Loyalty Points as an Asset Class

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Loyalty Points as an Asset Class

Leveraging loyalty program assets for cash has been crucial for airlines and hotel operators as they battle the economic effects of the coronavirus pandemic. In April, Hilton presold $1 billion worth of loyalty points to American Express, the hotel company’s co-brand credit card partner. In June, United Airlines announced that it had secured a $5.00-billion loan (upsized to $6.80 billion) arranged by Goldman Sachs, Barclays, and Morgan Stanley using its MileagePlus program as collateral. The airline estimated the value of the MileagePlus program at $21.90 billion. In September, Delta Airline...

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Nilson Report

1185

October 2020

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U.S. Payment Cards—Outstandings

U.S. Payment Cards—Cardholders

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Mentioned Companies:

Loyalty Points as an Asset Class

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