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US Co-Branded Credit Card Trends, 11th Edition

Publisher Packaged Facts
Published Mar 09, 2026
Length 146 Pages
SKU # LA20943102

Description

Packaged Facts’ US Co-Branded Credit Card Trends, 11th Edition includes a wealth of proprietary market analysis. This includes co-branded credit card program payment value and loan receivables estimates for leading issuers and top programs; detailed program count analysis by network, issuer, and partnership vertical and sub-vertical; and trended demographic analysis of key co-branded card users, programs, and segments. This also includes identifying which co-branded credit card features and benefits cardholders view as most important, as well as dives into the co-branded card operations of the industry’s leading issuers.

Table of Contents

146 Pages
CHAPTER 1: 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
Top programs top $1.1 trillion in payment value
The issuing field and number of programs is growing
Issuers and networks battle for share
Airline Partnerships: On a Growth Tear
Revenue and partnership count scope—airline co-brands translate to airline riches
Frequent flyer analysis: usage growth, loyalty winners, and affluent/wealthy targets
American Airline AAdvantage
Delta Air Lines SkyMiles
United Airlines MileagePlus
Hotel Partnerships: All Aboard the Premiumization Trend
Hotel loyalty program usage analysis: consistent growth, and a honey pot of well-off users
Hilton Honors
World of Hyatt
Marriott Bonvoy
Retailer Partnerships: A Hundred Plus Partnerships But The Big Get Bigger
Amazon/Amazon Prime Visa
Apple Card Mastercard
Costco Anywhere Visa
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
American Express
Bank of America
Barclays
Bread Financial
Capital One
Citibank
US Co-Branded Credit Card Trends, 11th Edition
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First Electronic Bank
First National Bank of Omaha
JPMorgan Chase
Synchrony Financial
TD Bank
U.S. Bank
CHAPTER 2: MARKET SIZE AND FORECAST
CO-BRANDED CREDIT CARDS MARKET FORECAST
SEVEN CO-BRANDED PROGRAMS NEAR $1 TRILLION IN PAYMENT VALUE
Top 10 Programs Surpass $1.1 Trillion
Table 2-1: Leading US Co-Branded Credit Card Programs by Payment Value, 2022-2025 ($ billion)
12 Issuers Dominate the Co-Branded Credit Card Space
Table 2-2: US Total Consumer Credit Card Receivables by Leading Co-Branded Credit Card Issuers, 2021-2025 ($ billion)
NUMBER OF CO-BRANDED CREDIT CARD PROGRAMS
Closing in on 200 Partnerships
Segmentation by Partner Segment, Issuer, Network, and Card Type
Four issuers have at least 20 partnerships apiece
Table 2-3. Number of US Co-Branded Credit Card Programs by Issuer, T&E Category, and Retailer Category, 2026
Among networks, Mastercard has the most T&E and retailer programs
Table 2-4. Number of US Co-Branded Credit Card Programs by Issuer, T&E Category, and Retailer Category, 2026
T&E Co-Branded Credit Card Programs
Barclays and Chase lead the pack
Table 2-5. Number of US Co-Branded T&E Credit Card Programs by Issuer and T&E Sub-Category, 2026
Mastercard has the most airline and hotel programs
Table 2-6. Number of US Co-Branded T&E Credit Card Programs by Network and T&E Sub-Category, 2026
Retailer Co-Branded Credit Card Programs
FNBO, Bread, and Synchrony dominate retailer partnerships
Table 2-7. Number of US Co-Branded Retailer Credit Card Programs, by Issuer and Retailer Sub-Category, 2026
Mastercard is well ahead of Visa and American Express
Table 2-8. Number of US Co-Branded Retailer Credit Card Programs by Network and Retailer Sub-Category 2026
CHAPTER 3: AIRLINE PARTNERSHIPS
US AIRLINE LOYALTY PROGRAM REVENUE REACHED $36 BILLION IN 2025
Delta way out front
The Big Six garner a 99% revenue share
US Co-Branded Credit Card Trends, 11th Edition
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Table 3-1. US Airline Loyalty Program Revenue Among Leading Airlines, 2021-2025 ($ 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 3-2. 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 3-3. Domestic Round-Trip Flights Taken in Last Year by Frequency, 2021-2025 (percent of adults)
Frequent business travel continues momentum
Table 3-4. Domestic Round-Trip Business Flights Taken in Last Year by Frequency, 2021-2025 (percent of adults)
Frequent Flyer Program Usage Over Time
Post-pandemic usage increases slightly, as Delta competitors play catch up
Table 3-5. Frequent Flyer Program Members by Airline, 2021-2025 (percent of adults)
Southwest Airlines’ frequent flyer members are most loyal—again!
