March 13, 2026 — Major U.S. airlines Delta Air Lines, United Airlines, and American Airlines are deriving more revenue from co-branded credit cards than ticket sales in some cases, providing financial stability amid surging fuel costs and competition, according to a Reuters report republished by Aeronautics Online.
Credit-card cash reshapes US airline loyalty programs and profits by shifting focus to stable payments from banks for miles, buffering against demand fluctuations and volatile jet fuel prices. In 2025, Delta received $8.2 billion from American Express, about 14% of adjusted operating revenue and 1.4 times adjusted operating income. American Airlines reported $6.2 billion from co-brand partners, four times its adjusted operating income.
Revenue Details and Program Changes
American Airlines’ AAdvantage loyalty program drove Q3 2025 revenue growth, with co-branded card spending up 9% year-over-year and active accounts growing 7%, per PYMNTS earnings coverage. CEO Robert Isom said AAdvantage members generate higher yields and premium demand. The carrier expects $10 billion annually from cards and partners by decade’s end under a new Citi deal starting 2026.
United Airlines will award six miles per dollar spent on eligible flights to co-branded cardholders starting April 2, 2026, double the rate for non-cardholders, who also lose miles on basic economy tickets. Delta counts AmEx spending toward elite status, while American halted miles for basic economy.
Credit-card cash reshapes US airline loyalty programs and profits further as programs represent 71% of enterprise value based on Q4 2023 data.
“The co-brand partnership helps stabilize results through demand swings.”
— Alaska Airlines CFO Shane Tackett
Fuel Cost Pressures
Major U.S. airlines face additional $280 million weekly fuel costs from a 60% jet fuel price surge to $3.95 per gallon, driven by oil over $100 per barrel and Strait of Hormuz closure, per Aeronautics Online. This underscores loyalty revenue’s role amid unhedged exposure.
Regulatory Scrutiny
The U.S. Department of Transportation requested loyalty data from major airlines in 2024, with responses under review. Critics note declining rewards value, with payback halved since 2019. Proposed Durbin-Marshall bill and a 10% credit card interest cap raise concerns from airlines and banks.
“The modern airline is a gigantic rewards program that just happens to fly airplanes.”
— John Breyault, National Consumers League
Credit-card cash reshapes US airline loyalty programs and profits amid these debates, with limited social media buzz on X focusing on program valuations.
Background shows the trend building: 2023 figures included Delta’s $6.9 billion, American’s $5.2 billion, and United’s $2.7 billion from cards, drawing DOT probes.
