Credit-Card Providers Scramble to Update Customer Benefits as International Travel Ban Drags On

By Katie Deighton Close Katie Deighton Sept. 2, 2020 6:00 am ET American Express Co. executive Rachel Stocks pored over consumer data in the weeks after coronavirus lockdown measures took hold in the U.S., trying to imagine what credit-card rewards should look like in the Covid-19 era.

PREVIEWSUBSCRIBE “I guess they were having to do their own hair,” said Ms. Stocks, the company’s executive vice president of global premium products and benefits, “and golf was the only sport they could play while social distancing.”Credit-card issuers’ revenue has been hit by declining consumer spending during the pandemic and its resulting economic disruption.

“There are cardholders who are paying an annual fee who have experienced a significant drop in customer satisfaction with rewards, and their perception of the amount of rewards gained per dollar spent,” Mr. Cabell said. “Travel programs are huge profit centers, so all of the issuers have made pretty quick moves on rewards to stave off mass card cancellations,” Mr. Kelly added.

Matt Knise, the head of Capital One rewards, said his team made those moves after analyzing spending data and speaking directly to customers. The company runs an online customer community where people post information about what they are spending money on and, crucially, what they want to spend money on. The group became very valuable in helping the company track consumer sentiment around spending and rewards during the pandemic, Ms. Armand said.

Free Visa masks!

I always wanted a credit card that gave me airline miles! They can still entice me. The pandemic is not forever!

Lower the interest rates.....problem solved...

RadLeftSocialism,longtmPolitDoctrine in colleges,teaches:U.S.CapitalismEvil,Racist&Sexist:Polit CompliN replacD HighOrderThinkN&Right2Disagree; TRUMPBigThreat 2DemSoc,not only inCollges:also OwnMedia,BigBusin,Sports,China liais;COVIDcrisis Gr8 4AntifaSoc2startUprisN,UsNRacism4Soc

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Swiss regulator starts enforcement proceedings over Credit Suisse's spying scandalSwiss watchdog FINMA, the country's financial market supervisory authority, said Wednesday it had initiated enforcement proceedings against Credit Suisse over the spying affair that came to light last year.
Source: CNBC - 🏆 12. / 72 Read more »

3 reasons to get the PenFed Power Cash Rewards card - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »