Frequent flyer programs have done an amazing job of turning marketing from an expense into a profit center. But without travel, members are less engaged in the programs. And that means less spend with credit card partners, too.
It takes creative effort to get members continuing to earn in the program when they aren’t likely to redeem right away. But that earning means cash now – and is even more valuable than ever both because of the premium on cash for struggling businesses and because the redemption expenses won’t come until later.