Table 3-6. Last Airline Flown Domestically by Frequent Flyer Membership, 2025 (percent of adults)
But Delta has the highest “loyalty membership-to-flyer” ratio
Table 3-7. Share of Frequent Flyer Members by Last Airline Flown Domestically, 2025 (percent of adults)
HH Income and Net Worth Analysis
Look no further than airline loyalty programs for deep-pocketed, affluent marketing targets
Table 3-8. Frequent Flyer Membership: Percentage of Members and Share of Members by HH Income, 2025 (percent of adults)
Half of adults with at least $1.5 million in household net worth are frequent flyer members
Table 3-9. Frequent Flyer Membership: Percentage of Members and Share of Members by Net Worth, 2025 (percent of adults)
United and JetBlue draw the highest share of higher income frequent flyer members
Table 3-10. Frequent Flyer Membership by Airline: Share of Members by HH Income, 2025 (percent of adults)
United has the highest share of high-net worth frequent flyer members
Table 3-11. Frequent Flyer Membership by Airline: Share of Members by Net Worth, 2025 (percent of adults)
Other Demographics
JetBlue lands 18-34s
Table 3-12. Frequent Flyer Program Membership: Share of Members by Brand and Demographic, 2025 (percent of adults)
IN FOCUS: AMERICAN AIRLINES AADVANTAGE PROGRAM
Citi steps into role as exclusive issuer
New card launches already underway
AAdvantage: The Revenue Story
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Table 3-13. American Airlines AAdvantage Loyalty Program Revenue: Travel vs. Marketing Services, 2021-2025 ($ million)
Table 3-14. American Airlines Earned and Redeemed AAdvantage Loyalty Deferred Program Revenue, 2021-2025 ($ million)
AAdvantage Co-Branded Credit Card Performance
Table 3-15. 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
On track for $10 billion payday from American Express
SkyMiles loyalty program deferred revenue tops $9 billion
Table 3-16. Delta Air Lines SkyMiles Earned and Redeemed Deferred Program Revenue, 2021-2025 ($ million)
Total loyalty program revenue surpasses $12 billion
Table 3-17. Delta Air Lines SkyMiles Loyalty Program Revenue: Travel vs. Marketing Services, 2021-2025 ($ million)
SkyMiles Co-Branded Credit Card Performance
Table 3-18. Delta Air Lines SkyMiles Co-Branded Credit Card Payment Value And Loans Outstanding, 2021-2025 ($ billion)
IN FOCUS: UNITED AIRLINES MILEAGEPLUS PROGRAM
Spring 2025 Portfolio Refresh: Premiumization and Fee Recalibration
Fee increases and valuation strategy
Enhanced lifestyle benefits
February 2026 MileagePlus Overhaul: The "Carrot and Stick" Approach
The "Stick": devaluation for non-cardholders
The "Carrot": enhanced economics for cardholders
Feature Innovation and Ecosystem Expansion
MileagePlus Debit Rewards Card
Bilt Rewards Partnership
International Expansion
MileagePlus: The Revenue Story
Miles earned, miles redeemed, and total loyalty program revenue reach new highs
Table 3-19. United Airlines MileagePlus Earned and Redeemed Loyalty Deferred Program Revenue, 2021-2025 ($ million)
Table 3-20. United Airlines MileagePlus Loyalty Program Revenue: Travel vs. Marketing Services, 2021-2025 ($ million)
MileagePlus Co-Branded Credit Card Performance
Table 3-21. United Airlines MileagePlus Co-Branded Credit Card Payment Value, 2021-2025 ($ billion)
CHAPTER 4: HOTEL PARTNERSHIPS
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BY THE NUMBERS: CO-BRANDED HOTEL CREDIT CARD PROGRAMS
Stable Partnership Relationships in 2025
Table 4-1. US Co-Branded Hotel Credit Card Programs by Issuer, Network, and Card Type, 2026
CONSUMER ANALYSIS: HOTEL LOYALTY PROGRAM USERS
Hotel Usage Penetration by Customer Type and Frequency Rate Continue to Rise
Table 4-2. Hotel Users, by Domestic Personal and Business Nights Stayed, 2021-2025 (percent of adults)
