The last week or so has truly been a busy week for the travel industry. Firstly, we saw airlines drop fees one after the other. Secondly, we saw Chase announce a new credit card, one which could possibly lead to a few updates to their Chase Sapphire Preferred and Reserve card as well. Here’s a quick recap of the stories covered this week.
In this post, I analyze how the recent updates to Chase’s Freedom cards could impact their Sapphire cards. Banks want to clearly differentiate between value propositions on their products and the Freedom refresh could well usher in changes on the Chase Sapphire Preferred and Reserve card.
After United, Delta and AA also chimed in and followed the lead. By the end of the week, we saw a totally different fee structure from major US airlines compared to one week ago. How will this impact customer preference for an airline going forward?
Major card issuers are clearly facing a dilemma. On one hand, they want to grab share of a wallet once the market picks up. On the other hand, the current market conditions are forcing their to chop credit limits and issue fewer approvals. Which path with these issuers take?
The travel industry continues to suffer due to a lack of customer demand. As the CARES funding restrictions are about to expire at the end of the month, airlines are looking for another bailout package. Without providing any details, President Trump promised that he’d step in and help the ailing airline industry.
As the pandemic rages on, we’ve seen real world impact with airlines going bankrupt over the last few months. The hotel industry is also facing a similar fate now as an iconic New York hotel has announced that it is shutting down permanently. The hotel had stopped accepting reservations from March, after the initial lockdown orders went into place.
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