Loyalty and rewards

Financial institutions have a solid track record of keeping customers for the long haul, but technology firms, fintechs and challenger banks are gaining ground on the incumbents.

Coinbase Global said it's being probed by the Securities and Exchange Commission over its staking programs, which allow users to earn rewards for holding certain cryptocurrencies.

As competition tightens in the buy now/pay later arena, fintechs including Klarna, Afterpay and Zilch are upgrading perks to keep consumers from straying to their rivals.

Issuers that offer cash rewards can benefit from consumer anxiety over rising prices for gas and groceries, but have to find ways to make sure their own costs don't rise in tandem.

Inflation isn't only driving up travel costs — a key category for credit card spending — it's making shoppers more selective about how they earn and redeem loyalty points for products hit hardest by price increases.

Bank of America is rolling out a host of travel sweeteners to ultra-high-net-worth customers. It’s partnered with the luxury-travel firm Indagare to offer the experiences to members with more than $10 million in their accounts.

Star Alliance — the largest of the three global airline groups — is planning to offer a co-branded credit card that will allow cardholders to redeem points across all 26 members.

Vanguard Group will give some American Express credit card customers access to financial advice, a business the fund manager is working to build up.

To increase its share of global card spending through gig-economy fintechs and startups, Amex is extending its rewards through a partnership with digital issuing vendor i2c.

Wells Fargo will start letting customers earn points and miles on their rent payments as the banking giant deepens its push into credit cards.