Co-Branded and Affinity Credit Cards in the U.S.

SUMMARY

Co-branding has entered its late adolescence and is a fixture of American marketing, and increasingly so, of the global payments industry. There are literally thousands of co-branded and affinity card programs on offer. According to some industry estimates, approximately 45% of the cards in the wallets of U.S. consumers are co-branded or affinity cards. The overall co-branded card market is larger than the affinity market in terms of number of accounts and outstandings. However, the sheer number of affinity card programs dwarfs the number of co-branding cards because so many affinity programs tend to be small. With over three quarters of U.S. adults (pretty much the entire credit worthy adult population) owning at least one credit and debit card, co-branded and affinity card marketers are seeking to fashion programs to attract new or under-penetrated consumer segments. Thus card industry professionals are taking fresh looks at ethnic groups and at the affluent and at the other end of the scale the non-affluent and unbanked. In most segments, airlines, hotels, organizations, the big customer lists have been thoroughly mined. Co-branders are also trying to create programs that will capture the interest of consumers at significant life stages, teens, college students, new drivers, engaged couple, young married and mature adults, etc. Similarly they are trying craft programs that will capture a lifestyle. If the consumer has an interested, a passion, an event or desire, some issuer somewhere is trying to craft a program for it.

Co-Branded and Affinity Credit Cards in the U.S. focuses on the U.S. market for co-branded and affinity cards, in which Packaged Facts estimates that by year-end 2006, roughly 30-60 million U.S. consumers carried over 320 million co-branded and affinity credit cards, up from Packaged Facts estimate of 212.1 million in 2003. Consumers used them in at least 9.4 billion transactions worth at least $849 billion. The report provides an overview of the major market players; a survey of recent and ongoing litigation and regulation of the market; and market share of major issuers, as well as leading growth and marketing trends and an examination of their latest co-brand products and technology, particularly contactless technology. Competitive profiles of the major card associations and top card issuers provide added insight into their recent activity and future plans, while data from Simmons Market Research Bureau paints a picture of card users, from demographics to opinions to card usage rates.

Report Methodology

The information in Co-branded and Affinity Credit Cards in the U.S. is based on both primary and secondary research. Primary research involved extensive interviews with senior marketing, public relations and industry executives within the banking, retail and credit card markets and consultants to the industry, including American Express, MasterCard, Visa, JPMorganChase, Edgar, Dunn & Company, Advantage Consulting, Auriemma Consulting, Entadem, Maritz Loyalty, the Nilson Report, Strategic Planning & Marketing (UK) and Synergistics Research Corp. Secondary research entailed data-gathering from relevant trade, business, and government sources, including company literature, annual reports and 10(k) filings, white papers, and data from databases such as CardData, CardLine, Colloquy and The Wise Marketer. Permission was also graciously granted to use data from The Nilson Report, one of the mostly widely read and respected publications in the credit card industry. Consumer data was obtained from Simmons Market Research Bureau’s Fall 2006 National Consumer Study. Media spending data was obtained from TNS Media Intelligence.

About the Author

An expert in primary research, Té Revesz is the principal of Revesz International and Kentera Associates. She has conducted thousands of in-depth interviews with business, political and labor experts around the world. She was featured in Super Searchers Go to the Source as one of the US’s top primary researchers. Prior to founding Kentera Associates, Té headed the Healthcare and Industrial Practices of FIND/SVP’s Strategic Consulting and Research Group and was its International Practice Coordinator. She was also a Director of FIND’s Signia Partners division. Before joining FIND, Té served at Business International as Director of North American Publications, Editor-In-Chief of its global newsletter, and helped create BI’s global risk assessment product. She also worked at Prudential-Bache’s financial planning group and at Citibank’s Washington Representative Office.

What You’ll Get in this Report

Co-Branded and Affinity Credit Cards in the U.S. makes important predictions and recommendations regarding the future of this market, and pinpoints ways current and prospective players can capitalize on current trends and spearhead new ones. No other market research report provides both the comprehensive analysis and extensive data that Co-Branded and Affinity Credit Cards in the U.S. offers.

Plus, you’ll benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.

How You Will Benefit from this Report

If your company is already doing business in the co-branded and affinity credit card market, or is considering making the leap, you will find this report invaluable, as it provides a comprehensive package of information and insight not offered in any other single source. You will gain a thorough understanding of the current market for co-branded and affinity credit cards, as well as projected markets and trends through 2011.

