A new report from Oliver Wyman examines co-branded travel credit cards and how they perform in comparison to bank-issued credit cards. In many cases (80 percent), most consumers feel co-branded cards offer better rewards and perks, such as free hotel stays, airline miles and other travel bonuses. However, a large portion of these consumers aren’t finding satisfaction with their co-branded cards, and 40 percent switch to another card at least every two years, searching for a better deal and more rewards, which is often more important than a lower interest rate. “To create offers that ‘stick’ with consumers, hotels and airlines need to carefully consider the needs, preferences and travel and purchasing behaviors of their target customers. Discounts on in-flight meals and room service are popular among travelers, but are becoming common. Rewards need to be highly personalized with perceived exclusivity. Think flight simulators, suite upgrades or private dinners with renowned chefs,” said Jessica McLaughlin, partner, Oliver Wyman. The need for personal perks is especially apparent in millennial travelers. Only one-third of millennials with credit cards prefer a co-branded travel card, while older generations prefer co-branded travel cards at a rate of about 50 percent. Millennials overwhelmingly choose cards that allow for digital payments and mobile wallet applications, and have a high degree of personalization in terms of rewards and usage. “Winning the wallets of this generation this summer and beyond will require figuring out what rewards and experiences they most value. The good news for travel companies is that millennials exhibit a passion for travel, spending a greater share of their income on flights and hotels than any other age segment,” added McLaughlin.