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Airline Loyalty Programs 2026: Why Delta and American Earn Billions From Credit Cards

Airline miles are less a travel perk than a business of selling points to banks. Here is how the money flows, and how to use miles sensibly.

PUBLISHED 2026-10-08 · UPDATED 2026-10-08 · TRAVEL

Short answer: In 2025, Delta received $8.2 billion from American Express, about 14% of its adjusted operating revenue. American Airlines reported $6.2 billion from its co-brand card partners, about four times its adjusted operating income. Banks pay airlines for miles to hand out to cardholders, so the airline earns cash whether or not its planes are full. That is why our Travel planet says airlines increasingly behave like loyalty-program companies that happen to fly planes.

How much the card partners pay

2025 PAYMENTS FROM CARD PARTNERS ($ BILLIONS)Delta$8.2BAmerican$6.2B

AirlineCard partner2025 paymentsContext Delta Air LinesAmerican Express$8.2 billionAbout 14% of adjusted operating revenue; about 1.4x adjusted operating income American AirlinesCiti and Barclays (co-brand partners)$6.2 billionAbout 4x adjusted operating income United AirlinesChaseNot stated in our sourceCardholders earn 6 miles per dollar on eligible United flights vs 3 for non-cardholders, from April 2, 2026

Figures as reported by Aeronautics Online on March 13, 2026. A separate report cited a different Delta number, $2 billion, and our source did not explain the gap, so treat exact dollar amounts as approximate and check each airline's filings.

How the miles business works

Banks buy miles; airlines keep the cash

When you swipe a co-branded airline card, the bank pays the airline for the miles you earn. For the airline, that income does not depend on fuel prices or how full flights are. Delta's $8.2 billion from American Express was about 1.4 times its adjusted operating income, and American's $6.2 billion was about four times its adjusted operating income, which means card money was larger than the profit from flying itself. Investor angle: this helps explain why analysts value airline loyalty programs highly and why airlines keep adding ways to earn miles on cards. This is not investment advice.

Source: Aeronautics Online, Mar 13, 2026 →

Using miles sensibly: a realistic starter plan

Pick one airline you actually fly. Miles spread across five airlines rarely add up to a trip.
Join its free loyalty program and add your number to every booking.
Check how it earns now. Several programs reward ticket price and card use, not just distance, and the rules change often.
Only consider an airline card if you pay it in full every month. Interest charges can easily cost more than the miles are worth. Read the annual fee and terms first.
Know your goal before you collect. One specific trip is a better target than a pile of points.

Realistic note: miles are a modest bonus on trips you were taking anyway, not free money. This is general information, not financial advice.

What to watch next

Three things: whether more airlines tie earning to card ownership the way United now does; how card partner payments change in the next annual reports; and whether AI booking tools start showing prices in points by default (Google AI Mode already can, see our AI travel booking guide).

Frequently asked questions

How much money do airline loyalty programs make?

According to a March 2026 report, Delta received $8.2 billion from American Express in 2025, about 14% of its adjusted operating revenue and about 1.4 times its adjusted operating income. American Airlines reported $6.2 billion from co-brand partners, about four times its adjusted operating income.

Why do airlines sell miles to credit card companies?

Banks buy miles in bulk to reward cardholders for everyday spending. For the airline that is cash that does not depend on fuel prices or how full the planes are, which is why analysts treat loyalty programs as a major part of an airline's value.

Are airline credit cards worth it?

It depends on how often you fly that airline and whether you pay the card in full every month. Interest charges can wipe out the value of miles, so read the card terms carefully. This is general information, not financial advice.

What is changing in airline miles in 2026?

One reported example: United will award six miles per dollar on eligible United flights to co-branded cardholders starting April 2, 2026, compared with three miles for non-cardholders. Programs change often, so check each airline's current rules.