Customer loyalty programs in 2024: Biggest disappointments, best surprises

Priced any travel lately? Flights and hotels have soared in price, kind of like groceries and restaurant meals did in recent years. One way of fighting back is to maximize customer loyalty rewards that can be used to offset spending on travel, and other expenses as well. To catch up on a big year of developments in reward programs, let’s check in with Barry Choi. Barry writes on reward programs for The Globe and Mail, and on his Money We Have website. Here’s an exchange we had recently by e-mail:

Q: Barry, let’s start with the year’s biggest positive surprises in loyalty rewards?

A: We typically see few positive changes in earning and redeeming points, but I have noticed more partnerships. Petro Canada/Petro-Points partnered with Triangle Rewards/Gas+, allowing members to earn points. Multiple programs have also offered free limited subscriptions, such as PC Optimum and RBC Avion members getting three months of free Apple TV. CIBC Aventura and American Express cardholders got free or discounted Disney+ memberships. Air Miles unveiling its new program was also great news. It wasn’t too long ago when everyone thought the program was done for, but they’ve made significant improvements. Also, it’s absolutely mind-blowing to me that Rogers has one of the best cash back credit cards in the Rogers Red World Elite Mastercard, where you can get up to 3 per cent cash back on all purchases.

Q: Now for the disappointments – what stood out for you?

A: WestJet Rewards recently announced several negative changes to the program, including higher spending thresholds to earn status and increased spending required to earn a companion voucher. Over at Aeroplan, they still haven’t relaunched Family Sharing Plans, which allow families to pool their points. It was understandably disabled because of security reasons, but that was more than a year ago. I have no doubt that they’re working hard to fix security flaws, but it’s a disappointment it’s taken this long.

Q: What was the most notable reward program devaluation this year?

A: The WestJet Rewards changes were almost all negative. While no one expects programs to get better, WestJet claimed these changes were made based on customer feedback, which rightfully annoyed a lot of people.

Q: What reward trends are you looking out for in 2025?

A: I suspect welcome bonuses on credit cards will continue going down. Gone are the days when you’d get a couple hundred dollars worth of points for spending $1,000 in the first three months. The offers we’re seeing now require much more spending ($3,000 to $12,000), and the points are sometimes given out monthly or on your anniversary. Credit card providers want customers that will keep their cards, not churners. Bonus redemption events also seem to be trending as loyalty programs try to encourage people to claim their points or miles. This is beneficial for consumers since you get increased value. For loyalty programs, those points come off their books.

Q: What are two or three loyalty programs that stand out to you for providing good value for participants?

A: Aeroplan is still one of the best travel rewards programs. They’ve had quite a few good promotions throughout the year and have expanded their partnerships with multiple airlines, Marriott Bonvoy, and the LCBO. I’m also a huge fan of American Express Membership Rewards since you can use your points as a statement credit. You can also transfer your points to Aeroplan and Marriott Bonvoy, so there’s a lot of value. I also love PC Optimum since there are so many ways to earn points and Shoppers Drug Mart has bonus redemption events where you get huge extra value.

Q: Care to pick the most overrated and underrated reward cards?

A: The Triangle World Elite Mastercard is highly underrated in my opinion. It has no annual fee and comes with free roadside assistance. It stands out to me since they often have random offers where you can earn 20X the points on select purchases. They’re not afraid to test their audience and see what sticks. As for overrated, it’s got to be the BMO eclipse Visa Infinite Privilege Card. The welcome offer is up to 120,000 BMO Rewards points ($800 value), but you need to spend $75,000 in the first 12 months for the full offer. In addition, the annual fee is $499, which you need to pay twice if you want the entire bonus (40,000 points are given on your anniversary). To make matters worse, they advertise the card as being the winner of the best premium credit card in Canada – from a site that no longer exists.

Happy holidays

This is my last newsletter for 2024. See you again on Jan. 7, when the Carrick on Money resumes with a special edition of need-to-know personal finance intel for the year to come. Have a great holiday, everyone.

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