Alaska Air Group and Bank of America Renew Long-Term Partnership Agreement

Rhea-AI Summary

Alaska Air Group (NYSE: ALK) and Bank of America (NYSE: BAC) have extended their co-branded credit card agreement through 2030. This partnership aims to enhance customer loyalty and expand guest benefits, with new offerings expected in late 2022. The existing credit card provides attractive rewards, including companion fares, free checked bags, and multiple earning opportunities. The relationship is expected to drive growth for both companies, especially in key West Coast areas, by fostering customer engagement and satisfaction.

Positive

• Co-branded credit card partnership extended through 2030.
• Enhanced guest benefits to be introduced in the second half of 2022.
• Strong customer loyalty program featuring generous rewards.

Negative

• None.

Continues Longstanding Relationship Through 2030

Expanded Partnership will Further Drive Credit Card Acquisition and Loyalty; Strengthened Benefits to be Introduced in the Second Half of 2022

NEW YORK, March 24, 2022 /PRNewswire/ -- Alaska Air Group Inc. (NYSE: ALK) and Bank of America (NYSE: BAC) today announced an extension of their co-branded credit card agreement through 2030. The renewed agreement strengthens a powerful industry partnership that has endured over decades, meaningfully expands guest benefits, and further accelerates both companies' strategic growth plans in key West Coast geographies.

"Our partnership with Bank of America has been key to strengthening Alaska's brand recognition and building unparalleled customer loyalty. This extension of our relationship with Bank of America will continue to provide our guests meaningful ways to enhance their travel experience with us," said Ben Minicucci, Chief Executive Officer of Alaska. "Over time, we will continue to invest in value-added benefits for our cardholders, while consistently providing them with remarkable service in line with our culture of care."

"We are excited to announce this multi-year extension of our partnership with Alaska Airlines," said Dean Athanasia, President of Regional Banking for Bank of America. "This relationship continues to unlock growth opportunities for both Alaska and Bank of America, while driving greater loyalty and engagement with Alaska's customers."

Alaska Airlines' co-branded credit card with Bank of America currently offers cardholders the airline industry's most generous loyalty rewards program, including Alaska's Famous Companion Fare^TM, free checked bag, the opportunity to earn 3x the miles on eligible Alaska purchases, oneworld® Alliance mile redemptions, 50 percent discount on day passes for Alaska Lounge access, 20 percent back on all inflight purchases and many other travel benefits.  

In the second half of 2022, Alaska and Bank of America intend to announce additional benefits to further elevate its loyalty program for cardholders, while driving long-term value for both companies.

About Alaska Air Group

Alaska Airlines and our regional partners serve more than 120 destinations across the United States, Belize, Canada, Costa Rica and Mexico. We emphasize Next-Level Care for our guests, along with providing low fares, award-winning customer service and sustainability efforts. Alaska is a member of the oneworld global alliance. With the alliance and our additional airline partners, guests can travel to more than 1,000 destinations on more than 20 airlines while earning and redeeming miles on flights to locations around the world. Learn more about Alaska at news.alaskair.com. Alaska Airlines and Horizon Air are subsidiaries of Alaska Air Group (NYSE: ALK).

About Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with more than 54 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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SOURCE Alaska Airlines

FAQ

What is the significance of the Alaska Air Group and Bank of America partnership extension?

The extension solidifies a key partnership that drives customer loyalty and expands guest benefits.

What benefits will be introduced in the renewed Alaska Air and Bank of America partnership?

Additional benefits aimed at enhancing the loyalty program are expected to be announced in late 2022.

How does the partnership affect Alaska Air Group's growth plans?

It supports strategic growth in key West Coast markets by improving customer engagement and loyalty.

What rewards do Alaska Air and Bank of America's co-branded credit card offer?

Rewards include Alaska's Famous Companion Fare, free checked bags, and opportunities to earn 3x miles on eligible purchases.