Consumer-brand relationship is an important aspect of consumer behavior with both theoretical and managerial implications. Extant research has framed such relationships as dyadic in nature, that is, a one-on-one monogamous relationship between a consumer and a brand. This research is among the first to acknowledge the polygamous nature of consumer-brand relationships and to study its implications for consumer behavior in general and for customer loyalty in particular. We use the context of customer loyalty programs in two experiments to investigate the effect of demotion of the consumer’s status on the evaluations of that brand as well as a competing brand, depending upon whether the consumer is in a monogamous or a polygamous brand relationship. Furthermore, we examine the role of self-relevant emotions, and in particular negative emotions, as the underlying factor that drives brand assessments. Relevant theoretical and practical implications are noted.