This report will help:

• Marketing Managers identify market opportunities and develop targeted promotion plans for co-branded and affinity credit cards.
• Research and development professionals stay on top of competitor initiatives and explore demand for co-branded and affinity credit cards.
• Advertising agencies working with clients in the banking and retail industries understand the product buyer to develop messages and images that compel consumers to use co-branded and affinity credit cards.
• Business development executives understand the dynamics of the market and identify possible partnerships.
• Information and research center librarians provide market researchers, brand and product managers and other colleagues with the vital information they need to do their jobs more effectively.

TABLE OF CONTENTS

Chapter 1 Executive Summary

• Players: Links in the Co-branded and Affinity Cards’ Value Chain
  • What Makes a Successful Co-Branding Program?
• The Market
  • Consumer Payment Preferences
  • Table 1-1 Personal Consumption Expenditure (PCE) and Consumer Payments Methods, Share of Payment Volume, 2000, 2005 and 2010
  • Credit and Debit Cards in Force
  • Table 1-2 U.S. Credit and Debit Cards and Transactions, 2001-2005
  • Sizing the Co-Branded and Affinity Card Market
  • Table 1-3 Co-Branded and Affinity Cards: Cardholders, Card in Force, Number of Transactions and Volume, 2006
  • Are Co-Branded Cards Losing Front-of-Wallet Appeal?
  • Table 1-4 Consumers’ Preferred Credit Cards, 2000 vs. 2004 vs. 2006
• The Consumer
  • Ownership and Use of Affiliation and Sponsored Credit Cards
  • One in Five U.S. Cardholders has an A/S Credit Card
  • Table 1-5 Consumer Ownership and Use of A/S Credit Cards by Type, 2006
  • A/S Cards Losing Share
  • Table 1-6 Trends in A/S Credit Card Ownership and Use (2004-2006)
  • Credit Card Debt
  • Delinquencies
  • Table 1-7 Past-Due Payment Patterns
• The Competitive Arena
  • Network/Brand Size and Share
  • Table 1-8 U.S. Credit Card Market Network/Brand Shares as of June 30, 2006
  • Table 1-9 U.S. Credit Card Purchase Volume, First Six Months of 2006 vs. First Six Months of 2005
  • Figure 1-1 Brand/Network Compound Annual Growth Rate in Purchase Volumes, 2002-2005
  • Industry Consolidation
• Market Developments
  • Rethinking Under-Penetrated Consumer Segments
  • Ethnic Marketing
  • Lifestyles and Life Stages
  • Global Initiatives
  • Sports Enthusiasts and Supporters: “Fan Experience” Rewards
• Advertising and Promotion
  • Direct Mail: Offers Increase as Response Rates Continue to Decline
• Legal Issues
  • Issuers Move to Counteract Identity Theft Epidemic
  • Supreme Court Rules that Over the Limit Fees are Not
  • Finance Charges
  • Going Forward
  • 110th Congress Likely to Renew the Debate on Credit Card Reform
• Where is Co-Branding Going?

Chapter 2 The Market

• Consumer Payment Preferences
• Table 2-1 Personal Consumption Expenditure (PCE) and Consumer Payments Methods, Share of Payment Volume, 2000, 2005 and 2010
• Table 2-2 Consumer Payments Methods, Share of Transactions, 2000, 2005 and 2010
• Table 2-3 Consumer Payment Preferences, 2005
• Debit Cards Replacing Paper and Credit Cards in Retail Shopping
• Table 2-4 In-Store Payments Mix, 1999-2005 (by percent)
• While Consumers Cleve to Credit Cards on the Internet
• Table 2-5 The Internet Payments Mix, 2005
• More Consumers Using Plastic for Small Payments
• Credit and Debit Cards in Force
• Table 2-6 U.S. Credit and Debit Cards and Transactions, 2001-2005
• Credit Card Market Becoming Saturated
• Table 2-7 Credit Card Applications in Response to Direct Mail Offers (2000-2005)

