Air France KLM’s Flying Blue is the best frequent flyer program in the SkyTeam alliance. It’s legions better than Delta SkyMiles. At the airline’s investor day, they explained how they’ll be doubling down on the loyalty program to drive profits, as relayed by Brian Sumers in his invaluable Substack. U.S. airlines see loyalty programs as cash cows. That’s not as true elsewhere. In Europe and Australia, credit card interchange is regulated, so rewards card deals aren’t as lucrative. In Australia, we’ve seen Qantas make each point worth less in order to keep awarding around one point per dollar for credit card spend. (Card fees have gone up, and in some cases points-earning has been capped.) In Europe the cards themselves aren’t as profitable, and the deals look different. For instance a past Air France-American Express…
