Using long-term panel data of OKCashbag, this study analyzes whether learning effect influencing in effectiveness of coalition loyalty program exists. We found that there is learning effect in the behavior of loyalty program customers, and discovered that learning effect appears more greatly in using (redeeming) behavior than accumulating behavior. The authors also found a long-lasting structural changes in the pattern of point redemption after a major marketing activities associated with the act of using points. The results of this research can contribute to suggest direction to the future researches to examine differences of learning effect according to demographic (gender, age, region, ect.) and transactional (frequency or scale in point accumulation and redemption etc.) characteristics.