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

Table of Content

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
• 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
• 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 $4 billion in miles were earned in
• Table 2-14. American Airlines AAdvantage Loyalty Program Deferred Revenue, Earning, and
• Travel/Non-Travel Redemption, 2018-2023 ($ 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.
• 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,
• 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
• 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