Amazon and TJX are bright spots
          • Table | US Private Label Credit Card Adoption by Retailer Brand: Have in Own Name, 2022 - 2026 (percent of adults)
        • Private label credit card usage declined across most tracked retailers
          • Table | US Private Label Credit Card Adoption by Retailer Brand: Used in Last 30 Days, 2022 - 2026 (percent of adults)
        • Adoption-to-usage ratio analysis suggests improved Nordstrom engagement
          • Table | US Private Label Credit Card Adoption by Retailer Brand: Share of Owners Who Used Cards in Last 30 Days, 2022 - 2026 (percent of adults)
    • PRIVATE LABEL CREDIT CARD USE BY RETAIL SEGMENT
      • Department Store Cards Lead on Ownership and Engagement
        • Table | Private Label Credit Cards That Consumers Have and Use Most by Retail Category, August 2026 (percent)
      • Sharp Gender Divide
        • Table | Private Label Credit Cards That Consumers Use Most by Retail Category and Gender, August 2026 (percent)
      • Gen Zers Have Clear PLCC Preferences - and It’s Not Department Stores
        • Table | Private Label Credit Cards That Consumers Use Most by Retail Category and Generation, August 2026 (percent)
  • PLCC APPLICATION INFLUENCERS
    • Note on Survey Language
    • HAVING A PLCC BOOSTS PARTNER SHOPPING
      • Table | Influence Having Store Card Has On Store Card Retail Partner Shopping Frequency, August 2026 (percent)
      • PLCC Ownership Drives Both Visits and Spend Per Visit Among Higher Earners
        • Table | Influence Having Store Card Has On Store Card Retail Partner Shopping Frequency, by HH Income, August 2026 (percent)
    • AMONG PLCC USERS, CLOSED LOOP NETWORK A BOON, NOT A BANE
      • Table | Influence Closed Loop Restriction Has On Respondent Application Interest, August 2026 (percent)
      • Brand-Partner Limitation Positively Impacts Younger Users
        • Table | Influence Closed Loop Restriction Has On Respondent Application Interest, by Generation, August 2026 (percent)
    • PLCC SIGNUP DISCOUNTS AT CHECKOUT EXIST FOR A REASON
      • And They May Entice General-Purpose Credit Card Prospects
        • Table | Influence That Checkout Discount Has On PLCC Application Interest: Any Credit Card, PLCC, and Non-PLCC Users, August 2026 (percent)
      • A Draw Among Younger Consumers
        • Table | Influence That Checkout Discount Has On PLCC Application Interest by Generation, August 2026 (percent)
      • Interest in PLCC Acquisition Discount Cuts Across Risk Profiles
        • Table | Influence That Checkout Discount Has On PLCC Application Interest by Credit Score, August 2026 (percent)
  • IMPORTANCE OF PRIVATE LABEL CREDIT CARD PROGRAM FEATURES
    • Note on Survey Language
    • TOP FIVE MOST IMPORTANT PLCC PROGRAM FEATURES AND BENEFITS
      • Table | PLCC Program Features That Credit Card Users Deem Very Important, August 2026 (percent)
      • PLCC Users Value In-Store Purchase Incentives And Special Access
        • Table | PLCC Program Features That Credit Card Users Deem Most Important: Any Credit Card, PLCC, and Non-PLCC Users, August 2026 (percent)
      • Among Female PLCC Users, Purchase Security Rises to the Top of the List
        • Table | PLCC Program Features That PLCC Users Deem Most Important by Gender, August 2026 (percent)
      • Gen Z PLCC Users Demand Mobile, Payment Flexibility, and Exclusivity
        • Table | PLCC Program Features That PLCC Users Deem Most Important by Generation, August 2026 (percent)
      • By Credit Score, It’s About Financing Versus Added-Value Benefits
        • Table | PLCC Program Features That PLCC Users Deem Most Important by Credit Score, August 2026 (percent)
  • PRIVATE LABEL CREDIT CARD ISSUERS
    • BREAD FINANCIAL
      • Private Label Credit Card Payment Value and Loan Value Analysis
        • Private label credit card payment value declines mirror other credit products’ growth
          • Table | Bread Financial Payment Value: Private Label Credit Card vs. Other, 2021 - 2026 (billion dollars and percent)
        • PLCC loan declines reflect increasing reliance on large-ticket purchases
          • Table | Bread Financial Loan Receivables: Private Label Credit Card vs. Other, 2021 - 2026 (billion dollars and percent)
      • Bread Financial Partnership Analysis, by Vertical
        • From specialty retail specialist to travel and entertainment emphasis
          • Table | Bread Financial Payment Value Share by Partner Vertical, Q2 2022 vs. Q2 2026 (percent)
        • By partner count, specialty apparel brands remain on top
        • But T&E programs generate the most payment value per partner
          • Table | Bread Financial Partner Verticals by Payment Value and Partner Count, and Average Sales Per Partner, 2026 (billion dollars, million dollars, and percent)
        • Health and beauty brands generate the highest average loans per partner
          • Table | Bread Financial Partner Verticals by Loan Receivables, Partner Count, and Average Loans Per Partner, 2026 (billion dollars, million dollars, and percent)
        • Health and beauty, jewelry, and home are private label sweet spots
          • Table | Bread Financial Partner Verticals by Payment Value, Loan Receivables, and Payment Value-to-Loan Ratio, 2026 (billion dollars, million dollars, and percent)
      • Most Bread Program Partnerships Remain Private Label-Only
        • But PLCC-only program counts are down
        • Some former partners are forgoing PLCC programs entirely
        • Recent PLCC wins suggest diversification into furniture
      • Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman together again?
        • If so, it’s a great opportunity for Bread
        • Opportunity to innovate on experiential benefits
      • Signet Signs with Bread for 10 More Years
        • Early renewal strategy: signing certainty in exchange for better partner economics
