The COVID-19 pandemic has brought travel to a near standstill, with travel spending down 90%+. According to Ted Rossman from hile most high-end credit cards focus on travel perks, cardholders are simply not able to take advantage of benefits such as free flights, hotel stays and airport lounge access.
In order to retain their high-end customers, these cards are getting creative with:
- Credits for things people are actually spending on, such as streaming, cell phone plans and food delivery (for example, the American Express Platinum and Green Cards and the Capital One Venture card)
- Enhanced rewards at the grocery store (Chase Sapphire Reserve, Delta cards, Marriott cards, Hilton cards, Wells Fargo Propel and more)
- Annual fee waivers/reductions (Citi Premier and Chase Sapphire Reserve)
- Extending the deadlines for elite status and redeeming free nights and flights (most airline and hotel loyalty programs)