美国航空公司通过信用卡伙伴关系提高利润,但限制对非卡用户的奖励,引起对价值和经济风险的关切。 U.S. airlines boost profits via credit card partnerships, but restrict rewards for non-card users, raising concerns about value and economic risk.

美国航空公司越来越依赖共同品牌信用卡伙伴关系的收入,Delta在2025年从美国Express获得82亿美元,美国航空公司获得62亿美元,将忠诚方案转变为主要利润来源。 U.S. airlines are increasingly reliant on revenue from co-branded credit card partnerships, with Delta earning $8.2 billion from American Express in 2025 and American Airlines receiving $6.2 billion, transforming loyalty programs into major profit sources. United, American and Delta等航空公司限制基本经济票价的里程收入只限给持卡人,降低了非卡用户的奖赏价值,自2019年以来,还款率减少了一半。 Airlines like United, American, and Delta have restricted mileage earnings on basic economy fares to cardholders only, reducing rewards value for non-card users, with payback rates halved since 2019. 虽然航空公司说卡片提高了旅行奖励,但批评者警告说价值下降可能会阻止消费者。 While airlines say cards enhance travel rewards, critics warn declining value may deter consumers. 该模式将航空公司与银行和信贷周期紧密联系起来,使它们易受经济衰退和监管变化的影响,例如拟议的支付网络改革。 The model ties airlines closely to banks and credit cycles, making them vulnerable to economic downturns and regulatory changes, such as proposed payment network reforms.