US Private Label Credit Cards 2023

Why Retailers Shouldn’t Underestimate the Segment’s Value

Report by Grace Broadbent  | Dec 14, 2023
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Executive Summary
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Table of Contents
Executive Summary
Private label credit cards aren’t on the decline despite industry rumblings
Private label credit cards’ unique advantages are pushing growth forward
Competitive headwinds are narrowing private label’s growth opportunities
How should retailers leverage private label in 2024?
Insider Intelligence Interviews
Sources
Media Gallery
About This Report
Despite intensified payment competition and rocky economic factors, private label credit cards will maintain their importance in the payments industry in 2023. Retailers should not discount the value they can bring in terms of revenues and loyalty.
Topics
Financial Services
Payments
Retail Ecommerce Sales
United States
Table of Contents
Executive Summary
Private label credit cards aren’t on the decline despite industry rumblings
Private label credit cards’ unique advantages are pushing growth forward
Competitive headwinds are narrowing private label’s growth opportunities
How should retailers leverage private label in 2024?
Insider Intelligence Interviews
Sources
Media Gallery

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?

US Consumer Private Label Credit Card Transaction Value, 2018-2023 (billions and % change)
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Key Stat: US private label credit card transaction value will reach $258 billion in 2023—almost four times the size of BNPL transaction value.

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    Table of Contents

    1. Executive Summary
    2. Private label credit cards aren’t on the decline despite industry rumblings
    3. Private label credit cards’ unique advantages are pushing growth forward
    1. Competitive headwinds are narrowing private label’s growth opportunities
    2. How should retailers leverage private label in 2024?
    3. Insider Intelligence Interviews
    1. Sources
    2. Media Gallery

    Charts in This Report

    US Consumer Private Label Credit Card Transaction Value, 2018-2023 (billions and % change)US Consumers' Reasons for Using Private Label Cards vs. Other Methods, March 2022 (% of respondents)
    Average US Private Label Credit Card Balance, by FICO Score Range, Q3 2021 & Q3 2022 (dollars and % change)

    Interviewed for This Report

    Florin Arghirescu
    Synchrony
    Senior Vice President, Chief Product Officer
    Interviewed November 6, 2023
    Trish Mosconi
    Synchrony
    Executive Vice President, Chief Strategy Officer and Corporate Development Leader
    Interviewed October 24, 2023

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    authors

    Grace Broadbent

    Contributors

    Suzy Davidkhanian
    Principal Analyst, Retail & Ecommerce
    David Morris
    Principal Analyst
    Amy Rotondo
    Director, US Research