Alaska Air Group and Bank of America Expand Long-Standing Credit Card Partnership

Alaska Air Group (NYSE: ALK) and Bank of America (NYSE: BAC) extended their multi-year co-branded credit card agreement on April 20, 2026, deepening integration across the Atmos Rewards portfolio.

Rhea-AI Summary

Alaska Air Group (NYSE: ALK) and Bank of America (NYSE: BAC) extended their multi-year co-branded credit card agreement on April 20, 2026, deepening integration across the Atmos Rewards portfolio.

The deal aims to move toward a single issuer, expand the card suite (including new Summit and Ascent features), and build incremental value after 10% remuneration growth in 2025.

Positive

• Remuneration from co-brand cards grew 10% in 2025
• Multi-year extension secures long-term co-brand partnership with Bank of America
• Working toward single issuer for Atmos Rewards credit cards
• Atmos expansion expected to accelerate growth beyond $150 million incremental profit

Negative

• None.

Argus Apr 21 session

-0.87% close to close Open Argus

Details

News Market Reaction – BAC

On Apr 21, the first trading day after this news, BAC closed 0.87% below the previous close.

Data tracked by StockTitan Argus for the Apr 21 session.

Market Context

This announcement extends a multi-decade co-brand relationship, reinforcing Bank of America’s role i...

Analysis

This announcement extends a multi-decade co-brand relationship, reinforcing Bank of America’s role in a major airline loyalty ecosystem and highlighting 10% 2025 remuneration growth from the card portfolio. Historically, partnership headlines have produced modest average moves of about 0.6%, with both positive and negative reactions. Investors may watch how card spend, Atmos Rewards engagement and future co-brand launches trend relative to the incremental $150 million profit target mentioned.

Key Figures

Co-brand remuneration growth: 10% Incremental profit target: $150 million Global Companion Award: 25,000 points +5 more

Co-brand remuneration growth

10%

Remuneration growth in 2025 from co-brand card portfolio

Incremental profit target

$150 million

Incremental profit outlined in Alaska Accelerate strategy

Global Companion Award

25,000 points

Summit Visa Infinite Global Companion Award benefit level

Alaska Lounge passes

8 passes

Annual Alaska Lounge day passes with Summit Visa Infinite card

Foreign spend earn rate

3 points per $1

Summit card rewards rate on foreign transactions

Companion Fare price

$99 + taxes/fees

Ascent Visa Signature Companion Fare benefit

Destinations served

140+ destinations

Alaska and Hawaiian network across North America, Latin America, Asia, Pacific

Global partner destinations

1,000+ destinations

Worldwide destinations accessible via Atmos Rewards and partners

Previous Partnership Reports

5 past events · Latest: Mar 31

Same Type 5 events

1. Mar 31

   Travel card partnership

   24h Move

   +3.2%

   Launch of Royal ONE co-branded cruise credit cards with loyalty integration.

2. Nov 20

   Sports event partnership

   24h Move

   -2.0%

   Multi-year presenting partnership with Great Ethiopian Run for endurance sports.

3. Nov 19

   Brand ambassador deal

   24h Move

   +0.7%

   Multi-year partnership with David Beckham for Sports with Us program.

4. Jun 23

   Special Olympics grant

   24h Move

   +1.8%

   Three-year $5M grant and Platinum Partnership for 2026 Special Olympics USA Games.

5. Feb 24

   Youth golf access deal

   24h Move

   -0.8%

   Strategic partnership with Youth on Course to expand affordable youth golf.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

co-branded credit card, visa infinite, visa signature

3 terms

co-branded credit card financial

"multi-year extension of their co-branded credit card agreement"

A co-branded credit card is a payment card issued through a partnership between a bank and a retailer or brand that carries both logos and gives cardholders special rewards or discounts with that brand—like a loyalty card and credit card rolled into one. Investors watch these deals because they can drive repeat sales, generate fee and interest income, and deliver valuable customer data, while also creating credit risk and marketing costs that affect profits.

visa infinite financial

"the new premium Summit Visa Infinite® card"

Visa Infinite is a premium tier of payment card offered under the Visa network that provides higher spending limits, travel and purchase protections, and concierge-style services compared with standard cards. For investors, the presence and usage of Visa Infinite cards can signal a profitable, higher-spending customer segment and generate larger transaction and fee revenue for banks and the payment network — like a luxury membership that brings more steady income per customer.

visa signature financial

"Royal ONE™ and Royal ONE Plus™ Visa Signature credit cards"

Visa Signature is a premium tier of Visa-branded credit and debit cards that banks issue to provide higher-end perks such as stronger travel and purchase protections, concierge services, and enhanced rewards. For investors, the label matters because cards with this designation typically carry higher annual fees and generate greater transaction and fee income, while also helping retain customers. Think of it like upgrading from standard to business class for everyday spending—encouraging more frequent use and loyalty.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Strengthens co-branded credit card portfolio and supports growth of the Atmos Rewards program

• Cardholders will benefit from enhanced value across the full suite of Atmos Rewards credit cards over time
• Alaska Air Group will move toward a single issuer for its Atmos Rewards credit cards
• The extended partnership is expected to drive incremental value for both companies

SEATTLE and CHARLOTTE, N.C., April 20, 2026 /PRNewswire/ -- Alaska Air Group Inc. (NYSE: ALK) and Bank of America (NYSE: BAC) today announced a multi-year extension of their co-branded credit card agreement – a continuation of the bank's largest co-brand partnership. For more than 30 years, the strategic partnership has put an industry leading co-branded credit card in the wallet of millions of travelers and helped build various features of the airline's brand, including the famous Companion Fare.

