Industry Reports
US Co-Branded Credit Card Trends, 11th Edition Report
Packaged Facts’ US Co-Branded Credit Card Trends market research report thoroughly examines an industry that is seeing increasing payment value, with national airline and hotel programs increasing in popularity.
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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
| 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
| 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.
- Executive Summary
- Scope of Report
- Report Methodology
- Consumer Survey Methodology
- Secondary Research and Market Size Methodology
- Executive Summary
- Co-Branded Credit Cards Market Forecast: Strong Growth and Expansion
- Airline Partnerships: On a Growth Tear
- Hotel Partnerships: All Aboard the Premiumization Trend
- Retailer Partnerships: A Hundred Plus Partnerships But The Big Get Bigger
- The Co-Branded Credit Card User: Affluence Strength; Youth Weakness
- Co-Branded Credit Card Use, by Program and Category
- Importance of Co-Branded Credit Card Features: Mobile Apps Have Their Day
- Co-Branded Credit Card Issuers
- Market Size and Forecast
- Co-Branded Credit Cards Market Forecast
- Seven Co-Branded Programs Near $1 Trillion in Payment Value
- Top 10 Programs Surpass $1.1 Trillion
- Table | Leading US Co-Branded Credit Card Programs by Payment Value, 2022-2025 ($ billion)
- 12 Issuers Dominate the Co-Branded Credit Card Space
- Table | US Total Consumer Credit Card Receivables by Leading Co-Branded Credit Card Issuers, 2021-2025 ($ bi
- Top 10 Programs Surpass $1.1 Trillion
- Number of Co-Branded Credit Card Programs
- Closing in on 200 Partnerships
- Segmentation by Partner Segment, Issuer, Network, and Card Type
- Table | Number of US Co-Branded Credit Card Programs by Issuer, T&E Category, and Retailer Category, 2026
- Table | Number of US Co-Branded Credit Card Programs by Issuer, T&E Category, and Retailer Category, 2026
- T&E Co-Branded Credit Card Programs
- Table | Number of US Co-Branded T&E Credit Card Programs by Issuer and T&E Sub-Category, 2026
- Table | Number of US Co-Branded T&E Credit Card Programs by Network and T&E Sub-Category, 2026
- Retailer Co-Branded Credit Card Programs
- Table | Number of US Co-Branded Retailer Credit Card Programs, by Issuer and Retailer Sub-Category, 2026
- Table | Number of US Co-Branded Retailer Credit Card Programs by Network and Retailer Sub-Category 2026
- Airline Partnerships
- US Airline Loyalty Program Revenue Reached $36 Billion in 2025
- Delta way out front
- The Big Six garner a 99% revenue share
- Table | US Airline Loyalty Program Revenue Among Leading Airlines, 2021-2025 ($ millions)
- By the Numbers: Co-Branded Airline Credit Card Programs
- 30 Card Programs
- Mastercard, Chase, and Barclays Lead on Number of Partnerships
- Portfolio Wins and Losses
- Table | US Co-Branded Airline Credit Card Programs by Issuer, Network, and Card Type, 2026
- Consumer Analysis: Frequent Flyers
- Percentage of frequent travelers continues to grow
- Table | Domestic Round-Trip Flights Taken in Last Year by Frequency, 2021-2025 (percent of adults)
- Frequent business travel continues momentum
- Table | Domestic Round-Trip Business Flights Taken in Last Year by Frequency, 2021-2025 (percent of adults)
- Frequent Flyer Program Usage Over Time
- Table | Frequent Flyer Program Members by Airline, 2021-2025 (percent of adults)
- Table | Last Airline Flown Domestically by Frequent Flyer Membership, 2025 (percent of adults)
- Table | Share of Frequent Flyer Members by Last Airline Flown Domestically, 2025 (percent of adults)
- HH Income and Net Worth Analysis
- Table | Frequent Flyer Membership: Percentage of Members and Share of Members by HH Income, 2025 (percent of
