Marketers commence to use types of brand alliance strategies including co-branding. Many previous studies focused on the strategic performance of the co-branded credit card or loyalty programs. The introduction of the department store co-branded credit card successfully increases revenues and expands the market shares for both the banking industry and the department store industry in Taiwan. In view of the importance of co-branding strategy to extend market share for both the banking industry and the retailing industry in Taiwan, it is worthy to have a better understanding of whether or not consumer’s affective loyalty to the bank and/or consumer’s affective loyalty to the department store will influence his/her attitude toward the department store co-branded credit card, which in turn influence his/her intention to continue to use or apply for the co-branding credit card. This study aims to ascertain what factors determine consumer’s intention to continue to use and/or to apply for the department store co-branded credit card. This study collected data on the Internet Website from December 8, 2013 to January 30, 2014. A total of 444 valid data were used in this study. The two-stage procedure of structural equation model (SEM) analysis was conducted to examine the hypothetical causal relationship in the proposed theoretical model. The results indicate that for those who had applied for the department store co-branded credit card, consumer’s affective loyalty to the bank and consumer’s affective loyalty to the department store indeed exert positive impacts on his/her attitude toward department store co-branded credit card, which in turn influence his/her intention to continue to use the co-branded credit card. In addition, for those who did not have the department store co-branded credit card, consumer’s affective loyalty to the department store can induce his/her attitude toward department store co-branded credit card, which in turn influences his/her intention to apply for co-branding credit card. The implications and suggestions for both the banking industry and the retailing industry are also provided in this study.