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

Well, that 9% decline for credit cards at the same time, debit card volume was up 20%. matched

during the same period. matched

A similar trend was playing out as well during the prior quarter, so during the second quarter of this calendar year. matched

So what does this mean? matched

I mean, so, okay, we know there's been a pullback in overall spending on credit cards. matched

And the reason why this is happening varies. matched

On one level, a big thing contributing towards matched

the pullback is consumer uncertainty about the economy. matched

There's a lot of people out there who don't want to find themselves in a situation where if they lose their jobs, they have a credit card balance that they can't pay back, and then they're dealing with late fees, interest charges, etc. matched

Similarly, with the enhanced unemployment benefits that were being distributed up until the summer, well, that was an extra $600 a week or so for many households. matched

Again, matched

going into their bank accounts using the debit card was a sort of more realistic vehicle for making purchases than a credit card. matched

Overall credit card balances have fallen this year. matched

So in general, we've seen a shift away from credit towards debit, but in the airline sector, while the shift has occurred in general, the travel sector is the most challenged. matched

Because if it's a credit card that is a points-based credit card that isn't about travel, that might seem more realistic for people right now. matched

Or a credit card that allows redeeming for travel but also redeeming for other things, be it gift cards that you can put towards home improvement. matched

or other services that you can use right now. matched

But an airline co-branded card where the majority of the rewards that you can redeem would be tied to an airport or a plane is just not realistic for many people. matched

There is some room. matched

So depending on the issuer and sometimes depending on the customer, there have certainly been some success stories with this. matched

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