- Table | Frequent Flyer Membership: Percentage of Members and Share of Members by Net Worth, 2025 (percent of
- Table | Frequent Flyer Membership by Airline: Share of Members by HH Income, 2025 (percent of adults)
- Table | Frequent Flyer Membership by Airline: Share of Members by Net Worth, 2025 (percent of adults)
- Other Demographics
- Table | Frequent Flyer Program Membership: Share of Members by Brand and Demographic, 2025 (percent of adult
- Percentage of frequent travelers continues to grow
- In Focus: American Airlines AAdvantage Program
- Citi steps into role as exclusive issuer
- New card launches already underway
- AAdvantage: The Revenue Story
- Table | American Airlines AAdvantage Loyalty Program Revenue: Travel vs. Marketing Services, 2021-2025 ($ mi
- Table | American Airlines Earned and Redeemed AAdvantage Loyalty Deferred Program Revenue, 2021-2025 ($ mill
- AAdvantage Co-Branded Credit Card Performance
- Table | American Airlines Co-Branded Credit Card Payment Value, 2021-2025 ($ billion)
- In Focus: Delta Air Lines SkyMiles Program
- Major Program Refreshes and Fee Restructuring
- Feature Innovation and Partnership Integration
- Impact on Acquisition, Engagement, and Retention
- SkyMiles: The Revenue Story
- Table | Delta Air Lines SkyMiles Earned and Redeemed Deferred Program Revenue, 2021-2025 ($ million)
- Table | Delta Air Lines SkyMiles Loyalty Program Revenue: Travel vs. Marketing Services, 2021-2025 ($ millio
- SkyMiles Co-Branded Credit Card Performance
- Table | Delta Air Lines SkyMiles Co-Branded Credit Card Payment Value And Loans Outstanding, 2021-2025 ($ bi
- In Focus: United Airlines MileagePlus Program
- Spring 2025 Portfolio Refresh: Premiumization and Fee Recalibration
- February 2026 MileagePlus Overhaul: The "Carrot and Stick" Approach
- Feature Innovation and Ecosystem Expansion
- MileagePlus: The Revenue Story
- Table | United Airlines MileagePlus Earned and Redeemed Loyalty Deferred Program Revenue, 2021-2025 ($ milli
- Table | United Airlines MileagePlus Loyalty Program Revenue: Travel vs. Marketing Services, 2021-2025 ($ mil
- MileagePlus Co-Branded Credit Card Performance
- Table | United Airlines MileagePlus Co-Branded Credit Card Payment Value, 2021-2025 ($ billion)
- US Airline Loyalty Program Revenue Reached $36 Billion in 2025
- Hotel Partnerships
- By the Numbers: Co-Branded Hotel Credit Card Programs
- Stable Partnership Relationships in 2025
- Table | US Co-Branded Hotel Credit Card Programs by Issuer, Network, and Card Type, 2026
- Stable Partnership Relationships in 2025
- Consumer Analysis: Hotel Loyalty Program Users
- Hotel Usage Penetration by Customer Type and Frequency Rate Continue to Rise
- Table | Hotel Users, by Domestic Personal and Business Nights Stayed, 2021-2025 (percent of adults)
- Hotel Loyalty Program Usage On the Upswing
- Table | Hotel Loyalty Program Enrollment by Program, 2021-2025 (percent of adults)
- HH Income and Net Worth Analysis
- Table | Hotel Rewards Program Membership: Percentage of Members and Share of Members by HH Income, 2025 (per
- Table | Hotel Rewards Program Membership: Percentage of Members and Share of Members by Net Worth, 2025 (per
- Table | Hotel Rewards Program Membership by Hotel Chain: Share of Members by HH Income, 2025 (percent of adu
- Table | Hotel Rewards Program Membership by Hotel Chain: Share of Members by Net Worth, 2025 (percent of adu
- Other Demographics
- Table | Hotel Loyalty Program Membership: Share of Members by Brand and Demographic, 2025 (percent of adults
- Hotel Usage Penetration by Customer Type and Frequency Rate Continue to Rise
- In Focus: Hilton Honors Loyalty Program
- Consumer and Business Cards Undergo Strategic Shift
- Co-Branded Cards Fuel Growth
