Loyalty and rewards

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.

As people more heavily use exchanges and other providers of digital-asset-related services, they're registering more beefs with the Consumer Financial Protection Bureau, too. Experts say it's only a matter of time before the agency invokes its broad authority to police the sector.

Bank of America is adding a commercial credit card for on-the-go businesspeople in a bet that work travel will eventually return.

Citigroup stopped taking applications for its $495-a-year Prestige card, a competitor to American Express’s Platinum line and JPMorgan Chase’s Sapphire Reserve.