Loyalty and rewards

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. 

Klarna Bank is adding the option for customers to pay immediately at checkout in nine new markets while expanding its rewards program, as it targets becoming a one-stop lender for consumers.

As more consumers shop and bank online, Texas Capital and its rivals are competing for market share with concepts such as an American Airlines savings account that offers miles instead of interest and one that pays a 0.70% annual percentage yield, beating the national average of 0.06%.

Working with Bumped, TAB Bank is offering customers “cash back” as fractional shares of popular retailers.