Hotel Loyalty Program Usage On the Upswing
Table 4-3. Hotel Loyalty Program Enrollment by Program, 2021-2025 (percent of adults)
HH Income and Net Worth Analysis
Follow the money
Table 4-4. Hotel Rewards Program Membership: Percentage of Members and Share of Members by HH Income, 2025 (percent of adults)
Nearly half of adults with at least $2 million in net worth are hotel rewards program members
Table 4-5. Hotel Rewards Program Membership: Percentage of Members and Share of Members by Net Worth, 2025 (percent of adults)
Marriott Bonvoy has the highest share of $150K HH income rewards program members
Table 4-6. Hotel Rewards Program Membership by Hotel Chain: Share of Members by HH Income, 2025 (percent of adults)
Marriott also draws the highest share of high-net worth hotel rewards program members
Table 4-7. Hotel Rewards Program Membership by Hotel Chain: Share of Members by Net Worth, 2025 (percent of adults)
Other Demographics
Hyatt beds the highest share of 25-34s
Table 4-8. Hotel Loyalty Program Membership: Share of Members by Brand and Demographic, 2025 (percent of adults)
IN FOCUS: HILTON HONORS LOYALTY PROGRAM
Consumer and Business Cards Undergo Strategic Shift
Co-Branded Cards Fuel Growth
Table 4-9. Hilton Occupancy Rates, Loyalty Program Members, Program Revenues, Franchise & Licensing Fees, & Credit Card Highlights 2022-2025 (percent rate, millions, and $ millions)
IN FOCUS: WORLD OF HYATT LOYALTY PROGRAM
Hyatt Loyalty Program and Co-Branded Credit Card Performance Trends
Table 4-10. Hyatt Occupancy Rates, Loyalty Program Members, Loyalty Penetration, Deferred Loyalty Revenues, and Co-Branded Credit Card Spend Growth, 2022-2025 (percent rate, millions, and $ millions)
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
Member penetration, loyalty membership, and co-branded credit card fees grow nicely
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Table 4-11. Marriott International Occupancy Rates, Loyalty Program Members, and Co-Branded Credit Card Fees, 2022-2025 (percent rate, millions, and $ millions)
Marriott Bonvoy Credit Card Performance
Table 4-12. Marriott International Co-Branded Credit Card Payment Value, 2021-2025 ($ billion)
CHAPTER 5: RETAILER PARTNERSHIPS
BY THE NUMBERS: RETAILER CO-BRANDED CARD PROGRAMS
131 Brand Partnerships
Financial services partnerships now tie with apparel on partnership count
Issuer and network leaders
Table 5-1. Number of US Co-Branded Retailer Credit Card Programs by Issuer and Retailer Sub-Category 2026
Table 5-2. Number of US Co-Branded Retailer Credit Card Programs by Network and Retailer Sub-Category 2026
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 $100 Billion Club
Table 5-3. US Amazon/Amazon Prime Visa Co-Branded Credit Card Payment Value, 2021-2025 ($ 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 5-4. 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 $200 billion in spend
Table 5-5. Costco US Co-Branded Credit Card Payment Value, 2021-2025 ($ billion)
CHAPTER 6: CREDIT CARD USAGE TRENDS
CO-BRANDED CREDIT CARD USAGE HOLDS STEADY
Consumer Credit Card Usage Overall Remains Robust
Table 6-1. Credit Card Ownership and Usage in Last 30 Days, 2021-2025
Co-Branded Credit Cards Have Outperformed Private Label Credit Cards
Ownership trends
Table 6-2. Credit Card Ownership: Any, Co-Branded, and Private Label, 2021-2025
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Usage trends
Table 6-3. Credit Card Usage in the Last 30 Days: Any, Co-Brand, and Private Label, 2021-2025
Demographic Segmentation: HH Income and Net Worth
Table 6-4. Credit Cards in Own Names by Consumer HH Income and Net Worth: Bank-Issued Credit Cards, Co-Branded Credit Cards, and Private Label Credit Cards, 2025 (percent of adults who are cardholders)
