American Airlines Rewards

American Airlines used its AAdvantage rewards program data to secure a $1.2 billion loan in 2020. The airline was able to use the data to show lenders that the rewards program had significant value, which could be monetized in the future. American Airlines was able to secure the debt at lower interest rates due to the value of the AAdvantage program.

Others Doing The Same In The Industry: United Airlines raised $6.5 billion against Mileage Plus, valuing the program at $21.9 billion. Delta Air Lines raised $9 billion backed by the SkyMiles program at an average rate of 4.75%. Southwest Airlines did not mortgage its Rapid Rewards program, but did get Chase to frontload the purchase of points for 2021 to the tune of $600 million.