Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Airline Rewards Cards Struggle to Keep Customers Amid Travel Bans · 8 Dec 2020 podcast

On Visa cards, they were down about the same amount during the same period, about 70%. matched

So travel spending is way down. matched

These cards are geared towards travel spending and the benefits associated with travel. matched

So the issuers have basically, and the airlines, both parties here have essentially been rolling out various incentives to keep people, to keep these cardholders engaged with these cards to continue spending. matched

Like everybody pretty much realizes that, okay, the travel spending being done on these cards in the past matched

That's not realistic to expect that happening right now. matched

So instead, they've been doing things since the start of the pandemic, like rolling out extra points per dollar spent on groceries, maybe even on other services like streaming services or restaurants if it's, you know, to sort of cater to people who are placing delivery orders. matched

So they basically have been tinkering with the rewards offerings to make them more applicable. matched

Like prior to the pandemic, the main rewards offerings on these cards were geared around the purchases that you made that were travel oriented, as well as the purchases that you made at restaurants. matched

That's not realistic right now for most people. matched

You've had cases where people are switching from using these cards to using cash back cards, right? matched

It's very clean cut. matched

I can get 1% or 2% back on every purchase made regardless of the category. matched

That seems very consumer-friendly in this environment right now and very usable. matched

Others have been switching to debit cards. matched

Spending on debit cards is up significantly since the pandemic began. matched

So basically what the issuers and the airlines need to do and have been working on is trying to basically figure out a way to keep the existing cardholders engaged with their cards, keep that card top of wallet, keep them spending on that card because there is a good amount of fee revenue that both banks and airlines collect when people spend on their airline cards. matched

So in general, people have moved away from credit cards during the pandemic. matched

So as an example, if we take Visa, which is the largest US card network, credit card spending volume was down about 9% during its last quarter. matched

And that decline of 9% was from a year prior. matched

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