Cardlytics: the card-linked offers network inside bank apps

Cardlytics does not own a single customer. It rents space inside other companies' apps. Each bank's ad server sits behind the bank's firewall or is hosted by Cardlytics for the bank. The server assigns offers and measures redemptions against a unique customer ID (Cardlytics 10-K, FY2025). The bank approves every offer. That design gives merchants one buy across many banks, but leaves Cardlytics exposed to each bank's choices.

Those choices are now visible in the numbers. Bank of America ended its relationship on 16 February 2026 after a non-renewal notice in April 2025 (Cardlytics 10-K, FY2025). Monthly qualified users fell by 43.7 million year on year, mainly because a US bank partner left (Cardlytics 10-Q, Q3 2026). The top three bank partners took over 85% of partner share in the first nine months of 2026. Meanwhile Chase sells its own offers on Figg, while extending its Cardlytics agreement to 18 November 2028.

Cardlytics is rebuilding supply. Chief executive Amit Gupta said the company is "building supply by adding new CRP partners", meaning publishers on the Cardlytics Rewards Platform (Cardlytics, 5 November 2026). It sold its Bridg point-of-sale data business to PAR Technology in March 2026. The company that described itself as a commerce media platform in March now calls itself a purchase intelligence platform.

Bank channels. The core product is a card-linked offer shown in a bank's app or website, such as cash back at a merchant. Cardlytics names Chase, Wells Fargo and American Express as partners, plus national and regional banks, fintechs and virtual-only banks (Cardlytics 10-K, FY2025). It runs the platform in the US and the UK.

Publisher rewards. Through the Cardlytics Rewards Platform, non-bank publishers can carry card-linked rewards. Cardlytics has not published a partner list. We found no offsite, display or in-store product.

Cardlytics targets on what cardholders buy, by merchant and category: new, infrequent or loyal shoppers. The 10-K says its network analyses purchase data "without any personal data leaving the FI partners". It adds that data from each bank is anonymised so it cannot be tied to one person.

What stays inside: account details and identities stay with the bank. What advertisers receive: placements, redemption counts and sales reports. Cardlytics also stopped reporting monthly active users in 2025 because newer bank partners do not share equivalent user data (Cardlytics 10-K, FY2025). The rules that shape what banks may pass to a platform are explained in GLBA and advertising with bank data. The steps from activation to settlement are in card-linked offers explained.

Cardlytics measures sales against actual card transactions, so reporting is closed-loop for spend on partner banks' cards. Its website says it measures performance "down to the penny" (company claim). Customer quotes from Saatva and Sky credit it with proven incremental gains (testimonials).

The pricing model changes what you pay for. Under cost per served sale, a merchant pays a percentage of all purchases by customers who were shown the offer. Under engagement-based pricing, it pays only after a customer activates (Cardlytics 10-Q, Q3 2026). Ask for incrementality results with a holdout group under either model.

1. Contact Cardlytics sales. Teams sell directly and through agencies; advertisers accept Cardlytics' master advertiser terms.
2. Choose the pricing model. Decide between cost per served sale and engagement-based pricing, and whether you or Cardlytics funds the reward.
3. Ask which banks are live. Bank of America has left; confirm which banks and how many users your campaign can reach.
4. Define the audience. Target new, lapsed or loyal customers by spend.
5. Avoid double buying. If you also buy Chase Media Solutions or Mastercard Commerce Media, check for overlapping cardholders.

It suits:

• national chains that want reach across several banks in one buy;
• restaurants, retail and travel brands with in-store sales;
• merchants that prefer to pay on purchases rather than impressions.

It suits less:

• brands that need awareness formats or offsite reach;
• advertisers that want customer-level data in their own systems;
• buyers who need a stable, published list of partner banks.

• Cardlytics' founding year from a primary source.
• Minimum spend, CPS rates and per-redemption fees.
• The list of Cardlytics Rewards Platform partners.
• Which US bank partner caused the large drop in users; the filing does not name it.
• Whether advertisers can use Ads Manager directly.

1. Cardlytics, Form 8-K Exhibit 99.1, "Cardlytics Reports Third Quarter 2026 Financial Results and Provides Fourth Quarter Outlook" (5 November 2026). https://www.sec.gov/Archives/edgar/data/1666071/000162828026070992/cdlx_form8-kx2026q3xex991.htm
2. Cardlytics, Form 10-Q for the quarter ended 30 September 2026 (5 November 2026). https://www.sec.gov/Archives/edgar/data/1666071/000162828026071002/cdlx-20260930.htm
3. Cardlytics, Form 10-K for fiscal year 2025 (filed March 2026). https://www.sec.gov/Archives/edgar/data/1666071/000166607126000010/cdlx-20251231.htm
4. Cardlytics, company website (accessed 9 November 2026). https://www.cardlytics.com/