• The Co-Branded and Affinity Card Market
  • Partners and Programs
  • Sizing the Co-Branded and Affinity Card Market
  • Table 2-8 Co-Branded and Affinity Cards: Cardholders, Card in Force, Number of Transactions and Volume, 2006
  • Reward and Rebate Cards Drive the Co-Brand and Affinity Card Market
  • Table 2-9 Rewards Card Penetration, 2002-2005
  • Table 2-10 Characteristics of Rewards Cardholders
  • Co-Branded and Affinity Rewards
  • Are Co-Branded Cards Losing Front-of-Wallet Appeal?
  • Table 2-11 Consumers’ Preferred Credit Cards, 2000 vs. 2004 vs. 2006
  • Co-Branded Card Growth Drivers
  • Figure 2.1 Incidence of Co-Branded Credit Card Ownership and Co-Branded Credit Cards by Frequency of Credit Card Usage
  • Co-Branded Card Growth Forecast
  • Table 2-12 Co-Branded and Affinity Card Market, 2006-2011
  • The Global Co-Branded and Affinity Card Market
  • Private Label Conversions Fuel European Expansion

Chapter 3 The Consumer

• About Simmons Data
• Data Presented for 12 Credit Card Categories
• Statistically Accurate Cross-Section of the U.S. Population
• Index System
• Ownership and Use of Affiliation and Sponsored Credit Cards
• One in Five U.S. Cardholders has an A/S Credit Card
• Table 3-1 Consumer Ownership and Use of A/S Credit Cards by Type, 2006
• A/S Cards Losing Share
• Table 3-2 Trends in A/S Credit Card Ownership and Use (2004-2006)
• A/S Credit Cardholders: Older, Well Educated, Financially Secure, Married Homeowners
• Non-Hispanic Whites and Asians Favor A/S Cards
• Blacks and Hispanics are Resisters
• Table 3-3 Demographic Characteristics Favoring Ownership and Use of A/S Credit Cards
• A/S Cardholders Better Educated, More Affluent Then Regular Credit Cardholders
• Table 3-4 Education-A/S vs. Regular Cardholders vs. U.S. Adults
• Table 3-5 Education-A/S Cardholders by Marketer
• Table 3-6 Household Income-U.S. Adults vs. All Cardholders vs. A/S
• Table 3-7 Household Income-A/S Cards By Marketer
• Table 3-8 Occupations-U.S. Adults vs. All Cardholders vs. A/S
• Table 3-9 Occupations-A/S Cardholders by Marketer
• A/S American Express Credit Cardholders
• Table 3-10 Demographic Characteristics Favoring Ownership and Use of American Express A/S Cards
• Factors Differentiating A/S American Express Cardholders
• Table 3-11 Demographic Characteristics Favoring Ownership and Use of American Express A/S Cards, by Type
• Travel Cardholders: Most Affluent, Concentrated in the Northeast
• Affinity (Organization) Cardholders: Well-Educated West Coast Professionals or Techies
• Automotive Cardholders: An Oddity
• A/S Discover Credit Cardholders
• A/S MasterCard Credit Cardholders
• Table 3-12 Demographic Characteristics Favoring Ownership and Use of A/S MasterCard Cards, Overall
• Factors Differentiating MasterCard A/S Cardholders
• Table 3-13 Demographic Characteristics Favoring Ownership and Use of A/S MasterCard Cards by Type
• Travel Card Users: The Most Affluent of All A/S Cardholders
• Automotive Card Users: Modestly Well Off, Retired Males
• Organization Cardholders: Comfortable Condo Owners
• A/S Visa Credit Cardholders
• Table 3-14 Demographic Characteristics Favoring Ownership and Use of A/S Visa Cards
• Travel Card Users: More Affluent, Younger, Concentrated on the West Coast
• Table 3-15 Demographic Characteristics Favoring Ownership and Use of A/S Visa Cards*, by Type
• Affinity (Organization) Cardholders: Female, Younger, Single Professionals and Techies
• Automotive Card Users: Older, Less Affluent, East Coast Professionals and Techies

