This sponsored content was created in collaboration with our Skift partners.
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— Eye Sheets
Credit card loyalty programs have become one of the most popular ways to access travel perks and perks. According to Skift Research, roughly one-third of Gen Z and Millennial travelers in the U.S. book flights and hotels through credit card platforms, but not through online travel agents (OTAs). Only a quarter of them are.
Credit card platforms offer great value to consumers with attractive offers and direct links to payment methods. But competition among credit card companies is fierce, with new cards and reward frameworks being announced every month and companies vying for a share of hearts and wallets.
In a new report, The State of Loyalty: Credit Card Rewards in 2024, iSeatz leverages public information to inform the state of the loyalty ecosystem and explores the availability of credit card rewards and their support programs in North America doing.
This report explores how providing consumers with choice creates a sense of abundance, providing them with more opportunities to fulfill their wants and aspirations. While it may be economical to take a one-size-fits-all approach, providing bespoke products, services and offers creates lasting value.
“The market for travel options for card programs is becoming increasingly competitive, making it important for banks to understand the competitive landscape,” said Dave Parsons, chief customer officer at iSeatz. “By understanding the latest trends in rewards offerings, banks can differentiate their loyalty programs and position their cards at the top of the table.”
This report focuses solely on rewards point redemptions and aims to establish a benchmark for evaluating redemption opportunities and engagement strategies in today's credit card rewards landscape. This study examines North American banks and financial institutions that offer travel and lifestyle benefits through credit cards, excluding those that only offer cash back benefits.
The goal of this report is to help financial institutions understand the competitive dynamics of today's loyalty landscape and develop standout compensation strategies that drive engagement, loyalty, customer satisfaction, and retention.
“One of the key findings of the report is the continued expansion of lifestyle rewards,” Parsons said. “By offering complementary benefits, such as meals and activities, in addition to core travel, banks create additional opportunities to increase engagement and satisfaction, driving customer loyalty and lifetime value.”
This report also includes:
- Comparison chart of travel and lifestyle benefits from major credit cards
- Why experiential travel benefits continue to resonate with cardholders
- How credit card companies are expanding their portfolios to meet cardholder demand for value
- Reasons why portfolio expansion centered on sustainability-related compensation has been delayed
- Latest consumer sentiment on personalization and artificial intelligence (AI)
- Key challenges and opportunities in the competitive environment
This content was created with the help of: eye sheets Skift's Branded Content Studio; skift x.