CHAPTER 7: THE CO-BRANDED CREDIT CARD USER
OVERVIEW
Co-Brand Card Ownership and Active Use Rates Hold Steady Over Time
Table 7-1. 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 7-2. Co-Branded Credit Card Use in Last 30 Days: Usage Frequency Share, 2021-2025
CO-BRANDED CREDIT CARD OWNERSHIP AND USAGE FREQUENCY BY AGE
Lower Usage Rates Among Younger Adults Could Pose Industry Challenges
Vast difference in usage rates by age
Table 7-3. Co-Branded Credit Card Use and Usage Frequency by Age, 2025
Table 7-4. Co-Branded Credit Card Use and Usage Frequency Share by Age, 2025
Younger consumers less likely to have co-branded credit cards than credit cards generally
Table 7-5. 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
Theories that explain the trend: debunked and possible
Table 7-6. 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 7-7. Co-Branded Credit Card Use and Usage Frequency by HH Income, 2025
Co-Branded Card Usage Rates Among the Highest Income Adults Have Improved
But premiumization and annual card fee increases have pushed out the middle class
Table 7-8. Co-Branded Credit Card Use and Usage Frequency by HH Income, 2021 vs. 2025
CHAPTER 8: 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
Three engagement winners rise to the top
Table 8-1. US Co-Branded Credit Card Usage by Partner Category/Brand: Have in Own Name, Used in Last 30 Days, and Active Use Rate, 2025 (percent of adults)
Apple Card is the clear growth story
Table 8-2. US Co-Branded Credit Card Usage by Partner Type/Brand: Have in Own Name, 2021-2025 (percent of adults)
Apple Card also leads on usage frequency growth
Table 8-3. US Co-Branded Credit Card Usage by Partner Type/Brand: Used in Last 30 Days, 2021-2025 (percent of adults)
Adoption-to-usage ratio analysis suggests resilient airline/hotel card engagement
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Table 8-4. US Co-Branded Credit Card Adoption by Partner Type/Brand: Share of Owners Who Used Cards in Last 30 Days, 2021-2025 (percent of adults)
CO-BRANDED AND AFFINITY CREDIT CARD USE, BY CATEGORY
Airline Co-Brands Lead The Pack On Ownership And Engagement
Table 8-5. Visa/Mastercard Co-Branded Credit Cards That Consumers Have and Use Most by Category, December 2025
Gender Divide
Table 8-6. Visa/Mastercard Co-Branded Credit Cards That Consumers Have vs. Use Most by Category and Gender, December 2025
Among Major American Express co-branded card programs, Delta usage is highest
Table 8-7. American Express Co-Branded Credit Cards That Consumers Have by Brand and Gender, December 2025
CHAPTER 9: IMPORTANCE OF CO-BRANDED CREDIT CARD FEATURES
OVERVIEW
TOP FIVE MOST IMPORTANT FEATURES AND BENEFITS
Table 9-1. 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 9-2. Co-Branded Credit Card Features That Users Deem Most Important, December 2025
Women skew to shopping-related perks
Table 9-3. Co-Branded Credit Card Features That Users Deem Most Important by Gender, December 2025
Gen X is in a prime stage of life to desire and appreciate co-branded card perks
Table 9-4. Co-Branded Credit Card Features That Users Deem Most Important by Generation, December 2025
CHAPTER 10: CO-BRANDED CREDIT CARD ISSUERS
AMERICAN EXPRESS
American Express Co-Branded Credit Card Programs
Issuing programs dwindle
Network partner expansion
First Electronic Bank helps Amazon grow partner relationships
Table 10-1. American Express Co-Branded Credit Card Brands by Category, Sub-Category, Issuer, Network, and Type, 2026
American Express Co-Branded Credit Card Payment Value Trends
Delta’s contributions are enormous
Marriott and Hilton chip in another $80 billion
Table 10-2: American Express Global Payment Value and Credit Card Receivables: Total, Co-Branded, Delta Airlines, and Non-Delta Airlines, 2021-2025 ($ billion)
