Executive interview with Barclays’ Doug Villone, Head of Cards and Partnerships at Barclays US Consumer Bank

The third annual Barclays Travel Rewards and Loyalty Report, based on a survey of 1,000 US travelers by Wakefield Research, uncovers how travelers are leveraging loyalty programs and co-branded credit cards to maximize value, drawing inspiration from their favorite shows and films, and exhibiting travel preferences based on their generation, gender and family status.

The official press release highlighted key findings, including:

• Rewards are Essential: 79% of travelers depend on loyalty programs, up from 2024 and 2023. In fact, 82% of travelers acknowledge they would have to travel differently, or not at all, without travel rewards.
• Set-Jetting Soars: More than two-thirds of travelers have picked or want to pick a travel destination because of a favorite TV show or movie, with 40% having done so and 30% who want to. 
• Millennials are Leading: Millennials use rewards-focused methods the most to stretch their travel budgets (72%) and are more likely to strategically use techniques to earn more points (94%) compared to other generations.
• Gender Divide: Men favor exclusivity-based rewards (e.g., upgrades), while women prefer comfort and convenience-focused rewards (e.g., free checked bags).
• Parents Prioritize Value and Cruising: Parents are the most rewards-savvy demographic and have a growing interest in cruise lines, with one in five already enrolled in a cruise line loyalty program.

You can read the full Barclays USCB 2025 Travel Rewards and Loyalty Report here.

We talked with Doug Villone, Head of Cards and Partnerships at Barclays US Consumer Bank to learn more about the report findings and to gain his valuable insights on the state of traveler preferences for co-brand rewards credit cards.

WM: The 3rd Annual Travel Rewards and Loyalty Report was just released. Can you share background on the report itself?

Doug Villone (DV): The research included 1,000 U.S. adult travelers, defined as anyone who traveled by air in the previous 12 months, and anyone who will be traveling by air in the 12 months coming. The survey was taken during the weeks of March 10th and March 18th, 2025.

WM: To confirm the context of the findings in this report, you were not necessarily asking people about their opinions of their frequent flyer program, correct? Your research focused on card-based loyalty?

DV: It’s more about rewards and loyalty, not necessarily the co-brand, but that’s obviously a part of it. Most of our programs, not all but most, are an accelerator to the brand’s core loyalty program. So, JetBlue has TrueBlue, and the card program obviously helps you earn far more TrueBlue benefits. And so, it’s important to understand how consumers are thinking about the core loyalty program.

WM: Can you share about the nature of the Barclays credit card issuing business today?

DV: We issue card programs for more than 20 brands in the travel and retail sectors, as well as specialty retail and other business. Some of the names in travel you would recognize are JetBlue, Carnival Cruise Lines, Wyndham Hotels, and Frontier Airlines. We issue card programs for all the Gap brands, including Gap, Old Navy, Banana Republic, Athleta. And we just launched a program with General Motors.

We have over two decades of experience in travel, in particular, with a variety of airlines as well as hotels and cruise lines. That has been a core part of our co-brand DNA.

WM: What surprised you about the report findings? What stood out?

DV: I’d say the trends have been relatively consistent over the last three years. There have been some demographic shifts, for example, 72% of Millennials use rewards-focused methods to stretch their travel budgets. That’s higher than Boomers or Gen Z, so there are obviously some influences there.

We also learned that Millennials are more likely than other generations to strategically use techniques to earn more points (94%) and are far more likely to wait to make a purchase until there is a bonus offer.

We issue card programs for a couple dozen of the largest brands in the U.S., many of them in the travel space, whether it be hotel, cruise lines, airlines—and you know, we see the data from our experience in their card programs.

WM: Did you see any indication of a soft travel market?

DV: I know there’s been much to be said about some decline recently in travel, but generally, people—individuals, families of various demographics and generations—still prioritize experiences, and travel is one of those ways that you can have really great experiences.

WM: The research showed differences in loyalty program usage, spending habits, and travel preferences across demographics. What are the topline findings you can share?

DV: Gen X and Millennials led the way, with 85% of people trying to enroll, spend to earn, and then claim the rewards. Baby Boomers followed at 80%, then Gen Z at 75%. In my estimation, I would say that Gen Z trails a little bit because I would assume a lot of them don’t have credit cards yet or maybe don’t understand the full breadth of how you get a card and spend to earn.

The finding that jumped off the page however, is less about generation and more about the difference between men and women. While men and women both have very high enrollment rates—87% and 85% respectively—their preferences are a bit different. For example, women are valuing the loyalty program’s ability to save for a trip, where men prefer exclusivity-based rewards, things like upgrades and lounge access, which they get to experience through business travel at times.

WM: You also found differences by people who identified as parents and those who emphasized they were closely managing budgets.

DV: Yes, the report found parents to be the most reward-savvy demographic, and I think it’s a function of what you value. When you’re a parent, you have all kinds of additional financial obligations. When you’re, for example, a busy executive, you might be less concerned with the points but more concerned with the upgrade or the lounge. These are all things that we keep in mind as we are developing programs. And we do a lot of research prior to launching programs with airlines, hotels, cruise, and others to make sure we get the right product in the right hands.

WM: The report included findings that two-thirds of travelers, 69%, chose a travel destination because they saw it in a show or a movie. Could we call this the “White Lotus” effect, and is it an observation you can execute upon?

DV: It shows that we live in a society that’s very fueled by social media and influencers, and all of that absolutely matters. I’m not sure it changes dramatically how we would design and roll out a program, but certainly from a marketing perspective, if you know everybody wants to go to Spain, you know, marketing a card with images of Spain—that’s Marketing 101.

WM: What do cardholders want most from their travel loyalty value propositions?

DV: It’s been a consistent response over the last couple of years – consumers want access and experiences. And so, what is the thing that you can give them in a product that the loyalty program or the card, which is accelerating the loyalty program, can only give them? If there’s some unique benefit you get only with your card or your loyalty program because of the status achieved, and that unlocks something unique, that is valuable. And that continues to be a reason people will hold and carry your product.

WM: Is there anything else you’d like to add before we wrap it up?

DV: One surprising fact that we found is that one in five—so 21%—of travelers were interested in taking a cruise and enrolling in a cruise loyalty program, which we thought was very interesting. During the pandemic, probably everyone wondered whether they’d ever cruise again. But Americans are cruising. It’s an affordable way to travel, especially with the family, kind of getting back to what we talked about. I think it’s an area where loyalty programs are not quite as developed as they have been in hotels and airlines, and so we continue to see great opportunity there as Americans continue to use that as a way to travel.

Editors Note

Doug Villone
Head of Cards and Partnerships
Barclays US Consumer Bank