Behind The Card: What It Takes to Run a Card Program at Scale
A business can issue thousands of cards and process transactions successfully. But is its card program performing well?
What does each card cost to issue and maintain? Which cardholders actively spend? And as the program grows, is the value generated keeping pace with the costs?
Effective card program management means looking beyond issuance to understand customer behavior, operating costs, and the value created by cardholder activity.
Infrastructure makes the card usable. Managing the program helps the business understand how well it is working.
1. Understand the economics behind every card
Physical card production is one visible cost, but there may also be personalization and delivery, replacements, processing, platform and partner fees, customer support, and ongoing operations. Virtual cards can reduce physical production and delivery costs, but they do not remove the cost of running a program.
Depending on the business model and commercial agreements, revenue may include a share of interchange, FX-related fees, or other program revenue. The useful comparison is attributable program revenue versus the relevant costs of operating it — not simply the number of cards issued.
When evaluating providers, look beyond headline rates and consider the full cost across the embedded finance chain.
The U.S. Federal Reserve's report on 2023 debit card interchange fees, issuer costs, and fraud losses examines interchange revenue alongside network fees and issuer costs. Its findings apply to the U.S. debit card market, but illustrate why revenue and operating costs need to be considered together. Fee structures vary by market and program.
More issued cards do not automatically mean better performance. If activation and spending are low relative to the cost of acquiring, issuing, and serving cardholders, the program's economics may not work.
2. Look beyond card count
Operators need to understand how cardholders use the program. How many cards are active? How frequently do people spend? What is the average transaction value? Which customer groups are engaging — and where might there be room to improve?
Useful measures include activation rate, active cards, spend per active cardholder, transaction frequency, and average transaction value. No single metric tells the whole story: more transactions do not automatically mean more profit.
Transaction data can also reveal patterns by merchant category. Visa's Merchant Data Standards Manual describes merchant category codes (MCCs), which classify merchants by business type. These classifications can help operators understand where transactions occur, although they do not explain every customer's needs or intentions.
MatchMove's card issuing platform describes capabilities such as real-time visibility into transactions, card usage, and balances, as well as insights that can support spending and campaign decisions. The goal is to understand what drives the portfolio — not to treat every cardholder and transaction as the same.
3. More transactions do not always mean more value
Imagine two businesses that want to increase card spending. One launches a broad cashback offer. The other combines a broad offer with a promotion at technology retailers for a customer segment likely to shop there.
Both approaches can make sense. The right choice depends on the program's goal, customer behavior, campaign costs, and revenue model. A campaign designed to build usage might focus on activation or transaction frequency; one intended to encourage higher-value purchases might measure spending in the targeted category and average transaction value.
Define the goal, choose the audience and offer, and measure the result. Did the campaign generate additional spending, or reward purchases that would have happened anyway? Did the value justify the incentives and operating costs?
A campaign can increase transaction volume without improving program economics. Generic campaigns are not inherently wrong, and targeted campaigns are not automatically better. What matters is whether the approach fits the objective and is measured against relevant costs.
4. Scaling means managing more than cards
Moving from 10,000 to 1 million cards brings more cardholder records, issuance events, transactions, balances, servicing needs, and lifecycle changes. It also creates more data — but only if that information is reliable, accessible, and useful.
As the portfolio grows, teams need repeatable reporting to understand which customer groups are becoming more active, where costs are increasing, and whether transaction growth is translating into value. They also need reliable issuance, account, and transaction operations.
Our earlier articles cover the transaction journey from tap to settlement and the operations behind every cardholder. Here, the focus is on how those capabilities support program performance as the portfolio grows.
Before scaling, ask: Can we see the cost of issuing and servicing cards? Can we access useful transaction and merchant data? Are provider and internal responsibilities clear? Can our operating model support a larger portfolio without losing visibility or control?
Not every platform includes portfolio analytics or campaign management out of the box. Clarify which capabilities are available, which require additional services, and which your team will manage.
Issuing cards is just the beginning. The goal is a program that works for your business.
Success depends on more than keeping transactions running. Businesses need to understand what cards cost, how customers use them, and whether that activity creates enough value to support growth.
Launching a card program — or looking to grow one?
MatchMove provides embedded finance infrastructure to launch and operate card programs. We also take a consultative approach to your go-to-market strategy and program economics, helping you assess target customers, spending opportunities, cost structures, and revenue drivers — and identify practical ways to scale sustainably.
Launch with the infrastructure. Grow with a clearer plan.
Frequently Asked Questions
What is card program management?
Card program management is the ongoing work of operating a card program, including issuance and cardholder operations, performance monitoring, and the controls needed to support reliable operations.
What costs should businesses consider when issuing cards?
Costs may include physical card production and fulfillment, replacements, processing and partner fees, platform costs, customer servicing, and campaign incentives. The exact cost structure depends on the program and its commercial agreements.
What can card transaction data tell program operators?
Depending on the data available, transaction records can help operators understand spending frequency, transaction values, and merchant categories. These insights can support program reporting and decisions about customer engagement.
What infrastructure is needed to scale a card program?
A growing program needs reliable issuance and lifecycle management, consistent transaction and account data, appropriate security and operational controls, and reporting that supports decision-making.
Does a card issuing platform automatically include analytics and campaign management?
Not always. Businesses should confirm which reporting, portfolio analytics, and campaign capabilities are included, which require additional services, and which they will manage internally.