Private label credit cards have long fueled loyalty and repeat spending, but rising borrowing costs and competition from more flexible payment options are weakening their appeal. Future growth hinges on integrating the cards into broader loyalty ecosystems.

Key Question: How should private label credit card providers develop their product and marketing strategies to adapt to the latest disruptive trends?

Key Stat: Closed-loop card networks will account for just 5.5% of US card network transaction value in 2026, ticking down from 5.8% in 2025, per our forecast, as private label credit cards face slowing user growth and greater competition from other payment methods.