- Table | Hilton Occupancy Rates, Loyalty Program Members, Program Revenues, Franchise & Licensing Fees, &Cred
- In Focus: World of Hyatt Loyalty Program
- Hyatt Loyalty Program and Co-Branded Credit Card Performance Trends
- Table | Hyatt Occupancy Rates, Loyalty Program Members, Loyalty Penetration, Deferred Loyalty Revenues, and
- Hyatt Loyalty Program and Co-Branded Credit Card Performance Trends
- In Focus: Marriott Bonvoy Loyalty Program
- Consumer Segment Evolution
- Business Segment Transformation
- Credit Card Economics Get Restructured
- Marriott Loyalty Program and Co-Branded Credit Card Performance Trends
- Table | Marriott International Occupancy Rates, Loyalty Program Members, and Co-Branded Credit Card Fees, 20
- Marriott Bonvoy Credit Card Performance
- Table | Marriott International Co-Branded Credit Card Payment Value, 2021-2025 ($ billion)
- By the Numbers: Co-Branded Hotel Credit Card Programs
- Retailer Partnerships
- By the Numbers: Retailer Co-Branded Card Programs
- 131 Brand Partnerships
- Table | Number of US Co-Branded Retailer Credit Card Programs by Issuer and Retailer Sub-Category 2026
- Table | Number of US Co-Branded Retailer Credit Card Programs by Network and Retailer Sub-Category 2026
- 131 Brand Partnerships
- In Focus: Amazon/Amazon Prime Visa
- Nuts and Bolts
- Sign-Up Bonuses and Rewards Tied to Sales Events
- Ancillary Benefits and Ecosystem Integration
- Amazon’s Chase Co-Branded Program Joins the $100 Billion Club
- Table | US Amazon/Amazon Prime Visa Co-Branded Credit Card Payment Value, 2021-2025 ($ billion)
- In Focus: Apple Card Mastercard
- A card that harnesses the Apple ecosystem
- But all is not well in Apple cardholder land
- Chase gets a discount on acquisition
- Outcome: Chase gets a deal
- Table | Apple Card Co-Branded Credit Card Payment Value and Loans Outstanding, 2021-2025 ($ billion)
- In Focus: Costco Anywhere Visa
- A great fit for Citi: Let us count the ways
- Program differentiators
- Strong performance trends
- Approaching $200 billion in spend
- Table | Costco US Co-Branded Credit Card Payment Value, 2021-2025 ($ billion)
- By the Numbers: Retailer Co-Branded Card Programs
- Credit Card Usage Trends
- Co-Branded Credit Card Usage Holds Steady
- Consumer Credit Card Usage Overall Remains Robust
- Table | Credit Card Ownership and Usage in Last 30 Days, 2021-2025
- Co-Branded Credit Cards Have Outperformed Private Label Credit Cards
- Table | Credit Card Ownership: Any, Co-Branded, and Private Label, 2021-2025
- Table | Credit Card Usage in the Last 30 Days: Any, Co-Brand, and Private Label, 2021-2025
- Demographic Segmentation: HH Income and Net Worth
- Table | Credit Cards in Own Names by Consumer HH Income and Net Worth: Bank-Issued Credit Cards, Co- Branded
- Consumer Credit Card Usage Overall Remains Robust
- Co-Branded Credit Card Usage Holds Steady
- The Co-Branded Credit Card User
- Overview
- Co-Brand Card Ownership and Active Use Rates Hold Steady Over Time
- Table | Co-Branded Credit Cards: Own, Used in Last 30 Days, and Usage Rate, 2021-2025
- Hi-Frequency Co-Brand Usage Trends Suggest Good News
- Table | Co-Branded Credit Card Use in Last 30 Days: Usage Frequency Share, 2021-2025
- Co-Brand Card Ownership and Active Use Rates Hold Steady Over Time
- Co-Branded Credit Card Ownership and Usage Frequency by Age
- Lower Usage Rates Among Younger Adults Could Pose Industry Challenges
- Table | Co-Branded Credit Card Use and Usage Frequency by Age, 2025
- Table | Co-Branded Credit Card Use and Usage Frequency Share by Age, 2025
- Table | Likelihood of Using a Co-Branded Credit Card vs. Any Credit Card by Age, 2025
- Co-Branded Usage Rates Among Younger Consumers Have Declined Over Time
- Table | Co-Branded Credit Card Use and Usage Frequency by Age, 2021 vs. 2025
- What Gender Gap?
