To survive the pandemic, American airlines are putting their frequent flyer programmes as collateral on.ft.com/35CXmd3
By doing so, they revealed just how profitable their loyalty programmes are on.ft.com/35CXmd3
Air-mile schemes began in the 1980s as a marketing tool to inspire brand loyalty, and evolved into a lucrative source of cash (📸by Getty)
Air-mile schemes began in the 1980s as a marketing tool to inspire brand loyalty, and evolved into a lucrative source of cash (📸 by Getty) on.ft.com/35CXmd3
Airlines sell miles to banks, who then use them as credit card rewards, attracting the affluent consumers they want as cardholders on.ft.com/35CXmd3 (📸 by Delta/Getty)
With still very few people flying because of Covid-19, loyalty programmes seem to be some airlines' lifelines on.ft.com/35CXmd3
But the strategy might not last long on.ft.com/35CXmd3
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