I interned at MBNA, which was the independent credit card issuer (later acquired by BofA) known for its early, strong successes with "affiliate" cards, what are called co-branded cards here. The company's explanation for its success with these cards was the combination of an exceedingly low default rate with a relatively high usage rate.

The company's koolaid anecdotes included stories about people who would literally default on their mortgages before failing to make the minimums on their Dale Earnhardt card, and who were consistently indifferent to interest rates or annual fees relative to competing, non-affiliate cards they might have.