Today's consumers want value added augmented products and services. So does apply to debit and credit cards. Addressing the needs of consumers throughout their life cycles is a big challenge. To meet the challenge, co-branding combines the extended benefits, strength, recognition, and appeal of one brand with the other. In this research the main idea is to study the perception of customers towards co-branded card offerings of Citibank. This study would help in assessing how consumers feel about the co-branded cards. The finding of the research suggests that the degree of relationship, emotional appeal, loyalty, satisfaction, trust and security towards the co-branded cards differ from individual to individual. Customers were found to be deal loyal rather than real loyal.