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US Private Label Credit Card Trends, 15th Edition

Publisher Packaged Facts
Published Jan 12, 2026
Length 81 Pages
SKU # LA20703409

Description

Packaged Facts’ US Private Label Credit Card Trends, 15th Edition includes a wealth of proprietary market analysis. This includes private label credit card (PLCC) payment value and loan receivables estimates for leading issuers and top programs, and trended demographic analysis of key PLCC users, PLCC programs, and PLCC retail segments. This also includes identifying which PLCC features and benefits cardholders view as most important, as well as deep dives into private label card operations of the industry’s leading issuers.

Table of Contents

81 Pages
CHAPTER 1: EXECUTIVE SUMMARY
SCOPE OF REPORT
REPORT METHODOLOGY
Consumer Survey Methodology
Secondary Research Methodology
EXECUTIVE SUMMARY
Private Label Credit Cards Market Size and Forecast
Growth Drivers and Inhibitors
Credit Card Usage Trends
The Private Label Credit Card User
Private Label Credit Card Use By Major Card Program and Retail Segment
Importance of Private Label Credit Card Features
Private Label Credit Card Issuers
Bread Financial
Capital One
Citibank
Synchrony Financial
TD Bank
Wells Fargo
CHAPTER 2: MARKET SIZE AND FORECAST
SIX ISSUERS DOMINATE THE MARKET
Payment Value Declines for Three Consecutive Years
Table 2-1. US Private Label Credit Card Payment Value, 2019-2025 (billion dollars and percent)
Payment Value Declines Across Key Issuers
Table 2-2. US Private Label Credit Card Payment Value by Issuer, 2019-2025 (billion dollars and percent)
Loan Receivables Peaked in 2023
Table 2-3. US Private Label Credit Card Loan Receivables, 2019-2025 (billion dollars and percent)
Synchrony Bucks Loan Receivables Trend
Table 2-4. US Private Label Credit Card Loan Receivables by Issuer, 2019-2025 (billion dollars and percent)
Not Included: The Enormous MILITARY STAR Card Program
PRIVATE LABEL CREDIT CARDS MARKET FORECAST
Growth Challenges Do Not Erase the Important Role These Cards Play
But Payment Value and Loan Growth Pressure Will Continue
Table 2-5. US Private Label Credit Card Payment Value and Loan Receivables, 2025-2027 (billion dollars and percent)
CHAPTER 3: GROWTH DRIVERS AND INHIBITORS
OVERVIEW
GROWTH INHIBITORS
Co-Branded Credit Card Conversions Eat Away at Large Private Label Accounts
Declining Gen Z Private Label Card Usage Bodes Ill for Growth
Buy Now, Pay Later Makes Inroads
Fintech Financial Services Ecosystems Draw Away Customers
DRIVERS
Large-Ticket Purchases Remain a Private Label Card Stronghold
Expansion Into New and Underpenetrated Industry Verticals
If You Can’t Beat Them, Join Them: Credit Product Diversification
CHAPTER 4: CREDIT CARD USAGE TRENDS
PRIVATE LABEL CARDS STRUGGLE TO KEEP UP
Consumer Credit Card Usage Overall Remains Robust
Table 4-1. Credit Card Ownership and Usage in Last 30 Days, 2021-2025 (percent)
Private Label Cards Have Lost Ground to Co-Branded Credit Cards
Table 4-2. Credit Card Ownership: Any, Co-Branded, and Private Label, 2021-2025 (percent)
Table 4-3. Credit Card Usage in the Last 30 Days: Any, Co-Branded, and Private Label, 2021-2025 (percent)
Demographic Segmentation: HH Income and Net Worth
Table 4-4. Credit Cards in Own Names by Consumer HH Income and Net Worth: Bank-Issued Credit Cards, Co-Branded Cards, and Private Label Cards, 2025 (percent of adults who are cardholders)
CHAPTER 5: THE PRIVATE LABEL CREDIT CARD USER
OVERVIEW
Card Ownership and Active Use Wane While Engagement Rates Are Maintained
