More perks added for lenders’ top rewards programs
Consumers who earn rewards points for every dollar of credit card debt they take on using lenders’ most prestigious accounts may soon find that their benefits have expanded even further.
Many of the nation’s top credit card lenders – including American Express and Citi – are now adding more perks to rewards cards, specifically those designed to target regular international travelers, according to a report from USA Today. This is largely being done in an effort to lure in more creditworthy borrowers.
Consumers with Citi’s popular ThankYou Premier and Prestige cards will receive discounted airline tickets as well as one free companion fare per year in addition to a number of other new perks, the report said. American Express recently added access to about 600 VIP lounges in more than 300 airports all over the globe to consumers with its Platinum accounts.
Typically, these high-quality rewards accounts are only granted to consumers with top credit ratings. They also generally carry far higher interest rates and annual fees than no-frills cards as a means of paying for the perks they grant to borrowers.