HackerTube / Video
How Airlines Quietly Became Banks
Wendover Productions
A Wendover Productions explainer arguing that major airlines make much of their profit from loyalty programs and co-branded credit cards rather than flying. It frames airlines as quasi-banks that sell points in bulk, using United's pandemic-era loan as a hook.
HN commenters point to it whenever airline economics or frequent-flier miles come up, since it clearly shows loyalty programs are worth more than the airlines themselves.
13 Hacker News mentions · 2021–2026