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Norwegian likely paused the Norwegian Reward program to retain cash flow and limit the effect of the program’s liabilities on its balance sheet in the near-term. That said, I think this is a short-sighted decision on the airline’s part.
Pausing Norwegian Rewards will make many travelers nervous about earning CashPoints in the future especially frequent flyers with large points balances. These members will be hesitant to trust Norwegian after the restructuring process and may opt for a different airline in the future.
This is even more of an issue when you consider that Norwegian Reward members were offered CashPoints (with a 20% bonus) in lieu of a refund on canceled flights in 2020. To many consumers, this looks like a classic example of bait-and-switch.
Norwegian Finans Holding ASA: Update on the Bank Norwegian credit card
February 01, 2021 13:43 ET | Source: Norwegian Finans Holding ASA Norwegian Finans Holding ASA Lysaker, NORWAY
The Bank Norwegian credit card, in cooperation with Norwegian Air Shuttle ASA (NAS) and Norwegian Reward AS, is one of the largest credit card reward programs in the Nordic region, with approximately 1.3 million credit card customers. The program offers CashPoints which may be used for paying air line travels with Norwegian Air Shuttle, in parts or in full.
Following the ongoing NAS restructuring process, NAS has today announced to their customers that holders of CashPoints will not be able to earn and spend CashPoints until after the reconstruction and examinership process.