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

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $4,500	125 Pages	Packaged Facts	January, 2025	LA19551669

Best Price Guarantee
Price	from $4,500
Length	125 Pages
Publisher	Packaged Facts
Published Date	January, 2025
SKU	LA19551669

The Packaged Facts report, Co-Brand and Affinity Credit Cards in the U.S., 10th Edition addresses the US market for co-branded credit cards. This report highlights the recent changes to program features and benefits, issuer and partner card strategies and competitive trends. Trends in growth for the issuers and the networks as well as opportunities are examined.

Co-branded partners and programs are identified and segmented. Wins and losses are provided for the years 2019-2024. Estimates for purchase values for the top co-branded credit card programs. The report also includes analysis detailed by market segment for airline co-branded cards as well as co-branded hotel credit cards and retailer cards. There is analysis for usage, engagement and engagement ratios including demographics.

CHAPTER 1: EXECUTIVE SUMMARY: SCOPE OF REPORT; METHODOLOGY; Consumer Survey Methodology; Market Size and Forecast Methodology; EXECUTIVE SUMMARY; Airline Partnerships; Hotel Partnerships; Retailer Partnerships; The Issuers; Co-Branded Credit Card Usage Trends; Co-Branded Credit Card Application Influencers
CHAPTER 2: AIRLINE PARTNERSHIPS: BY THE NUMBERS: CO-BRANDED AIRLINE CREDIT CARD PROGRAMS; 28 Card Programs; Mastercard and Chase Lead on Number Of Partnerships; Table 2-1. US Co-Branded Airline Credit Card Programs, by Issuer, Network, and Card Type, 2025; Portfolio Wins and Losses; Citi gains an AAdvantage while Mastercard surpasses Visa on number of relationships; Table 2-2. US Co-Branded Airline Credit Card Program Changes, by Airline Brand, Issuer, and Network,2019 vs. 2025; CONSUMER ANALYSIS: FREQUENT FLYERS & AIRLINE CO-BRANDED CARD USERS; Frequent Airline Travelers Increasingly Take to the Skies; Percentage of frequent travelers has increased each year from 2021 to 2024; Table 2-3. Domestic Round-Trip Flights Taken in Last Year, by Frequency, 2021-2024 (percent of adults); Frequent business travel also shows gains; Table 2-4. Domestic Round-Trip Business Flights Taken in Last Year, by Frequency, 2021-2024(percent of adults); Frequent Flyer Program Usage Over Time; Hats off to airlines’ growing their membership ranks during the pandemic; Table 2-5. Frequent Flyer Program Members, by Airline, 2018-2024 (percent of adults); Southwest Airlines frequent flyer members are most loyal; Table 2-6. Last Airline Flown Domestically, by Frequent Flyer Membership, 2024 (percent of adults); Southwest Airlines has the highest “loyalty membership-to-flyer” ratio; Table 2-7. Share of Frequent Flyer Members, by Last Airline Flown Domestically, 2024 (percent ofadults); HH Income and Net Worth Analysis; Affluence in abundance; Table 2-8. Frequent Flyer Membership: Percentage of Members and Share of Members, by HH income, 2024 (percent of adults); More than half of adults with at least $2 million in household net worth are frequent flyer members; Table 2-9. Frequent Flyer Membership: Percentage of Members and Share of Members, by Net Worth, 2024 (percent of adults); United and JetBlue draw the highest share of higher income frequent flyer members; Table 2-10. Frequent Flyer Membership by Airline: Share of Members by HH income, 2024 (percent of adults); Alaska Airlines draws the highest share of high-net worth frequent flyer members; Table 2-11. Frequent Flyer Membership by Airline: Share of Members by Net Worth, 2024 (percent of adults); Other Demographics; Table 2-12. Frequent Flyer Program Membership: Share of Members by Brand and Demographic, 2024 (percent of adults); AMERICAN AIRLINES; AAdvantage Loyalty Program Does Some Heavy Lifting; Mountains More Revenue Expected by 2026; Exclusive Citibank Partnership Will Help It Get There; Profits on their mind; Possible downsides; Area of Emphasis: Targeting Elite Clientele; New loyalty points system attempts to simplify the path to elite status; Area of Emphasis: Enhancing Benefits; World of Hyatt