Bloomberg Surveillance · Saturday, September 5, 2026
Brian Kelly, founder of The Points Guy, explains that loyalty programs are now the most profitable part of airlines, often exceeding their core business. He highlights that while general inflation has increased the mileage cost for flights, foreign frequent flyer programs offer significant value.
“So loyalty, the airlines are just planes. They're banks masquerading as airlines. The loyalty business is bigger than ever. It's what's driving all the profit.”
“So yes, there is an increase in inflation, how many miles it takes to get a flight in general. But the foreign frequent flyer programs, that's where the value is.”
“So for example, Flying Blue, which is Air France's They have 60,000-mile business class awards all throughout the year. That's unheard of. The same flight using Delta SkyMiles can be 500,000 points.”