• Consumer Finances
  • Consumer Indebtedness Up, Savings Down (Again), Income Flat
  • Figure 3-1 Consumer Saving Rate, Saving as a Percentage of Personal Income, 1995-Q3 3006
  • Table 3-16 Household Debt Outstanding (billions of dollars; seasonally adjusted)
  • Credit Card Debt
  • Credit Card and the Financial Obligations Ratio (FOR)
  • Figure 3-2 Selected Components of the Financial Obligations Ratio (FOR), 1989-2005:Q2
  • Delinquencies
  • Table 3-17 Past-Due Payment Patterns
  • Table 3-18 Delinquency Rates, All U.S. Banks, Quarterly 1999-2006
  • Bankruptcy Filings
  • Table 3-18 Annual Non-Business Bankruptcy Filings by Chapter-1995-2005
  • Table 3-19 Quarterly Non-Business Bankruptcy Filings by Chapter-2002 (Q4)-2006 (Q2)

Chapter 4 The Competitive Arena

• Overview
• Network/Brand Size and Share
• Table 4-1 U.S. Credit Card Market Network/Brand Shares as of June 30, 2006
• Table 4-2 U.S. Credit Card Purchase Volume, First Six Months of 2006 vs. First Six Months of 2005
• Figure 4-1 Brand/Network Compound Annual Growth Rate in Purchase Volumes, 2002-2005
• Table 4-3 Share of Credit Card Outstandings Mid-year 2006 vs. Mid-year 2005
• Table 4-4 U.S. General Purpose Credit Cards in Circulation and Card Accounts by Brand, Mid-2006 vs. Mid-2005
• Bank Issuers
• Table 4-5 Top U.S. Bank Visa and MasterCard Credit Card Issuers by Payments Volume and Outstandings, Plus American Express, Mid-year 2006
• Table 4-6 Top Retailer Co-branded Visa and MasterCard Credit Card Issuers by Payments Volume and Outstandings, Mid-2006
• Industry Consolidation
• Table 4-7 Consolidation in the Credit Card Industry: Top 10 Credit Card Issuers by Outstanding Loans 1995 vs. 2005
• Table 4-8 Consolidation in the Credit Card Industry: Top 10 Credit Card Issuers by Outstanding Managed Loans 2006
• Industry Performance
• Table 4-9 2006 Operating ROA by Product Type
• Table 4-10 Return on Managed Loans Select Co-brand Issuers

• Profiles and Strategies
  • MasterCard Worldwide: Rebranded and Restructured
  • Table 4-11 MasterCard Worldwide, U.S. Results Mid 2006
  • Table 4-12 Processed Transactions (in millions)
  • MasterCard’s Co-Branding Differentiators
  • A New Relationship Rewards Construct for 2007
  • Visa USA: Signature Platform Hosts Co-brand Programs
  • Table 4-13 Visa USA Quarterly Performance Data
  • Table 4-14 Visa’s Co-branded and Affinity Accounts
  • Co-Branded and Affinity Cards
  • Structuring Co-Branding Programs
  • Visa Differentiators
  • 4-15 Examples of Visa Co-Branded Credit Card Programs
  • American Express: Network, Franchisor, Issuer, Partner
  • Table 4-16 American Express, Results Year-end 2006
  • Discover: Back in the Game, but About to Be Spun Off
  • Table 4-17 Discover, Selected 2006 Financials
  • Bank of America/MBNA: New Affinity Model
  • Table 4-18 Selected Bank of America Card Services Financials, 2005-2006 1
  • Table 4-19 Bank of America’s New Affinity Banking Model
  • JPMorgan Chase: Emphasis on Major Co-brand Partnerships
  • Table 4-20 Chase Card Services, Selected Financials, 2005 & 2006
  • Table 4-21 Sample of Chase Co-Branded and Affinity Card Categories
  • Choosing, Pricing and Promotion
  • Citigroup, Re-weighting Towards the International Consumer
  • Table 4-22 Citigroup Card Services, Select Financials, 2005-2006
  • Table 4-23 Citigroup Card Services, Key Indicators - Managed Basis (2) (in $ billions)
  • Juniper Bank/Barclaycard US: An Up-and-Comer
  • GE Money: Targeting Retail Conversions
  • Table 4-24 Dual Card Launches and Assets, 2003-2006
  • HSBC: Moving into Retail
  • U.S. Bancorp: A Strategy of Customization