- High HH Incomes Make the Co-Branded Card World Go Round
- Table | Co-Branded Credit Card Use and Usage Frequency by HH Income, 2025
- Co-Branded Card Usage Rates Among the Highest Income Adults Have Improved
- Table | Co-Branded Credit Card Use and Usage Frequency by HH Income, 2021 vs. 2025
- Lower Usage Rates Among Younger Adults Could Pose Industry Challenges
- Overview
- Co-Branded Credit Card Use, by Program and Category
- Co-Branded Credit Card Use, by Category/Brand
- Department Store Programs Reign-But a Single Brand Is Right Behind Them
- Table | US Co-Branded Credit Card Usage by Partner Category/Brand: Have in Own Name, Used in Last 30 Days, a
- Table | US Co-Branded Credit Card Usage by Partner Type/Brand: Have in Own Name, 2021-2025 (percent of adult
- Table | US Co-Branded Credit Card Usage by Partner Type/Brand: Used in Last 30 Days, 2021-2025 (percent of a
- Table | US Co-Branded Credit Card Adoption by Partner Type/Brand: Share of Owners Who Used Cards in Last 30
- Department Store Programs Reign-But a Single Brand Is Right Behind Them
- Co-Branded and Affinity Credit Card Use, by Category
- Airline Co-Brands Lead The Pack On Ownership And Engagement
- Table | Visa/Mastercard Co-Branded Credit Cards That Consumers Have and Use Most by Category, December 2025
- Gender Divide
- Table | Visa/Mastercard Co-Branded Credit Cards That Consumers Have vs. Use Most by Category and Gender, Dec
- Table | American Express Co-Branded Credit Cards That Consumers Have by Brand and Gender, December 2025
- Airline Co-Brands Lead The Pack On Ownership And Engagement
- Co-Branded Credit Card Use, by Category/Brand
- Importance of Co-Branded Credit Card Features
- Overview
- Top Five Most Important Features and Benefits
- Table | Co-Branded Credit Card Features That Users Deem Most Important: Top Five Features, December 2025
- Bigger Picture: Partner-Based Rewards Trump Other Benefits
- Rewards are top of mind, of course
- But so are mobile apps that serve as loyalty/benefits navigators
- And while annual card fees keep rising, most don’t want to pay them
- Table | Co-Branded Credit Card Features That Users Deem Most Important, December 2025
- Women skew to shopping-related perks
- Table | Co-Branded Credit Card Features That Users Deem Most Important by Gender, December 2025
- Table | Co-Branded Credit Card Features That Users Deem Most Important by Generation, December 2025
- Co-Branded Credit Card Issuers
- American Express
- American Express Co-Branded Credit Card Programs
- Table | American Express Co-Branded Credit Card Brands by Category, Sub-Category, Issuer, Network, and Type,
- American Express Co-Branded Credit Card Payment Value Trends
- Table | American Express Global Payment Value and Credit Card Receivables: Total, Co-Branded, Delta Airlines
- American Express Co-Branded Credit Card Programs
- Bank of America
- Bank of America Co-Brand Card Programs
- Table | Bank of America Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
- Bank of America’s Largest Co-Branded Partner Gets a Refresh
- Bank of America Co-Brand Card Programs
- Barclays
- Barclays Co-Branded Credit Card Programs
- Table | Barclays Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
- Table | Barclays US Credit Card Loans Outstanding, 2021-2025 ($ billion)
- Barclays Co-Branded Credit Card Programs
- Bread Financial
- Bread Co-Branded Credit Card Programs
- Table | Bread Financial Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Private Label
