How are retailers enhancing financing and loyalty program flexibility?

Retailers who have leaned on private-label store cards and co-branded credit cards as their principal loyalty schemes are beginning to offer BNPL financing options and rewards program enrollment to non-cardholders.

What are co-branded credit cards?

Co-branded credit cards are credit cards issued in partnership between a bank and a particular merchant or business. They include rewards or benefits associated with that co-branding merchant; but can be used anywhere credit cards are accepted.

What are the differences between private label and co-branded credit cards?

For consumers, the major difference between a retailer’s private label and co-branded cards is that a private label credit card can be used only at the named retailer and a co-branded credit card processes through a card network (Visa, Mastercard or American Express) and so can be used anywhere credit cards are accepted.

Co-Branded Credit Cards in the US, 10th Edition Report | Packaged Facts

Report Overview

Airline Frequent-Flier and Hotel Loyalty Programs Continue to Target Affluent Households

As competition among a dozen issuers for at least 167 co-branded credit card programs across the airline, hotel, and retail industries continues to intensify, issuers and brand partners alike need to raise their game.

Executive Summary $1,798.23
- Scope of Report $310.50
- Methodology $310.50
  - Consumer Survey Methodology $310.50
  - Market Size and Forecast Methodology $310.50
- Executive Summary $1,436.81
  - Airline Partnerships $426.90
  - Hotel Partnerships $331.57
  - Retailer Partnerships $310.50
  - The Issuers $357.02
  - Co-Branded Credit Card Usage Trends $310.50
  - Co-Branded Credit Card Application Influencers $310.50

Airline Partnerships $4,205.29
- By the Numbers: Co-Branded Airline Credit Card Programs $411.53
  - 28 Card Programs $310.50
  - Mastercard and Chase Lead on Number Of Partnerships $310.50
    - Table | US Co-Branded Airline Credit Card Programs, by Issuer, Network, and Card Type, 2025
  - Portfolio Wins and Losses $310.50
    - Table | US Co-Branded Airline Credit Card Program Changes, by Airline Brand, Issuer, and Network, 2019 vs. 2
- Consumer Analysis: Frequent Flyers & Airline Co-Branded Card Users $1,246.96
  - Frequent Airline Travelers Increasingly Take to the Skies $310.50
    - Table | Domestic Round-Trip Flights Taken in Last Year, by Frequency, 2021-2024 (percent of adults)
    - Table | Domestic Round-Trip Business Flights Taken in Last Year, by Frequency, 2021-2024 (percent of adults)
  - Frequent Flyer Program Usage Over Time $491.75
    - Table | Frequent Flyer Program Members, by Airline, 2018-2024 (percent of adults)
    - Table | Last Airline Flown Domestically, by Frequent Flyer Membership, 2024 (percent of adults)
    - Table | Share of Frequent Flyer Members, by Last Airline Flown Domestically, 2024 (percent of adults)
  - HH Income and Net Worth Analysis $393.77
    - Table | Frequent Flyer Membership: Percentage of Members and Share of Members, by HH income, 2024 (percent o
    - Table | Frequent Flyer Membership: Percentage of Members and Share of Members, by Net Worth, 2024 (percent o
    - Table | Frequent Flyer Membership by Airline: Share of Members by HH income, 2024 (percent of adults)
    - Table | Frequent Flyer Membership by Airline: Share of Members by Net Worth, 2024 (percent of adults)
  - Other Demographics $310.50
    - Table | Frequent Flyer Program Membership: Share of Members by Brand and Demographic, 2024 (percent of adult
- American Airlines $824.55
  - AAdvantage Loyalty Program Does Some Heavy Lifting $310.50
  - Mountains More Revenue Expected by 2026 $310.50
  - Exclusive Citibank Partnership Will Help It Get There $310.50
  - Area of Emphasis: Targeting Elite Clientele $310.50
  - Area of Emphasis: Enhancing Benefits $310.50
  - AAdvantage: The Revenue Story $310.50
    - Table | American Airlines AAdvantage Loyalty Program Deferred Revenue, 2018-2023 ($ billion)
    - Table | American Airlines AAdvantage Loyalty Program Deferred Revenue, Earning, and Travel/Non-Travel Redemp
    - Table | American Airlines AAdvantage Loyalty Program Revenue: Travel and Marketing Contributions, 2018-2023
- Delta Air Lines $1,070.42
  - Key Insights on Strategic Initiatives $310.64
  - SkyMiles Rewards Structure Shifts to Capture Premium Customer Spending $353.05
  - SkyMiles: The Revenue Story $310.50
    - Table | Delta Air Lines SkyMiles Loyalty Program Deferred Revenue, 2018-2023 ($ billion)
    - Table | Delta Air Lines SkyMiles Loyalty Program Deferred Revenue, Earning, and Travel/Non-Travel Redemption
    - Table | Delta Air Lines SkyMiles Loyalty Program Revenue (Travel and Marketing) and Operating Revenue, 2018-
  - The Metrics: Delta Co-Branded Credit Cards $310.50
    - Table | Delta Air Lines SkyMiles Co-Branded Credit Card Purchase Value and Loans Outstanding, 2019-2023 ($ b
- United Airlines $650.06
  - United Airlines MileagePlus Program Overhaul: 2024-2025 Changes $310.50
  - Program Initiatives $338.46
  - MileagePlus: The Revenue Story $310.50
    - Table | United Airlines MileagePlus Loyalty Program Deferred Revenue, 2018-2023 ($ billion)
    - Table | United Airlines MileagePlus Loyalty Program Deferred Revenue, Earning, and Travel/Non-Travel Redempt
    - Table | United Airlines MileagePlus Loyalty Program Revenue: Travel and Marketing Contributions, 2018-2023 (

