Banks, particularly in the credit card space, are either inefficiently deploying capital to book near-prime and subprime assets, or they are refusing to book those assets and opening doors for fintech and new market entrants to gain traction. Particularly with regard to card partnership programs, should banks partner with other capital providers (heads we win) to maximize both the efficiency of capital deployed as well as the size of a given partnership, or should they continue to try to go it alone to maintain the control of the marketplace and exclude market entrants (tails you lose)? What are the risks inherent in each approach? What are the best paths forward? We discuss with market participants what they believe to be the best approach.