The New Rules of Travel Rewards: Spend More or Lose Out

Learn why flight delays are getting worse and what airline miles are really worth (hint: it’s not what you think).

Why are flight cancellations and delays happening more often? Are airline miles and credit card travel rewards actually worth it? Hosts Meghan Coyle and Sally French discuss the latest trends in travel spending and how the airline industry evolved into what it is today. They begin with a discussion of the latest travel updates and news, including a slowdown in U.S. travel spending, a drop in international tourism to the U.S., rising outbound international travel, and new airline partnership announcements from Fiji Airways and Icelandair.

Then, Meghan talks to Ganesh Sitaraman, author of Why Flying Is Miserable: And How to Fix It, about how deregulation reshaped flying and what that means for travelers today. He discusses the rise of fortress hubs and fewer route options, how loyalty programs shifted from rewarding frequent flyers to rewarding high spenders, and what consumers can do to get the most out of their points. The episode wraps up with a listener question about whether to upgrade to the Capital One Venture X card before a big international trip, offering insights into welcome bonuses, travel credits, and airport lounge perks.

Card benefits, terms and fees can change. For the most up-to-date information about cards mentioned in this episode, read our reviews:

We analyzed the value of 16 different loyalty programs' points and miles to help you make smart money moves: https://www.nerdwallet.com/article/travel/airline-miles-and-hotel-points-valuations 

In their conversation, the Nerds discuss: why flights are delayed more often, airline delays 2025, travel trends 2025, domestic travel slowdown, Bank of America travel spending report, international travel 2025, Fiji Airways oneworld alliance, AAdvantage loyalty program, JetBlue Icelandair partnership, airline deregulation 1978, why flying is miserable, Ganesh Sitaraman airline loyalty programs explained, how airline points work, frequent flyer programs history, airline deregulation pros and cons, airline monopoly hubs, how airline credit cards make money, co-branded airline credit cards, spend-based loyalty programs, how much airline points are worth, credit card travel perks, best card for lounge access, travel credit card welcome bonuses, Priority Pass lounge access, using points for international flights, how to get the most out of travel credit cards, airline pricing explained, how deregulation changed flying, airline pricing before and after deregulation, federal regulation of airlines, and the Department of Transportation loyalty program investigation.

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