Hotel Partnerships $3,336.56
- By the Numbers: Co-Branded Hotel Credit Card Programs $373.80
  - Table | US Co-Branded Hotel Credit Card Programs, by Issuer, Network, and Card Type, 2025
  - Portfolio Wins and Losses $310.50
    - Table | US Co-Branded Hotel Credit Card Program Changes, by Airline Brand, Issuer, and Network, 2019 vs. 202
- Consumer Analysis: Hotel Loyalty Program Users $701.74
  - High-Frequency Hotel Usage on the Rise $310.50
    - Table | Hotel Users, by Domestic Personal and Business Nights Stayed, 2021-2024 (percent of adults)
  - Hotel Loyalty Program Usage Over Time: Steady as She Goes $310.50
    - Table | Hotel Loyalty Program Enrollment, by Program, 2024 (percent of adults)
  - HH Income and Net Worth Analysis $399.33
    - Table | Hotel Rewards Program Membership: Percentage of Members and Share of Members by HH Income, 2024 (per
    - Table | Hotel Rewards Program Membership: Percentage of Members and Share of Members by Net Worth, 2024 (per
    - Table | Hotel Rewards Program Membership by Hotel Chain: Share of Members by HH income, 2024 (percent of adu
    - Table | Hotel Rewards Program Membership by Hotel Chain: Share of Members by Net Worth, 2024 (percent of adu
  - Other Demographics $310.50
    - Table | Hotel Loyalty Program Membership: Share of Members by Brand and Demographic, 2024 (percent of adults
- Hilton $539.37
  - Hotel Partnership Trends $310.50
  - Loyalty Program Membership Trends $310.50
  - Hilton Honors Credit Cards $310.50
- Hyatt $495.90
  - Loyalty Program and Property Portfolio Trends $310.50
  - Accolades $310.50
  - Expansion and Engagement $327.77
  - World of Hyatt Credit Cards $310.50
- IHG $554.56
  - IHG Loyalty Program: Pros and Cons $310.50
  - Card Program Adds Benefits and A Business Option $310.50
  - Improving Loyalty Program Profit $310.50
- Marriott $669.59
  - The Marriott Bonvoy Loyalty Program $310.50
  - Loyalty Program Membership Trends $310.50
  - Loyalty Program Deferred Revenue Surpasses $7 Billion $310.50
    - Table | Marriott Bonvoy Loyalty Program Deferred Revenue, 2018-2023 ($ million)
    - Table | Marriott Bonvoy Loyalty Program Deferred Revenue, Earning, and Redemption, 2018-2023 ($ millions)
  - Marriott Bonvoy Is the Largest Hotel Co-Branded Card Program in the World $310.50
  - Marriott Bonvoy Credit Card Program Purchase Value Trends $310.50
    - Table | Global Marriott Bonvoy Co-Branded Credit Card Program: Purchase Value, 2019-2024 ($ billion)

