While frequent-flyer miles and point-based rewards have become a meaningful part of the economy, U.S. Transportation Secretary Pete Buttigieg acknowledged during a May 9 hearing, “unlike the dollars in our savings accounts, the value of points and miles is completely up to the companies that issue them,” he said.
Credit: Delta Air Lines
What is in a point? That question is being asked of lucrative airline rewards credit cards by the U.S. Transportation Department and the Consumer Financial Protection Bureau, which in early May hosted a joint hearing to explore the programs. Cobrand airline credit card programs are not new—some have...
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