Banks and Credit Card Companies Are Shaking Up Travel - 3 Key Takeaways

Skift Research’s latest deep dive report looks at the rise of the credit card companies in travel. Below we present three key takeaways, with accompanying charts. 

Travel loyalty programs have become dull and overcrowded, with increasingly brand-agnostic consumers who prioritize discounts and perks over traditional loyalty. Time for something new.

New entrants such as banks and credit cards are capitalizing on the opportunity and are entering the travel space through the launch of their own dedicated travel booking platforms. They're moving from simply facilitating other brands’ loyalty programs through co-branded credit cards to becoming their own channel for buying travel.

For example, JP Morgan Chase noted in a 2022 investor presentation that an oversaturated market had heightened “competition for the scal