Retailer Partnerships $1,568.17
- By the Numbers: Retailer Co-Branded Card Programs $310.50
  - 116 Brand Partnerships with 91 Parent Companies $310.50
    - Table | US Retailer Co-Branded Credit Card Programs, by Segment: Brand vs. Parent Company Partnerships, 2025
- Amazon's Credit Card Program: Leveraging the Amazon Flywheel $310.50
  - Nuts and Bolts $310.50
  - Differentiators $310.50
- BJ’s One Mastercard: Building the Customer Base and Fostering Loyalty $310.50
  - Nuts and Bolts $310.50
  - Tying Card Growth to Membership Tiers $310.50
  - Capital One Relationship Off to a Good Start $310.50
- The Best Buy Co-Brand Credit Card: The Single Way to Earn Points $310.50
  - Nuts and Bolts $310.50
  - The Membership Connection $310.50
  - Back to Basics $310.50
  - Card Spend Success $310.50
- The Kohl’s Co-Brand Credit Card: Supplementing a Private Label Goliath $310.50
  - Strategy and Implementation $310.50
- Fintech Co-Branded Credit Card Partnerships $409.15
  - Apple Card Is a Customer Engagement Powerhouse $310.50
  - Venmo Card Cultivates Gen Z and Millennial Engagement $310.50

The Issuers $2,819.47
- American Express $354.81
  - American Express Co-Branded Credit Card Programs $310.50
    - Table | American Express Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025
  - American Express Co-Branded Credit Card Purchase Value Trends $310.50
    - Table | American Express Global Co-Branded Credit Card Billed Business, by Card Partner, 2019-2023 ($ billio
- Bank of America $310.50
  - Bank of America Co-Brand Card Programs $310.50
    - Table | Bank of America Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025
- Barclays $310.50
  - Barclays Co-Branded Credit Card Programs $310.50
    - Table | Barclays Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025
- Bread Financial $461.45
  - Co-Branded Cards Account for Increasing Share of Business $310.50
    - Table | Bread Financial Credit Sales: Co-Brand, Private Label, Proprietary, and Other, Q3 2019 vs. Q3 2024
  - Partner Account Diversification $310.50
    - Table | Bread Financial Credit Sales, by Partner Vertical, Q3 2019 vs. Q3 2024
  - Bread Co-Branded Credit Card Programs $310.50
    - Table | Bread Financial Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025
- Capital One $310.50
  - Capital One Co-Branded Credit Card Programs $310.50
    - Table | Capital One Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025
- Citibank $310.50
  - Citi-Branded Cards vs. Citi Retail Services $310.50
  - Citi Co-Branded Credit Card Programs $310.50
    - Table | Citibank Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025
- First National Bank of Omaha $310.50
  - First National Bank of Omaha Co-Branded Credit Card Programs $310.50
    - Table | First National Bank of Omaha Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 202
- JPMorgan Chase $310.50
  - JPMorgan Chase Co-Branded Credit Card Programs $310.50
    - Table | JPMorgan Chase Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025
- Synchrony Financial $557.84
  - Synchrony Financial Co-Branded Credit Card Programs $310.50
    - Table | Synchrony Financial Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025
  - Retail Stalwarts, Digital Brands, and Health & Wellness Credit Products Outperform $310.50
    - Table | Synchrony Financial Credit Product Purchase Volume by Sales Platform, 2021-2023 ($ billion)
  - Co-Branded Credit Card Value Growth Leads Other Credit Products $310.50
    - Table | Synchrony Financial Purchase Volume: Co-Branded/Dual Card vs. Other Credit Products, 2019-2024 ($ bi
- U.S. Bank $310.50
  - U.S. Bank Co-Branded Credit Card Programs $310.50
    - Table | U.S. Bank Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025
- Wells Fargo $310.50
  - Joining The Co-Brand Party $310.50
  - Wells Fargo Co-Branded Credit Card Programs $310.50
    - Table | Wells Fargo Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025

