March 13, 2026 — Major U.S. airlines including Delta Air Lines, United Airlines and American Airlines are deriving a growing share of revenue and profits from co-branded credit cards, often exceeding cash from ticket sales, according to a Reuters investigation published hours ago.
The report details how credit-card cash reshapes US airline loyalty programs and profits, with banks paying billions annually for miles sold through these cards, providing stable income amid volatile fuel costs and competition. Delta received $8.2 billion from American Express in 2025, representing 14% of its adjusted operating revenue and 1.4 times its adjusted operating income. American Airlines reported $6.2 billion from co-brand partners, four times its adjusted operating income.
United Airlines will award six miles per dollar spent on eligible flights to co-branded cardholders starting April 2, versus three miles for non-cardholders, who also cannot earn miles on basic economy tickets. American has halted miles and loyalty points for basic economy, while Delta counts AmEx card spending toward elite status.
“The modern airline is a gigantic rewards program that just happens to fly airplanes.”
— John Breyault, vice president of public policy at the National Consumers League
Revenue Shift and Stability
Credit-card cash reshapes US airline loyalty programs and profits by buffering against demand swings. Alaska Airlines’ CFO Shane Tackett noted the co-brand partnership “helps stabilize results through demand swings.” Analyst Brian Riley warned banks may tighten lending in downturns, impacting airline earnings within two to three quarters.
Aggregator sites quickly picked up the story. Yahoo Finance highlighted it in Delta updates, while AOL tied it to Delta’s 2025 earnings, noting $2 billion from AmEx amid premium travel demand.
Criticisms Mount
Merchants and consumer groups decry the model. National Retail Federation’s Dylan Jeon said premium rewards cards carry the highest interchange rates, with costs passed to all consumers. IdeaWorks head Jay Sorensen stated, “The value provided to frequent-flyer members has decreased over time.”
The U.S. Department of Transportation requested loyalty program information from major airlines in 2024, with responses under review. Proposed reforms like the Durbin-Marshall bill and a potential 10% credit-card interest cap raise concerns from airlines.
Broader Context
Credit-card cash reshapes US airline loyalty programs and profits, as Skift noted on X, with programs representing 71% of enterprise value per Q4 2023 data. Low-cost carriers are rethinking programs differently, per Air52.
Airline newsrooms like Delta’s archive and United’s newsroom have no immediate responses. X buzz remains limited to general loyalty discussions. For related analysis, see Aeronautics Online sitemap.
