While its slow growth suggests that private label credit cards are ceding ground to alternatives like buy now, pay later (BNPL), these cards remain a payments cornerstone. Their rewards programs and ability to expand credit access solidify their place in the ecosystem—and make them a powerful asset for retailers.

Key Question: What are the opportunities for retailers to grow their private label credit card programs?

Key Stat: US private label credit card transaction value will reach $258 billion in 2023—almost four times the size of BNPL transaction value.