Loyalty and rewards

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.

Bank of America is turning to private jets and exotic cars to compete with American Express and JPMorgan Chase and lure big spenders to its credit cards.

Americans are looking for immediate ways to offset rising costs, rather than saving points for future travel. Cash rewards, which were already growing in popularity, are now even more coveted.

Bilt Rewards, which offers a loyalty program and credit card that converts rent into reward points, raised $60 million from investors including Mastercard and Wells Fargo, giving the startup a $350 million valuation.

The revenue that banks earn from these loyalty programs provides a substantial offset to potentially shrinking interchange fees.

The creators hope CU Offers, which lists discounts at local and national businesses, will attract new members and strengthen ties with existing ones. But observers are skeptical that it will drive real growth or inspire frequent use.

Holders of the card, issued by Synchrony Financial, receive 3% cash back on medical visits, veterinarian bills, gym fees and certain other health-related expenses.

JPMorgan Chase revamped the rewards on its popular Sapphire cards as the fight to win affluent customers continues to escalate.