United MileagePlus, the loyalty program once valued at $21.9 billion, more than the airline that owns it.
The program runs as its own business inside United: most mile sales go to partners, led by the co-brand bank, and since 2024 Kinective Media sells advertising across nearly 100,000 seatback screens and 110 million traveler profiles, with free Starlink Wi-Fi as the login.
In April 2026 the logic reversed. The card now sets the earn rate, and a member without one earns 40% fewer miles on the same fare. The move is financially coherent, and frequent flyers read it as a devaluation. If they stop flying, why keep the airline card?
Loyalty Unpacked™️ is NALA’s independent content series exploring some of North America’s most recognised loyalty programs. Rather than reviewing features or scoring, we examine the commercial thinking behind programs, the problems they’re trying to solve and the questions they raise. Each edition offers practical observations, honest challenges and a NALA Insight™️ designed to help loyalty, CRM and customer engagement teams think differently about the decisions shaping modern loyalty.