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BANK OF AMERICA
Bank of America Co-Brand Card Programs
T&E, please
Table 10-3. 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
Alaska Air Group loyalty program revenue tops $2 billion
Bank of America and Barclays under one roof
Alaska Airlines taps Visa Infinite to expand company footprint
BARCLAYS
Barclays Co-Branded Credit Card Programs
Table 10-4. Barclays Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
$36 billion in card loans—for now
Table 10-5: Barclays US Credit Card Loans Outstanding, 2021-2025 ($ billion)
BREAD FINANCIAL
Bread Co-Branded Credit Card Programs
Table 10-6. Bread Financial Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Private Label Affiliation, 2026
Co-Branded Credit Card Payment Value and Loan Value Analysis
Co-branded card payment value share rises above 50%
Table 10-7. Bread Financial Payment Value: Co-Branded Credit Card vs. Other, 2021-2025 ($ billion)
Co-branded credit card loans outstanding rose by 43% in 4 years
Table 10-8. Bread Financial Loans Outstanding: Co-Branded Credit Card vs. Other, 2021-2025 ($ billion)
Wins and losses
CAPITAL ONE
Capital One Co-Branded Credit Card Programs
Co-brands take priority
Table 10-9. Capital One Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
Kohl’s Goes Co-Brand
CITIBANK
Table 10-10. Citibank US Card Purchase Value: Co-Branded Cards vs. Other Cards 2022-2025 ($ billion)
Branded Cards Houses the Costco and American Airlines Powerhouses
Co-brands contribute more payment value than Citi’s bank-branded cards
Table 10-11. Citibank Branded Cards Payment Value: Co-Branded Partners vs. Non-Co-Branded Cards 2022-2025 ($ billion)
Citi Retail Services Co-Branded Volume Powered by Best Buy and Macy’s
Table 10-12. Citibank Retail Card Services Payment Value: Co-Branded Partners vs. Non-Co-Branded Cards 2022-2025 ($ billion)
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Citi Co-Branded Credit Card Programs
Table 10-13. Citibank Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
Wins and losses balance out
FIRST ELECTRONIC BANK
American Express is a key partner
Table 10-14. First Electronic Bank Co-Branded Credit Card Brands by Category, Sub-Category, and Network, 2026
FIRST NATIONAL BANK OF OMAHA
First National Bank of Omaha Co-Branded Credit Card Programs
Table 10-15. First National Bank of Omaha Co-Branded Credit Card Brands by Category, Sub-Category, and Network, 2026
JPMORGAN CHASE
JPMorgan Chase Co-Branded Credit Card Programs
Table 10-16. JPMorgan Chase Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
SYNCHRONY FINANCIAL
20 Co-Branded Credit Card Partners
Walmart, Lowe’s, and airlines come aboard
Wins far outpace losses
Table 10-17. Synchrony Financial Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
Co-Branded Credit Card Growth Outperforms Other Credit Products
Closing in on 50% payment value share
Table 10-18. Synchrony Financial Payment Value: Co-Branded Credit Cards vs. Other Credit Products, 2021-2025 ($ billion)
Co-branded cards capture loan receivables share but private label cards still dominate
Table 10-19. Synchrony Financial Loan Receivables: Co-Branded Credit Cards vs. Other Credit Products, 2021-2025 ($ billion)
TD BANK
Table 10-20. TD Bank US Co-Branded Credit Card Payment Value and Loan Receivables, 2021-2025 ($ billion)
Nordstrom Card Program Chugs Along
Nordstrom co-branded cards dominate store-only versions
Table 10-21. 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 10-22. U.S. Bank Co-Branded Credit Card Brands by Category, Sub-Category, Network, and Type, 2026
APPENDIX
TERMS AND DEFINITIONS

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