"Bank of America has been a foundational partner to Alaska's growth over the last few decades," said Ben Minicucci, Chief Executive Officer of Alaska. "Together, they have helped us build the airline industry's most generous and valuable loyalty program. Extending this partnership will mean even greater benefits for cardholders, taking them further as Alaska and Hawaiian expand across the globe."

The renewed agreement will deepen integration between Alaska and Bank of America by:

• Creating incremental value for both companies.
• Increasing investment in the Atmos™ Rewards brand, Alaska and Hawaiian's lounge program, and enhancing the suite of credit cards (including new cards and refreshes of existing cards).
• Enhancing technology and the cardholder experience, including expanded benefits across multiple card offerings.

"Alaska Air Group has been an exceptional partner for more than three decades, and this extension reflects our shared commitment to delivering meaningful value for cardholders," said Dean Athanasia, Co-President, Bank of America. "Together, we're investing in innovation, enhancing the cardholder experience, and supporting the continued growth of the Atmos Rewards platform — while creating long term value for both companies."

Alaska and Bank of America are working toward BofA becoming the single issuer of all co-brand credit cards for the Atmos™ Rewards program, which has been recognized as the best Airline Rewards Program for 2026 by NerdWallet.

Remuneration from the co-brand card portfolio grew 10% in 2025, fueled by the launch of the Atmos Rewards loyalty program and the new premium Summit Visa Infinite® card. The Summit card continues to exceed acquisition and spend expectations, achieving significant average spend levels, driven by a compelling value proposition that includes exclusive lounge access and a unique Global Companion Award. This appeal has attracted new premium, high-spending customers and earned industry recognition, including being named The Points Guy's best new personal credit card earlier this year.

The expansion of the card portfolio is expected to accelerate the growth of Alaska's loyalty platform beyond the incremental $150 million in profit outlined in the Alaska Accelerate strategy. The extension with Bank of America reinforces this momentum, strengthening the partnership and supporting sustained long term value creation through the loyalty ecosystem.

Atmos Rewards Credit Card Benefits
The Atmos Rewards co-brand credit cards, powered by Bank of America, continue to provide cardholders industry-leading benefits including:

Summit Visa Infinite® card

• • Access to an industry-leading 25,000-point Global Companion Award
  • Eight Alaska Lounge day passes annually
  • Three points for every $1 spent on all foreign transactions
  • Travel delay protection and more

Ascent Visa Signature® card

• • Access to the famous Companion Fare ($99 + taxes/fees),
  • Free checked bag for cardholder and up to six travel companions
  • $100 off an Alaska Lounge+ membership
  • A faster path to elite status and more 

Q&A
Q: What does this extended partnership mean for current and future Atmos Rewards cardholders?
A: The renewed agreement delivers expanded benefits, including increased investment in lounge programs, product enhancements and the potential for new card offerings. This ensures even greater value, more rewards, and improved experiences for all Atmos Rewards members.

Q: What does Alaska Air Group moving towards a "single issuer" with Bank of America signify for customers?
A: This initiative aims to streamline operations and further integrate the co-brand credit card experience across the entire Atmos Rewards portfolio, including Alaska Airlines and Hawaiian Airlines. It is designed to lead to more consistent, simplified, and enhanced services and offerings for cardholders.

Q: When can cardholders expect to see these new benefits and product enhancements, and how will they be notified of specific changes?
A: We are actively working to introduce enhanced benefits in the future and new product features as they become available. Cardholders will be informed of specific updates through our standard customer communications process at the appropriate time.

About Alaska Air Group
Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia and the Pacific. We'll serve Europe beginning in spring 2026. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska is a member of the oneworld alliance, with Hawaiian scheduled to join oneworld in spring 2026. With oneworld and our additional global partners, guests can earn and redeem points for travel to over 1,000 worldwide destinations with Atmos Rewards. Learn more about what's happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as "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 nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 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 4 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 more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

View original content to download multimedia:https://www.prnewswire.com/news-releases/alaska-air-group-and-bank-of-america-expand-long-standing-credit-card-partnership-302747814.html

SOURCE Alaska Air Group

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Alaska Air Group (ALK) announce on April 20, 2026 about its Bank of America credit card partnership?

They announced a multi-year extension deepening the co-branded credit card partnership and integration across Atmos Rewards. According to the company, the deal moves toward Bank of America as the single issuer and expands card features and investment in Atmos and lounges.

How did Alaska describe the financial performance of its co-brand card portfolio for 2025 (ALK)?

Remuneration from the co-brand portfolio increased by 10% in 2025 versus the prior year. According to the company, growth was driven by the Atmos Rewards launch and the premium Summit Visa Infinite card performance.

What card benefits will Atmos Rewards holders see after the ALK and Bank of America extension?

Cardholders will receive enhanced benefits across the Atmos suite, including expanded lounge access and refreshed card features. According to the company, planned investments include lounge programs, new cards, and improved technology for cardholder experience.

What does moving toward a single issuer mean for Alaska (ALK) and Bank of America cardholders?

It signifies operational consolidation to streamline and standardize Atmos credit card offerings across Alaska and Hawaiian airlines. According to the company, the aim is simpler, more consistent services and integrated cardholder benefits over time.

Will the ALK partnership expansion affect Alaska's loyalty profit targets tied to Atmos Rewards?

The expansion is expected to accelerate loyalty-platform growth beyond the previously outlined incremental $150 million in profit. According to the company, this extension reinforces momentum and supports long-term value creation through the loyalty ecosystem.