Bank of America CEO Brian Moynihan is not worried about an economic slowdown, saying the U.S. consumer is still in a strong place.Banksread more
Target CEO Brian Cornell says he's encouraged by Trump's decision to postpone some consumer-oriented tariffs that were supposed to start Sept. 1.Retailread more
Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
President Trump insists the economy is healthy and says the only thing holding U.S. growth back is the Federal Reserve.Marketsread more
Target shares opened at record high after the retailer beat second-quarter earnings expectations and boosted its full-year estimates.Retailread more
Gluskin Sheff's David Rosenberg predicts one of the strongest parts of the U.S. economy will disappoint Wall Street and lead to a market meltdown.Futures Nowread more
Sanders' sweeping proposal would make it easier for workers to join unions and end the so-called right-to-work laws recently favored by the GOP.2020 Electionsread more
Germany has sold a 30-year bond with a 0% interest rate for the first time on Wednesday.Marketsread more
Morgan Stanley warns that "the wheels for a slowdown are in motion," adding that a slowdown in the manufacturing sector is spreading.Marketsread more
Lowe's also tops rival Home Depot on same-store sales growth in the U.S.Retailread more
If you want to hit the top-tier frequent flyer status on American Airlines, you'll have to spend more money.
The airline is raising the amount of money customers must spend on tickets to achieve AAdvantage Executive Platinum status from $12,000 to $15,000 annually. The airline notified AAdvantage members on Monday of the change, which takes effect starting Jan. 1.
"In an effort to ensure we reward our best customers with the benefits that are most valuable to them, we are making changes to the way customers qualify for Executive Platinum status, and the benefits they receive when they go beyond this milestone," an American spokesperson said.
All of the airlines are seeing strong demand right now thanks to the robust economy and a very healthy corporate travel market. American did not disclose how many fewer frequent flyers are likely to hit the higher benchmark for Executive Platinum status.
"This move shows the airlines continue to see healthy demand," said Susan Donofrio, airline analyst with Macquarie Group. "We are seeing no softness in ticket prices and all seats on a plane now have greater value."
That means it now costs airlines more to award a seat to a frequent flyer. So the more members who have top-tier status, the more seats airlines will have to award in the future.
American's move matches United Airlines' recent decision to raise the threshold frequent flyers must spend every year in order to achieve Premier 1K status. Mileage Plus members will be required to spend at least $15,000 annually with United for top status. Delta's required spending for its highest status, Diamond Elite, has been $15,000 for some time.
Donofrio said the more restrictive frequent flyer programs, along with airlines raising the cost of checking a first bag, shows the industry is focused on boosting ancillary revenues.
"This is what you get in a market with tight supply and heavy demand," she said.