        • Contract provides new benefits to the jewelry giant - and adds Blue Nile to the mix
        • Can Bread grow PLCC purchase sales to counter higher contract costs?
          • Table | Signet Jewelers North American Sales, In-House Credit Sales, and PLCC Sales, 2022 - 2026 (billion dollars and percent share)
    • CAPITAL ONE
      • Private Label Contributions Dwindle
        • Table | Capital One Private Label Credit Card Brand Payment Value and Loan Receivables: Private Label vs. Co-Brand, 2021 - 2026 (billion dollars and percent)
      • Private Label Credit Card Programs: Down to Four
        • Table | Capital One Private Label Credit Card Brands by Card Type and Retail Category, 2026
      • Soon Down to Three? Neiman Marcus On The Way Out
      • Positive Co-Branded Credit Card Program Momentum Continues
      • Kohl’s Co-Brand Pivot Hits Private Label Hard
        • Co-branded card gets the attention
        • And now captures more spend than the Kohl’s private label card
        • Bumps along the way
    • CITIBANK
      • Private Label Takes An Official Back Seat To General-Purpose Cards
        • Strong co-branded share among programs offering private label cards
        • But we are not buying it, entirely
          • Table | Citibank Private Label Credit Card Program Payment Value and Loan Receivables: Co-Branded vs. Private Label, 2026 (billion dollars and percent)
      • Citi Private Label Credit Card Programs
        • Private label card wins outweighed by closures and losses
        • Home Depot program remains top private label dog at Citi - and the country
        • Best Buy paid memberships provide card upsell avenue
        • Tractor Supply and Meijer remain retail growth stories with card-based potential
          • Table | Citibank Private Label Credit Card Brands by Card Type and Retail Category, 2026
    • SYNCHRONY FINANCIAL
      • The Largest Private Label Credit Card Issuer in the US
      • PLCC Declines Countered by Growth Among Other Credit Products
        • But overall, Synchrony is growing
        • And private label continues to drive Synchrony’s loan receivables
          • Table | Synchrony Financial Payment Value and Loan Receivables: PLCC vs. Other Credit Products, 2021 - 2026 (billion dollars and percent)
      • Major Retailers, Digital Brands, and Health & Wellness Verticals Outperform
        • Table | Synchrony Financial Credit Product Payment Value by Partner Vertical, 2021 - 2026 (billion dollars and percent)
      • Health & Wellness Partner Brands Lead Loan Receivables Growth
        • Table | Synchrony Financial Credit Product Loan Receivables by Partner Vertical, 2021 - 2026 (billion dollars and percent)
      • With At Least 175 Partnerships, Private Label Remains The Cornerstone
        • Home & auto, health & wellness, and lifestyle verticals are private label sweet spots
        • Health & wellness co-branded card migration has not garnered out-of-store spend
          • Table | Synchrony Financial Partner Verticals by Payment Value, Loan Receivables, and Payment Value-to-Loan Ratio, 2026 (billion dollars, million dollars, and percent)
      • Private Label Program Wins, Losses, and Dispositions
        • Actively acquiring new partners, retaining key accounts, and refreshing key programs
      • Walmart OnePay: The Return of a Private Label Juggernaut
        • Synchrony and Walmart want more low-risk users this time around
        • This goal is realistic
        • But PLCCs will still dominate
        • This will translate to $5 billion in PLCC loans over time
          • Table | Share of Walmart Shoppers by HH Income and Usage Frequency in Last 30 Days, 2022 - 2026 (percent)
      • Lowe’s: A Small Business Coup with PLCC Upside
      • Doubling Down on CareCredit
        • Dental services sweet spot
        • Veterinary services expansion
        • Penetrating retail
        • PLCC-intensive
    • TD BANK
      • Table | TD Bank US Private Label Credit Card Payment Value and Loan Receivables, 2021 - 2026 (billion dollars and percent)
      • Target Program Attrition
        • Card-based pressure; loyalty program growth
      • TD Bank Nordstrom Card Program Chugs Along
      • Retail Card Services Exit Complete
      • More Co-Brand, Please?
    • WELLS FARGO
      • Recent Private Label Wins Balance Losses
        • Wells remains an active PLCC home program acquirer
          • Table | Wells Fargo US Private Label Credit Card Payment Value and Loan Receivables, 2021 - 2026 (billion dollars and percent)
      • Bank-Branded Credit Card Pivot
        • Loan balances up 55% in four years
  • APPENDIX
    • METHODOLOGY
      • Consumer Survey Methodology
      • Market Size and Forecast Methodology
    • TERMS AND DEFINITIONS
What types of products are covered in this report?

This report includes analysis of private label credit cards (PLCCs) issued across the retail landscape.

What kind of data is included in this report?

This report features proprietary market sizing for US PLCC payment value and loan receivables by market, issuer, and key programs. It also features proprietary survey data trended over time to identify evolving demographic strengths and weaknesses and assess the correlation between PLCC use and retailer loyalty. Survey data is also used to pinpoint which PLCC features and benefits cardholders view as most important.

How can this report help my company grow private label credit card market share?

This report can help industry participants 1) validate demographic strengths and weakness and target prospects and users accordingly, 2) gain competitive insight into the size and growth of PLCC programs by issuer and retail partner, and 3) update PLCC features to competitive effect.

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