Partnership; Emphasis on personalization; But added perks come with a cost; AAdvantage: The Revenue Story; $9 billion in unrealized revenue; Table 2-13. American Airlines AAdvantage Loyalty Program Deferred Revenue, 2018-2023 ($ billion); Almost $4 billion in miles were earned in 2023; Table 2-14. American Airlines AAdvantage Loyalty Program Deferred Revenue, Earning, and; Travel/Non-Travel Redemption, 2018-2023 ($ billion); Partnership agreement revenue nears $3 billion; Table 2-15. American Airlines AAdvantage Loyalty Program Revenue: Travel and Marketing; Contributions, 2018-2023 ($ billion); DELTA AIR LINES; Key Insights on Strategic Initiatives; SkyMiles Rewards Structure Shifts to Capture Premium Customer Spending; Medallion Status qualifications simplified; New Delta Sky Club access restrictions; Changes to Million Miler Program; Increased annual fees for co-branded credit cards; SkyMiles: The Revenue Story; SkyMiles loyalty program deferred revenue tops $8 billion; Table 2-16. Delta Air Lines SkyMiles Loyalty Program Deferred Revenue, 2018-2023 ($ billion); 96% of reward redemption value is for travel; Table 2-17. Delta Air Lines SkyMiles Loyalty Program Deferred Revenue, Earning, and Travel/Non-; Travel Redemption, 2018-2023 ($ billion); SkyMiles program revenue tops $10 billion; growth blows operating revenue out of the water; Table 2-18. Delta Air Lines SkyMiles Loyalty Program Revenue (Travel and Marketing) and Operating; Revenue, 2018-2023 ($ billion); The Metrics: Delta Co-Branded Credit Cards; Co-branded credit card success translates to more than $170 billion in Delta credit card spend; Table 2-19. Delta Air Lines SkyMiles Co-Branded Credit Card Purchase Value and Loans Outstanding, 2019-2023 ($ billion); UNITED AIRLINES; United Airlines MileagePlus Program Overhaul: 2024-2025 Changes; Program Initiatives; Boosting Premier status requirements; Strategic partnerships and global reach; Shifting focus to high-value customers; Balancing acquisition and retention; Aligning credit card strategy with industry trends; Maximizing PlusPoints value; MileagePlus: The Revenue Story; MileagePlus loyalty program deferred revenue tops $7 billion; Table 2-20. United Airlines MileagePlus Loyalty Program Deferred Revenue, 2018-2023 ($ billion); 96% of reward redemption value is for travel; Table 2-21. United Airlines MileagePlus Loyalty Program Deferred Revenue, Earning, and Travel/Non-; Travel Redemption, 2018-2023 ($ billion); Revenue from Chase co-brand partnership inches toward $3 billion; Table 2-22. United Airlines MileagePlus Loyalty Program Revenue: Travel and Marketing; Contributions, 2018-2023 ($ billion)
CHAPTER 3: HOTEL PARTNERSHIPS: BY THE NUMBERS: CO-BRANDED HOTEL CREDIT CARD PROGRAMS; Table 3-1. US Co-Branded Hotel Credit Card Programs, by Issuer, Network, and Card Type, 2025; Portfolio Wins and Losses; Citi gains an AAdvantage while Mastercard surpasses Visa on number of relationships; Table 3-2. US Co-Branded Hotel Credit Card Program Changes, by Airline Brand, Issuer, and Network,; 2019 vs. 2025; CONSUMER ANALYSIS: HOTEL LOYALTY PROGRAM USERS; High-Frequency Hotel Usage on the Rise; Table 3-3. Hotel Users, by Domestic Personal and Business Nights Stayed, 2021-2024 (percent of adults); Hotel Loyalty Program Usage Over Time: Steady as She Goes; Table 3-4. Hotel Loyalty Program Enrollment, by Program, 2024 (percent of adults); HH Income and Net Worth Analysis; Affluence in abundance; Table 3-5. Hotel Rewards Program Membership: Percentage of Members and Share of Members by; HH Income, 2024 (percent of adults); More than half of adults with at least $2 million in net worth are hotel rewards program members; Table 3-6. Hotel Rewards Program Membership: Percentage of Members and Share of Members by; Net Worth, 2024 (percent of adults); Hilton Honors draws the highest share of higher income hotel rewards program members; Table 3-7. Hotel Rewards Program Membership by Hotel Chain: Share of Members by HH income,; 2024 (percent of adults); Hyatt draws the highest share of high-net worth hotel rewards program members; Table 3-8. Hotel Rewards Program Membership by Hotel Chain: Share of Members by Net Worth,2024 (percent of adults); Other Demographics; Table 3-9. Hotel Loyalty Program Membership: Share of Members by Brand and Demographic, 2024(percent of adults); HILTON; Hotel Partnership Trends; Loyalty Program Membership Trends; $500 million in revenue; Membership soars in 2024—but room occupancy rates don’t; Experiential events lack exclusivity and reach; Hilton Honors Credit Cards; Ramping up bonus offers; Free room night redemptions help Surpass and Aspire cards stand out; Recent program changes tend to reduce cardholder perks and benefits; Purchase value trends; HYATT; Loyalty Program and Property Portfolio Trends; Membership growth through the roof; Accolades; Expansion and Engagement; Small Luxury Hotels of the World jumps ship; Mr & Mrs Smith properties greeted with strong engagement; The Standard portfolio provides niche lifestyle cred; All-inclusive expansion; A light touch equals pipeline growth; World of Hyatt Credit Cards; Simplicity is sophistication; IHG; IHG Loyalty Program: Pros and Cons; Card Program Adds Benefits and A Business Option; 2024 changes to the no-annual-fee IHG One Rewards Traveler Credit Card boost value; The IHG One Rewards Premier Credit Card kicks it up a notch; And a business card joins the ranks; Improving Loyalty Program Profit; MARRIOTT; The Marriott Bonvoy Loyalty Program; Loyalty Program Membership Trends; Secondary partnership products; Event travel innovation; Tailoring the 1-Point Drop for Gen Z; Bidding wars can save Marriot rewards expense on experiences; Loyalty Program Deferred Revenue Surpasses $7 Billion; Table 3-10. Marriott Bonvoy Loyalty Program Deferred Revenue, 2018-2023 ($ million); Table 3-11. 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; Marriott Bonvoy Credit Card Program Purchase Value Trends; More than $100 billion in global purchase value; Table 3-12. Global Marriott Bonvoy Co-Branded Credit Card Program: Purchase Value, 2019-2024 ($ billion)
CHAPTER 4: RETAILER PARTNERSHIPS: BY THE NUMBERS: RETAILER CO-BRANDED CARD PROGRAMS; 116 Brand Partnerships with 91 Parent Companies; Table 4-1. US Retailer Co-Branded Credit Card Programs, by Segment: Brand vs. Parent Company; Partnerships, 2025; AMAZON'S CREDIT CARD PROGRAM: LEVERAGING THE AMAZON FLYWHEEL; Nuts and Bolts; Differentiators; BJ’S ONE MASTERCARD: BUILDING THE CUSTOMER BASE AND FOSTERING LOYALTY; Nuts and Bolts; Tying Card Growth to Membership Tiers; Capital One Relationship Off to a Good Start; THE BEST BUY CO-BRAND CREDIT CARD: THE SINGLE WAY TO EARN POINTS; Nuts and Bolts; The Membership Connection; Back to Basics; Card Spend Success; THE KOHL’S CO-BRAND CREDIT CARD: SUPPLEMENTING A PRIVATE LABEL GOLIATH; Strategy and Implementation; FINTECH CO-BRANDED CREDIT CARD PARTNERSHIPS; Apple Card Is a Customer Engagement Powerhouse; Venmo Card Cultivates Gen Z and Millennial Engagement; Differentiators
CHAPTER 5: THE ISSUERS: AMERICAN EXPRESS; American Express Co-Branded Credit Card Programs; Table 5-1. American Express Co-Branded Credit Card Brands, by Category, Sub-Category, and Type,; 2025; American Express Co-Branded Credit Card Purchase Value Trends; Delta, Marriott, and Hilton are all on a roll; Table 5-2. American Express Global Co-Branded Credit Card Billed Business, by Card Partner, 2019- 2023 ($ billion); BANK OF AMERICA; Bank of America Co-Brand Card Programs; Table 5-3. Bank of America Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; Wins and losses; Alaska Air Group refresh; BARCLAYS; Barclays Co-Branded Credit Card Programs; Table 5-4. Barclays Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; Wins and losses; BREAD FINANCIAL; Co-Branded Cards Account for Increasing Share of Business; Table 5-5. Bread Financial Credit Sales: Co-Brand, Private Label, Proprietary, and Other, Q3 2019 vs.; Q3 2024; Partner Account Diversification; Table 5-6. Bread Financial Credit Sales, by Partner Vertical, Q3 2019 vs. Q3 2024; Bread Co-Branded Credit Card Programs; Table 5-7. Bread Financial Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; Wins and losses; CAPITAL ONE; Capital One Co-Branded Credit Card Programs; Table 5-8. Capital One Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; Wins; Losses; The