Chapter 5 Market Developments and Product Strategies

• Rethinking Under-Penetrated Consumer Segments
• Capturing Affluent Consumers
• Barclaycard (Juniper) and UBS Team with Rivals American Express and Visa to Get High Net Worth Consumers
• Merrill+ Visa Issued by MBNA Bank of America Targets High Net Worth Consumers with a Tiered Benefits Program and Low APRs
• Luxury Auto Makers Co-brand for their Customers
• Table 5-1 Co-branded Luxury and Other Auto Cards
• Barclaycard Also Goes After Boat Owners
• U.S. Bank Targets the Corporate Jet Market
• Casting a Wider Net
• Diamond Financial Products Launches Two MasterCard Debit Cards
• Affinity Introduced Secure Payroll Fund Debit Card
• Los Angeles Grocery Chain “Super A Foods” Offers MasterCard Pre-Paid Debit Cards
• American Dream Card LLC and HSBC Group PLC Offers Monthly Lottery as Cardholder Incentive
• Ethnic Marketing
• Lifestyles and Life Stages
• Partnering with Olivia, Bank of America/MBNA Launches Co-Branded Affinity Card for the Lesbian Community
• New Aetna Healthy Living™ Affinity Card Created with Bank of America, Targets the Health Conscious and Aetna’s 30 Million Members
• Coalition Co-Branding for Would Be Insiders
• Tying the Knot and Feathering the Nest
• Targeting Teens and Students Causes Controversy
• Alumni Cards Develop Reward Programs
• Sports Enthusiasts and Supporters: “Fan Experience” Rewards
• Bank of America Card Links Up With Pro Sports
• Chase Card Services Multi-Sport Strategy
• “ESPN Total Access Rewards VISA” Card Program: Grown by More Than 50,000 Members Since Its Launch
• Canadian Football Gets its Own Card Set
• Discover Aligns with WNBA
• Airlines: Mature Category Looks to Stay Fresh
• Co-Branding Goes Cruising
• Co-Branded MasterCard for Cinema Enthusiasts
• The Changing Retail Space
• The Problems for Private Label
• Table 5-2 Private Label Cards Declining Share of the Card Market, 2000-2005
• The Co-Branding Pitch
• GE Money Sets Dual Card Deals with Dillard’s, Meijer Stores
• HSBC Teams with Boscov’s Department Stores to Launch Dual Card Programs
• Alliance Data Systems Expands into Retailer Co-branding
• Citigroup’s Been Active on the Retailer Co-branding Front
• HSBC and MasterCard Win the Prized Saks Fifth Avenue Program
• The HSBC/MasterCard Duo also Win Consumer Electronics Giant Best Buy’s Program
• Barclaycard U.S. and Barnes & Noble Issue Member MasterCard
• Petroleum Companies Offer a Portfolio of Choices
• Co-Branding in the Workplace
• Co-Branded Cross Selling
• Global Initiatives
• MasterCard Worldwide, a Leading Actor on the Global Co-branding Stage
• American Express Expands into New Overseas Territories
• Citicorp Eyes the International Consumer
• Bank of America’s Overseas Strategies are Simple, and Include a Long-Term Interest in China
• Home Grown Co-Brands

Chapter 6 Advertising, Promotion and Acquisition Channels

• Direct Mail: Offers Increase as Response Rates Continue to Decline
• Table 6-1 Number of Mailed Credit Solicitations and Response Rate (1990-2006)
• Direct Mail: Growing or Shrinking?
• Promoting Proprietary Rewards vs. Co-Branded Rewards Cards
• Table 6-2 Percentage of Mailed Credit Card Solicitations Containing Rebate or Reward Offers (2001-2006)
• Table 6-3 Consumer Attitudes Towards Solicitations and Consumer Financial Discipline
• Table 6-4 Attitudes Regarding Opt-Out Law and Government Prohibition of Credit Card Solicitations, 2004
• Telemarketing
• The Search for Alternate Channels
• Bank of America Restructures Channels, Cuts Origination Costs
• Table 6-5 Bank of America’s Card Sales Mix By Channel
• Chase Leverages Co-Branding Partners’ Channels
• Table 6-6 JPMorgan Chase’s Card Sales Mix By Channel
• Table 6-7 New Accounts, Chase Brand vs. Partner Cards
• Citibank Pilots Branch Program
• American Express Embraces a “Powerful and Emerging Channel- the Web”
• AmEx is into Events as Well as the Internet
• Media Spending
• Table 6-8 Advertising Spending in Measured Media by Top 5 Credit Card Issuers 2005)
• Television Advertising
• Table 6-9 Advertising Spending in Measured Media by Top 5 Credit Card Issuers (by Share of U.S. Market in 2005)
• Print Advertising
• Table 6-10 Top 2005 Card Ad Spenders by Media: Print
• Co-Branded Credit Card Ad Spending
• American Express
• Table 6-11 AmEx Co-branded Ad Spending in Measured Media* (2003-2005)
• Citigroup
• Table 6-12 Citigroup’s Co-Branded Ad Spending in Measured Media* (2003-2005)
• JPMorgan Chase
• Table 6-13 JPMorgan Chase Co-branded Ad Spending in Measured Media* (2003-2005)
• MBNA
• Table 6-14 MBNA Co-branded Ad Spending in Measured Media* (2003-2005)
• Advertising Intiatives
• ESPN’s Media Splash Plus Attainable Rewards Draws 50,000
• Customers
• Bank of America Promote MLB Partnership with PR Blitz
• Visa Takes “Life,” While MasterCard Became “Priceless”

