NEW YORK—Credit card companies shifted away from travel benefits at the onset of the coronavirus pandemic, but the perks are starting to make a return.
American Express recently unveiled a suite of travel features for its cardholders, including discounts on eligible hotel stays and airfare.
Chase and Capital One also launched record-high welcome bonuses on the Chase Sapphire Preferred Card and the Capital One Venture Rewards Credit Card, Business Insider reported.
"Travel is immensely important for the credit card industry," Alex Miller, founder and CEO of UpgradedPoints.com, told Business Insider. "Take, for example, Amex's Platinum line of cards. One of the biggest benefits of these cards is the Centurion Lounge access, and if cardholders can't access one of the primary benefits, they are likely to cancel the card in favor of a cheaper or more useful option."
Rather than risk seeing cancellations, Miller believes that Amex's move to enhance the card's travel features shows that the company is placing a "huge bet" on its travel cards.