U.S. Credit Card Market Insights 2025 — The Reality of Points × Portals × CLO (Bank-Side RMN) and the Revenue Ecosystem

From a mere payment infrastructure to an “integrated financial platform” with data and loyalty at its core. The traditional revenue model relying on interest rates and fees is now undergoing a dramatic structural transformation.

This report defines the “6-Pillar Integrated Revenue Model” that underpins modern card businesses, and provides a detailed analysis of its core — points economics and the rapidly growing “bank-side retail media network (RMN).”

A unique analysis that views users as “players” optimizing rewards, and the impact of next-generation advertising models leveraging first-party data. Over 70 pages of dense intelligence that offers a new perspective for the strategic transformation of Japanese financial institutions.