Walmart breakup; CITIBANK; Citi-Branded Cards vs. Citi Retail Services; Citi Co-Branded Credit Card Programs; Table 5-9. Citibank Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; Wins; FIRST NATIONAL BANK OF OMAHA; First National Bank of Omaha Co-Branded Credit Card Programs; Table 5-10. First National Bank of Omaha Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; JPMORGAN CHASE; JPMorgan Chase Co-Branded Credit Card Programs; Table 5-11. JPMorgan Chase Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; Wins and losses; SYNCHRONY FINANCIAL; Synchrony Financial Co-Branded Credit Card Programs; Table 5-12. Synchrony Financial Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; Wins and losses; Retail Stalwarts, Digital Brands, and Health & Wellness Credit Products Outperform; Table 5-13. Synchrony Financial Credit Product Purchase Volume by Sales Platform, 2021-2023 ($ billion); Co-Branded Credit Card Value Growth Leads Other Credit Products; Table 5-14. Synchrony Financial Purchase Volume: Co-Branded/Dual Card vs. Other Credit Products, 2019-2024 ($ billion); U.S. BANK; U.S. Bank Co-Branded Credit Card Programs; Table 5-15. U.S. Bank Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; A shrinking portfolio that reveals Mastercard gains; WELLS FARGO; Joining The Co-Brand Party; Wells Fargo Co-Branded Credit Card Programs; Table 5-16. Wells Fargo Co-Branded Credit Card Brands, by Category, Sub-Category, and Type, 2025; One Key card program
CHAPTER 6: CO-BRANDED CREDIT CARD USAGE TRENDS: INDUSTRY CONTEXT; Store Cards and Co-Branded Cards; Retailers Enhancing Financing and Loyalty Program Flexibility; Co-Branded Card Patterns by Type of Affiliation; Adoption is highest for department store co-brands—but active usage tells another story; Table 6-1. Co-Branded Credit Card Usage Rates by Selected Types: Have in Own Name vs. Used in Last; 30 Days, 2024 (percent of adults); Co-branded credit card adoption may be declining, although the Apple Card is a bright spot; Table 6-2. US Co-Branded Credit Card Adoption by Selected Types: Have in Own Name, 2021-2024; (percent of adults); Active co-branded credit card usage may also be declining; Table 6-3. US Co-Branded Credit Card Adoption by Selected Types: Used in Last 30 Days, 2021-2024(percent of adults); Adoption-to-usage ratio analysis suggests the Apple Card is most actively used; Table 6-4. US Co-Branded Credit Card Adoption by Selected Types: Share of Owners Who Used Cards in Last 30 Days, 2021-2024 (percent of adults); Co-Branded Cards vs. Store Cards; Co-brand and private-label credit cards face different competitive threats; Table 6-5. US Co-Branded Credit Card and Store Credit Card Adoption: Have in Own Name vs. Used in; Last 30 Days, 2021-2024 (percent of adults); Demographic Segmentation; Table 6-6. Credit Cards in Own Names by Consumer HH Income and Net Worth: Bank-Issued Credit Cards, Co-Branded Cards, and Store-Only Cards, 2024 (percent of adults who are cardholders); Table 6-7. Credit Cards in Own Names by Consumer Age and Generation: Bank-Issued Credit Cards,; Co-Branded Cards, and Store-Only Cards, 2024 (percent of adults who are cardholders); Table 6-8. Credit Cards in Own Names by Consumer Gender, Race, and Hispanic Origin: Bank-Issued; Credit Cards, Co-Branded Cards, and Store-Only Cards, 2024 (percent of adults who are cardholders)
CHAPTER 7: CO-BRANDED CREDIT CARD APPLICATION INFLUENCERS: CO-BRANDED CREDIT CARD APPLICATION INFLUENCERS; Fraud Protection Trumps No Annual Fee as Most Important Application Influencer; Rewards and Discounts Remain Front and Center; Table 7-1. Card Features or Benefits That Would “Strongly Influence” Consumer Decisions to Apply for a Co-Branded Credit Card, 2023 vs. 2024 (% of total respondents); Demographics; Table 7-2. Card Features or Benefits That Would “Strongly Influence” Consumer Decisions to Apply; for a Co-Branded Credit Card, by Generation, 2024 (% of total respondents); Table 7-3. Card Features or Benefits That Would “Strongly Influence” Consumer Decisions to Apply for a Co-Branded Credit Card, by Household Income, 2024 (% of total respondents)
CHAPTER 8: APPENDIX: TERMS AND DEFINITIONS