The 2% Fee Behind the American Travel Boom

The U.S. travel economy relies on credit card interchange fees, which are uncapped in the U.S., supporting airline and hotel loyalty programs. Delta earned $8.2 billion from Amex in 2025, and American received $6.2 billion. However, regulatory risks exist, such as the Credit Card Competition Act and Visa/Mastercard settlement. Research shows rewards are subsidized by lower-income consumers.