Here's how the system works now: Airlines create points out of nothing and sell them for real money to banks with co-branded credit cards. The banks award points to cardholders for spending, and both the banks and credit-card companies make money off the swipe fees from the use of the card.

Yes, the sale of miles to banks is one of the most profitable aspects of the modern airline industry in 2026. Major carriers like Delta, United, and American Airlines generate billions of dollars annually by selling their frequent flyer miles to financial institutions such as Chase, American Express, and Citibank. These banks then use the miles as high-value incentives for their credit card products, awarding them to customers for sign-up bonuses and daily spending. This business model is so lucrative that the valuation of an airline's loyalty program often exceeds the value of its actual fleet of aircraft. For the banks, purchasing miles allows them to offer premier rewards that drive customer loyalty, while for the airlines, it provides a massive, steady stream of cash flow that is decoupled from the volatile costs of fuel and ticket sales. This symbiotic relationship essentially turns airlines into financial service companies that happen to fly planes, ensuring that even during travel downturns, the "currency" of miles remains a high-value asset in the global economy.