Travel companies have spent years worrying about losing customers to online travel agencies. The bigger threat was already in the wallet.
Banks are offering more competitive rewards programs that cater to travelers, surpassing traditional hotel and airline loyalty programs.
Banks provide flexible rewards that can be used for various travel-related expenses, making them more appealing than specific travel loyalty programs.
Travel companies face increased pressure to enhance their loyalty offerings as consumers turn to banks for better travel rewards.
While they remain valuable, their effectiveness is challenged by the broader rewards offered by banks, which can be more versatile.