Chapter 7 Legal Issues

• Issuers Move to Counteract Identity Theft Epidemic
• Table 7-1 Top Identity Theft Targets (Total Incidents, 2001-2003)
• Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
• Table 7-2 Annual Non-Business Bankruptcy Filings by Chapter, 1995-2005
• Key Provisions
• Means Test
• Write Off and Recovery
• Debt on Secured Personal Property:
• Payment Plan Period
• Debtor Obligations:
• Filing Fees:
• Collection
• Credit Counselor Liability and Audits
• Consumer Protection
• Table 7-3 Definitions of Bankruptcy
• Anticipated Impact
• Impact of the BAPCPA as of Q4 2006
• Table 7-4 Quarterly Non-Business Bankruptcy Filings by Chapter-2005- Q2, 2006
• Federal Reserve Report on Act’s Impact
• Bottom Line for the Credit Card Industry
• What Consumer Know and Think of Mandatory Disclosure
• Requirement
• Costs and Correctness Most Important on Periodic Statements
• Consumers Rank Interest Rates Info Most Helpful on Credit Card Solicitations
• Table 7-5 Credit Card Solicitations: Opinions on Helpfulness of Disclosure Information, 2004
• Supreme Court Rules that Over the Limit Fees are Not Finance
• Charges
• Going Forward
• 110th Congress Likely to Renew the Debate on Credit Card Reform
• States Expected to Attack Universal Default Clauses
• Merchant Antitrust Litigation on Interchange

Chapter 8 The Future of Co-Branding

• Where is Co-Branding Going?
• New Co-Branding Frontiers: Healthcare, Virtually Virgin Territory
• Blue Cross/Blue Shield Co-branding Visa Debit Card
• Blue Healthcare Bank
• Bank of America and MedImpact-Co-branding & Affinity Banking Meet Healthcare
• UnitedHealth Group’s Exante Bank and Debit Card
• WellChoice of New York and American Express Issue Debit Card
• In India, Citibank Pioneers Co-branded Insurance Card with Healthcare Benefits
• Co-Branded Rewards for Managing Prescription Drug Costs
• Small Business
• Co-Branded Debit Cards
• Contactless Technologies-The Great Enabler
• An Assortment of Contactless Cards
• Payments Industry Promotes Contactless
• Contactless Co-branding Sports Leads the Way
• Merchants Embrace RF and POS
• Figure 8-1 Spending at Quick Service Restaurants, Cash versus Plastic
• JPMorgan Chase Commits to Contactless
• Promising Future for Contactless Signature Visa
• Enhanced Card Technology
• Directions and Projected Trends in Digital Display Technology
• Developing Technologies for Smart Card Display
• A Variety of Smart Card Developers
• Next: Contactless Payment via Mobile Phone
• Birth of the Credit-cum-Membership Card: Technology Enables Automatic Affinity Discounts
• On-Line Fraud and Identity Protection
• Small Payments…and Smaller Payments
• Table 8-1 Small Payment Market Potential
• Wither Rewards Programs?
• Rewards, Less Bank for the Buck
• Costs of Reward Programs Are Soaring
• New Rewards Constructs
• Soft Benefits
• Experiential and Other Unique Rewards
• Merchant Discounts
• New Rewards
• Proprietary Bank Programs versus Co-branded and Affinity Programs
• Integrating Proprietary Bank Rewards and Co-branding
• Best Practices