New Report Says AAdvantage Is Worth 4X More Than American Airlines — Airlines Are Really Credit Cards With Wings

New Report Says AAdvantage Is Worth 4X More Than American Airlines — Airlines Are Really Credit Cards With Wings

A new report values American Airlines’ AAdvantage program at roughly four times the airline’s own stock market value, a stark reminder that the real economics of major carriers no longer sit mainly in selling seats. The most profitable part of the business is increasingly the loyalty machine — using aspirational travel rewards to drive high-spending credit card customers, with flying often acting as the marketing platform for the cards.