Table 5-1. Private Label Credit Cards: Own, Used in Last 30 Days, and Active Usage Rate, 2021-2025 (percent)
Frequency Rates Remain Stable—High-Frequency Usage Share May Have Grown
Table 5-2. Private Label Credit Card Use in Last 30 Days: Usage Frequency Share, 2021-2025 (percent)
PRIVATE LABEL CREDIT CARD OWNERSHIP AND USAGE FREQUENCY BY AGE
Low Usage Rates Among Younger Adults Poses Industry Challenges
Table 5-3. Private Label Credit Card Ownership, Use, and Usage Frequency by Age, 2025 (percent)
Table 5-4. Private Label Credit Card Ownership, Use, and Usage Frequency Share by Age, 2025 (percent)
Table 5-5. Likelihood of Having a Private Label Credit Card vs. a Co-Branded Credit Card or Any Credit Card by Age, 2025 (percent)
Trends Over Time: Penetration Declines Steepest Among Younger Consumers
Table 5-6. Private Label Credit Card Ownership, Use, and Usage Frequency by Age, 2021 vs. 2025 (percent)
PRIVATE LABEL CREDIT CARD OWNERSHIP AND USAGE FREQUENCY BY GENDER
Private Label Credit Card Gender Gap
Table 5-7. Private Label Credit Card Ownership, Use, and Usage Frequency by Gender, 2025 (percent)
Table 5-8. Private Label Credit Card Ownership, Use, and Usage Frequency Share by Gender, 2025 (percent)
Trends Over Time: Penetration Declines Steeper Among Men
Table 5-9. Private Label Credit Card Ownership, Use, and Usage Frequency by Gender, 2021 vs. 2025 (percent)
PRIVATE LABEL CREDIT CARD OWNERSHIP AND USAGE FREQUENCY BY HH INCOME
Private Label Credit Cards Open Credit Usage to Those with Lower HH Income
Table 5-10. Private Label Credit Card Ownership, Use, and Usage Frequency by HH Income, 2025 (percent)
Table 5-11. Private Label Credit Card Ownership, Use, and Usage Frequency Share by HH Income, 2025 (percent)
Trends Over Time: Declines Are More Uniform Across HH Income Brackets
Table 5-12. Private Label Credit Card Ownership, Use, and Usage Frequency by HH Income, 2021 vs. 2025 (percent)
CHAPTER 6: PRIVATE LABEL CREDIT CARD USE BY MAJOR CARD PROGRAM AND RETAIL SEGMENT
PRIVATE LABEL CREDIT CARD USE BY MAJOR CARD PROGRAM
Table 6-1. Private Label Credit Card Usage by Retailer Card Program: Have in Own Name, Used in Last 30 Days, and Active Use Rate, 2025 (percent of adults)
Table 6-2. US Private Label Credit Card Adoption by Retailer Brand: Have in Own Name, 2021-2025 (percent of adults)
Table 6-3. US Private Label Credit Card Adoption by Retailer Brand: Used in Last 30 Days, 2021-2025 (percent of adults)
Table 6-4. US Private Label Credit Card Adoption by Retailer Brand: Share of Owners Who Used Cards in Last 30 Days, 2021-2025 (percent of adults)
Loyalty Analysis Confirms What Private Label Issuers Want to Hear
Table 6-5. Retailer Brand Usage Frequency by Private Label Credit Card Ownership and Usage in Last 30 Days, 2025 (percent of adults)
Table 6-6. Private Label Credit Card Ownership by Retail Brand Usage Frequency, 2025 (percent of adults)
PRIVATE LABEL CREDIT CARD USE BY RETAIL SEGMENT
Table 6-7. Private Label Credit Cards That Consumers Have and Use Most by Retail Category, December 2025 (percent)
Gender Divide
Table 6-8. Private Label Credit Cards That Consumers Have by Retail Category and Gender, December 2025 (percent)
CHAPTER 7: IMPORTANCE OF PRIVATE LABEL CREDIT CARD FEATURES
TOP FIVE MOST IMPORTANT FEATURES AND BENEFITS
Table 7-1. Private Label Credit Card Features That Users Deem Most Important: Top Five Features, December 2025 (percent)
EXCLUSIVITY PAYS PROVIDERS MIXED DIVIDENDS
Table 7-2. Private Label Credit Card Features That Users Deem Most Important, 2025 (percent)