Co-Branded Credit Card Usage Trends $947.90
- Industry Context $944.81
  - Store Cards and Co-Branded Cards $310.50
  - Retailers Enhancing Financing and Loyalty Program Flexibility $310.50
  - Co-Branded Card Patterns by Type of Affiliation $454.20
    - Table | Co-Branded Credit Card Usage Rates by Selected Types: Have in Own Name vs. Used in Last 30 Days, 202
    - Table | US Co-Branded Credit Card Adoption by Selected Types: Have in Own Name, 2021-2024 (percent of adults
    - Table | US Co-Branded Credit Card Adoption by Selected Types: Used in Last 30 Days, 2021-2024 (percent of ad
    - Table | US Co-Branded Credit Card Adoption by Selected Types: Share of Owners Who Used Cards in Last 30 Days
  - Co-Branded Cards vs. Store Cards $310.50
    - Table | US Co-Branded Credit Card and Store Credit Card Adoption: Have in Own Name vs. Used in Last 30 Days,
  - Demographic Segmentation $310.50
    - Table | Credit Cards in Own Names by Consumer HH Income and Net Worth: Bank-Issued Credit Cards, Co- Branded
    - Table | Credit Cards in Own Names by Consumer Age and Generation: Bank-Issued Credit Cards, Co-Branded Cards
    - Table | Credit Cards in Own Names by Consumer Gender, Race, and Hispanic Origin: Bank-Issued Credit Cards, C

Co-Branded Credit Card Application Influencers $531.32
- Co-Branded Credit Card Application Influencers $527.25
  - Fraud Protection Trumps No Annual Fee as Most Important Application Influencer $310.50
  - Rewards and Discounts Remain Front and Center $310.50
    - Table | Card Features or Benefits That Would “Strongly Influence” Consumer Decisions to Apply for a Co-Brand
  - Demographics $310.50
    - Table | Card Features or Benefits That Would “Strongly Influence” Consumer Decisions to Apply for a Co-Brand
    - Table | Card Features or Benefits That Would “Strongly Influence” Consumer Decisions to Apply for a Co-Brand

Appendix $318.04
- Terms and Definitions $317.34

Our report can help card issues and their brand partners understand the market landscape and make the strategic decisions they will need to succeed in this competitive environment.

It assesses how airline, hotel chains, and retailer co-branded cards help fuel loyalty programs to acquire and retain customers, grow loyalty program revenue, prioritize high-value customers, and boost co-brand card usage and purchase value. Special attention is paid to card feature and rewards program innovations.
It also unpacks partnership changes among major issuers and their networks over a six-year period, revealing which players have those 167 programs—and which have momentum and in which industry categories.
It also—literally—reveals the net worth of customers enrolled in the highly affluent airline and hotel loyalty program (Spoiler alert: Alaska Airlines has the highest share of high-net worth customers). The report also provides a wake-up call: co-branded credit card adoption and active use may be declining (although the Apple Card is a bright spot).