- Co-Branded Credit Card Payment Value and Loan Value Analysis
- Table | Bread Financial Payment Value: Co-Branded Credit Card vs. Other, 2021-2025 ($ billion)
- Table | Bread Financial Loans Outstanding: Co-Branded Credit Card vs. Other, 2021-2025 ($ billion)
- Bread Co-Branded Credit Card Programs
- Capital One
- Capital One Co-Branded Credit Card Programs
- Table | Capital One Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
- Kohl’s Goes Co-Brand
- Capital One Co-Branded Credit Card Programs
- Citibank
- Table | Citibank US Card Purchase Value: Co-Branded Cards vs. Other Cards 2022-2025 ($ billion)
- Branded Cards Houses the Costco and American Airlines Powerhouses
- Table | Citibank Branded Cards Payment Value: Co-Branded Partners vs. Non-Co-Branded Cards 2022-2025 ($ bill
- Citi Retail Services Co-Branded Volume Powered by Best Buy and Macy’s
- Table | Citibank Retail Card Services Payment Value: Co-Branded Partners vs. Non-Co-Branded Cards 2022-2025
- Citi Co-Branded Credit Card Programs
- Table | Citibank Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
- First Electronic Bank
- American Express is a key partner
- Table | First Electronic Bank Co-Branded Credit Card Brands by Category, Sub-Category, and Network, 2026
- American Express is a key partner
- First National Bank of Omaha
- First National Bank of Omaha Co-Branded Credit Card Programs
- Table | First National Bank of Omaha Co-Branded Credit Card Brands by Category, Sub-Category, and Network, 2
- First National Bank of Omaha Co-Branded Credit Card Programs
- JPMorgan Chase
- JPMorgan Chase Co-Branded Credit Card Programs
- Table | JPMorgan Chase Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
- JPMorgan Chase Co-Branded Credit Card Programs
- Synchrony Financial
- 20 Co-Branded Credit Card Partners
- Table | Synchrony Financial Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
- Co-Branded Credit Card Growth Outperforms Other Credit Products
- Table | Synchrony Financial Payment Value: Co-Branded Credit Cards vs. Other Credit Products, 2021-2025 ($ b
- Table | Synchrony Financial Loan Receivables: Co-Branded Credit Cards vs. Other Credit Products, 2021-2025 (
- 20 Co-Branded Credit Card Partners
- TD Bank
- Table | TD Bank US Co-Branded Credit Card Payment Value and Loan Receivables, 2021-2025 ($ billion)
- Nordstrom Card Program Chugs Along
- Table | Nordstrom Private Label and Co-Branded Card Payment Value, 2019 vs. 2025 ($ billion)
- U.S. Bank
- U.S. Bank Co-Branded Credit Card Programs
- Table | U.S. Bank Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
- U.S. Bank Co-Branded Credit Card Programs
- American Express
- Appendix
- Terms and Definitions
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 co-branded card programs by issuer and retail partner, and 3) update co-branded card features to competitive effect.
What kind of data are included in this report?
This report features proprietary market sizing for US co-branded credit card payment value by key issuers and programs. It also features proprietary survey data trended over time to identify evolving demographic strengths and weaknesses and assess the correlation between co-branded credit card use and retailer loyalty. Survey data is also used to pinpoint which card features and benefits co-branded cardholders view as most important.
What type of loan products are covered in this report?
This report includes analysis of co-branded credit cards issued across the retail landscape.