CHAPTER 8: PRIVATE LABEL CREDIT CARD ISSUERS
BREAD FINANCIAL
Bread Financial Partnership Analysis
Table 8-1. Bread Financial Payment Value Share by Partner Vertical, Q3 2019 vs. Q3 2024 (percent)
Table 8-2. Bread Financial Partner Verticals by Payment Value, Partner Count, and Average Sales Per Partner, 2025 (billion dollars, million dollars, and percent)
Table 8-3. Bread Financial Partner Verticals by Loans Outstanding, Partner Count, and Average Loans Per Partner, 2025 (billion dollars, million dollars, and percent)
Table 8-4. Bread Financial Partner Verticals by Payment Value, Loans Outstanding, and Payment Value-to-Loan Ratio, 2025 (billion dollars and million dollars)
Private Label Credit Card Payment Value and Loan Value Analysis
Table 8-5. Bread Financial Payment Value: Private Label Credit Card vs. Other, 2019-2025 (billion dollars and percent)
Table 8-6. Bread Financial Loans Outstanding: Private Label Credit Card vs. Other, 2019-2025 (billion dollars and percent)
Bread Program Partners Are Mostly Private Label-Only
CAPITAL ONE
Capital One Private Label Credit Card Programs
Table 8-7. Capital One Credit Card Brands by Card Type and Retail Category, 2025
Kohl’s Goes Co-Brand
CITIBANK
Citi-Branded Cards vs. Citi Retail Services
Table 8-8. Citibank North American Card Payment Value & Loans Outstanding: Retail Card Services vs. Citi-Branded, 2019-2025 (billion dollars and percent)
Citi Private Label Credit Card Programs
Table 8-9. Citibank Retail Services Credit Card Brands by Card Type and Retail Category, 2025
Table 8-10. Citibank Retail Services Credit Card Payment Value and Loans Outstanding: Co-Branded vs. Private Label, 2025 (billion dollars and percent)
SYNCHRONY FINANCIAL
The Largest Private Label Credit Card Issuer in the US
A Growing Set of Co-Branded/Dual Card Offerings
Retail Stalwarts, Digital Brands, and Health & Wellness Credit Products Outperform
Table 8-11. Synchrony Financial Credit Product Payment Value by Sales Platform, 2019-2025 (billion dollars and percent)
Health & Wellness Partner Brands Led Loan Receivables Growth
Table 8-12. Synchrony Financial Credit Product Loan Receivables by Sales Platform, 2019-2025 (billion dollars and percent)
But With More Than 160 Partnerships, Private Label Remains Very Important
Private Label Program Wins, Losses, and Dispositions
Private Label Credit Card Growth Lags Other Credit Products
Table 8-13. Synchrony Financial Payment Value: Consumer Private Label Credit Cards vs. Other Credit Products, 2021-2025 (billion dollars and percent)
Table 8-14. Synchrony Financial Loan Receivables: Consumer Private Label Credit Cards vs. Other Credit Products, 2021-2025 (billion dollars and percent)
TD BANK
Table 8-15. TD Bank US Private Label Credit Card Payment Value and Loan Receivables, 2019-2025 (billion dollars and percent)
More Than $20 Billion Spent via Target Circle Cards
Customer Loyalty Emphasized Over Card Choice?
Target Circle Debit Card Drives the Most Sales
Table 8-16. Target Corporation Private Label and Co-Branded Card Payment Value, 2025 (billion dollars)
Nordstrom Card Program Chugs Along
Table 8-17. Nordstrom Private Label and Co-Branded Card Payment Value, 2019 vs. 2025 (billion dollars)
Retail Card Services exit
WELLS FARGO
Own-Branded Credit Card Pivot
Dillard’s Sale Leaves Wells Fargo with Larger-Ticket Programs
Table 8-18. Wells Fargo US Private Label Credit Card Payment Value and Loan Receivables, 2019-2025 (billion dollars and percent)
APPENDIX
METHODOLOGY
TERMS AND DEFINITIONS

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