The Points Guy (TPG) just released its inaugural State of Loyalty Report. Expanding TPG's signature points-and-miles expertise beyond travel, the report examines how Americans use and value loyalty programs spanning credit cards, dining, retail, fuel and travel.

The report finds that the programs Americans value most are the ones tied to everyday spending. Fuel (58%), credit card (55%) and retail (49%) programs rank highest in perceived value, ahead of airline (35%) and hotel (34%) programs. Consumers consistently gravitate toward programs that make rewards simple to earn, understand and use. Across categories, the highest-ranked benefits are immediate and tangible, including cents off at the pump (88%), cash back (84%), free food (84%) and instant retail discounts (78%), while aspirational benefits like elite status, experiential perks and cross-brand benefits rank among the lowest.

"What the survey found directly reflects our K-shaped economy," said Brian Kelly, founder of The Points Guy. "Everyday consumers want instant value at checkout, whether it's at the gas pump or a restaurant, while higher-end consumers demand frictionless travel perks, and we're seeing the industry adapt to both. The two sides of our economy are drifting further apart, but the through line is the same: people want real value from their loyalty programs, and they'll keep rewarding the brands that deliver it."

Key Takeaways from the 2026 State of Loyalty Report:

• The Most Popular Programs Aren't Always the Most Rewarding: From coffee and clothes to flights and hotels, the programs Americans use most don't necessarily offer the strongest redemption value. Starbucks leads dining popularity at 35%, even as Domino's and MyMcDonald's offer some of the highest returns toward a first reward. Target Circle leads retail popularity at 28%, while other retailers offer stronger base returns. The same divide appears in travel, where the most popular airline and hotel programs don't necessarily offer the highest value per point.


• Being a Member Doesn't Always Mean Being Loyal: Half of retail and dining loyalty members say their rewards program typically doesn't influence where they shop or eat, compared with just 28% of credit card and 34% of fuel members, where rewards are earned and applied automatically. Nearly half of Americans are enrolled in a retail (46%) or dining (47%) program, but only about one in five regularly redeems.


• Americans Are More Confident in Their Restaurant Rewards Than Their Airline Miles: 43% of dining loyalty members say they're very or extremely confident they're maximizing their rewards, compared with just 28% of airline loyalty members — the lowest of any category measured. Despite travel programs often being where outsize value lies, maximizing rewards can be daunting.


• Fast Food Rewards Can Deliver Surprising Value: Across the dining programs TPG analyzed, programs offered a median 12% return toward a first free-food reward, with MyMcDonald's offering 16.6% and Domino's offering up to 25% on qualifying purchases.


• Premium Credit Card Perks May Be Hitting a Ceiling: Nearly four in five consumers say they aren't willing to pay a higher annual fee for additional premium benefits or exclusive access, and only 40% of credit card members feel confident they're maximizing their rewards. For most people, the biggest gains come from fully using the benefits of one good card, not adding more.