Co-Brand and Affinity Credit Cards in the US, 10th Edition, covers the U.S. market for co-branded credit cards, with an emphasis on recent changes in co-branded credit card program features and benefits, partner and issuer co-branded card strategies and competitive trends, co-branded growth trends among issuers and networks, and related trend and opportunity spotting. More specifically, the report:

Identifies and segments the number of co-branded card programs and program partners in 2025 by network, issuer, and partnership segment.
Identifies program wins and losses by issuer and network from 2019 to 2024.
Provides purchase value estimates for leading co-branded credit card programs.
Provides market segment analysis for co-branded airline credit cards, including:
- Partnership changes, revenue, passenger and revenue passenger miles analysis for airlines having co-branded programs
- Loyalty program usage trends; survey analysis that trends frequent flyer membership, individual frequent flyer program membership, frequent fliers, and demographics, emphasizing customer household income and net worth and its relationship to program usage
- Co-branded credit card and loyalty program profiles for Delta Air Lines, American Airlines, and United Airlines, including changes in loyalty program and co-branded card features and benefits, loyalty program and co-branded credit card program revenue analysis, and program-related trends
- Co-branded card program and program partner counts by network and issuer
Provides market segment analysis for co-branded hotel credit cards, including
- Partnership changes and loyalty program usage trends; survey analysis focusing on the relationships among loyalty membership, program redemption, frequent hotel users, and demographics, emphasizing customer household income and net worth and its relationship to program usage
- Co-branded credit card and loyalty program profile for Hilton, Hyatt, IHG, and Marriott, including changes in loyalty program and co-branded card features and benefits, loyalty program and co-branded credit card program revenue analysis, and program-related trends; card purchase value trends
- Co-branded card program and program partner counts by network and issuer
Provides market segment analysis for co-branded retailer cards, including co-branded card program and program partner counts by network and issuer; co-branded credit card profiles for Amazon, Best Buy, BJ’s Wholesale Club, Kohl’s, Apple, and Venmo.
Analyzes trends in co-branded credit card usage, usage engagement, and engagement ratios by card type and brand, with demographic analysis.
Assesses the degree a range of features and benefits influence consumers to sign up for a co-branded credit card, including perks, discounts, rewards fees, interest, financing, and other card benefits.

Co-Brand Credit Cards Research Report Methodology

Consumer Survey Methodology

Data related to consumer demographics, attitudes and behaviors are derived from the MRI-Simmons USA National Consumer Survey, a booklet-based survey of a large and random sample of consumers who in aggregate represent a statistically accurate cross-section of the US adult population (age 18+). Results from the 12-month Fall 2021 through 2024 surveys are analyzed.

The report also includes results from Packaged Facts’ proprietary December 2024 National Online Survey. The survey consisted of 1,502 online adults age 18+, who in aggregate represent a statistically accurate cross-section of the U.S. adult population (age 18+).

Market Size and Forecast Methodology

Purchase value estimates for several co-branded credit card programs are provided. Market estimates were derived from multiple sources, including:

company annual and quarterly filings and related presentations
FDIC Reports of Condition and Income (also known as Call Report data)
credit card trusts (asset-backed securities backed by credit card loans held by financial institutions)
Federal Reserve data

Co-Branded Credit Cards in the US, 10th Edition

Report Overview

Airline Frequent-Flier and Hotel Loyalty Programs Continue to Target Affluent Households

Table of Contents

Co-Brand Credit Cards Research Report Methodology

Consumer Survey Methodology

Market Size and Forecast Methodology

Purchase Report

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Co-Branded Credit Cards in the US, 10th Edition

Report Overview

Airline Frequent-Flier and Hotel Loyalty Programs Continue to Target Affluent Households

Table of Contents

Co-Brand Credit Cards Research Report Methodology

Consumer Survey Methodology

Market Size and Forecast Methodology

Purchase Report

Select your license:

Free Sample Report

Subscription Options

License by subscription

Questions & Assistance

Share This Report

Download a Free Sample Report Now

Use Licenses

FAQs

Related Reports and Studies

Private Label Credit Cards: US Market Trends, 14th Edition

Prepaid Cards in the US, 8th Edition

Commercial Payment Cards: US Market Trends, 13th Edition

Gen Z and Payments: The Next Big Cohort Is Here

2023 US Credit Card Market Outlook

Have unique research needs?

Stay informed with Freedonia