The Qantas Airways Limited (ASX: QAN) share price started today's session off well amid news of another extension for its most frequent flyers' loyalty credits.
The airline is offering its high tier frequent flyers the opportunity to retain their status with the airline until June 2022. Qantas said the extension is in response to both domestic lockdowns and Australia's international border being closed.
Right now, the Qantas share price is $4.52, 0.2% higher than its previous close.
However, earlier this morning the airline's shares were trading for $4.55 – a gain of 0.8%.
Let's take a closer look at today's good news for Qantas' frequent flyers.
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Qantas' lifeline for loyal customers
Qantas has thrown yet another "retention lifeline" to its high tier Australian and New Zealand-based frequent flyers.
The airline's rewards program has five tiers, ranging from bronze to platinum one.
Frequent flyers earn status credits for each time they travel on Qantas flights. Collecting certain amounts of status credits will see a traveller elevated to a higher tier. Those on higher tiers have access to a range of benefits when travelling with Qantas, including access to airport lounges, extra checked baggage allowances, and priority privileges.
However, the airline has anticipated many travellers are struggling to keep the benefits of their frequent flyer tiers due to international and domestic border restrictions.
As a result, Qantas will allow customers with soon-to-expire frequent flyer status credits to retain their current tier by travelling with the airline between now and June 2022.
Customers who take up the offer will also have any status credits earned this year rolled over to next year.
The same offer was given to Qantas' frequent flyers in November last year.
While the news likely hasn't boosted the Qantas share price today, it's likely excited fans of the airline.
Management's comments
Qantas' loyalty CEO Olivia Wirth commented on the loyalty shown by frequent flyers during the pandemic:
Our members have remained highly engaged with the program even in the midst of a global pandemic… In fact, our data shows that 96% of Qantas customers intend to travel domestically in the next 12 months.
Qantas share price snapshot
Today's gains aren't enough to boost Qantas back into the green on the ASX.
Right now, the Qantas share price is 7.9% lower than it was at the start of 2021. However, it is 27% higher than it was this time last year.
