Latest news with #rewardsprogram
Fast Company
13 hours ago
- Business
- Fast Company
Carnival is overhauling its cruise rewards program: Changes, launch dates to know
Rewards programs are getting revamps all over the place. Earlier this week, JPMorgan Chase announced major changes to its Chase Sapphire Reserve rewards credit card. That announcement came shortly after competitor American Express teased an upcoming overhaul to its premium Platinum rewards card. And now, one of America's most popular cruise lines, Carnival, has announced it will radically shake up its rewards program come 2026. Here's what you need to know about Carnival Cruise Line's upcoming overhauled rewards program. Bye-bye, Very Important Fun Person (VIFP) Carnival Cruise Line's current rewards and loyalty program is called the Very Important Fun Person (VIFP) program. The program has been in existence since 2012 and is beloved by many Carnival Cruise enthusiasts. One of the reasons frequent Carnival customers love the VIFP program is its simplicity. You earn points based on how many days you cruise—that's it. There's no complicated earning structure or confusing rules. The total number of these points based on the total number of days cruised slots you into one of five groups: blue, red, gold, platinum, or diamond. The higher the group (diamond is tops), the more perks you get, including everything from free bottles of water to priority reservations at Specialty restaurants. However, Carnival has now announced that the VIFP program is being discontinued. Its last day of operation will be May 31, 2026. Hello, Carnival Rewards Carnival's VIFP program is being replaced with a new rewards and loyalty program called Carnival Rewards. The program will officially launch on June 1, 2026, and it represents a radical departure from the current VIFP program. One of the biggest changes to the new Carnival Rewards program is that points are no longer earned based on how many days you cruise with the line. Instead, points will be earned based on what you spend with Carnival Cruise Line. This spend includes the cost of tickets, drinks you buy on board, and even what you spend in the ship's casino. Points can also be earned through the use of a new Carnival Rewards Mastercard, which will be debuting. However, you won't just be collecting points to move up the group rankings anymore. The new Carnival Rewards program will use a dual-earning structure. The dollars you spend will earn you both stars and Carnival Rewards points. The stars will dictate which group you are slotted into—there are only four this time: red, gold, platinum, or diamond (blue is going away). The more prominent the group, the better perks you get, such as embarkation and debarkation priority, if you are a member of the diamond group. The Carnival Rewards points you earn can be redeemed for anything from cruise fares, transfers, onboard purchases, and more. Why is Carnival revamping its rewards program? The business answer to this question is that Carnival Cruise Line likely believes that the revamped rewards program will lead to a better bottom line. As points and group tiers are now dependent on what you spend, customers who are keen to collect Canrival Rewards points may be more willing to spend more onboard to keep earning those points. But Carnival would likely argue that the revamped program is now a little fairer than its current VIFP program. Under the VIFP, Carnival customers would receive the same amount of rewards regardless of whether they paid for the lowest or highest class of cabin on the ship. That's because the rewards were simply linked to the number of days cruised. The new program will mean that customers who book higher-priced cabins will now earn a higher number of reward points. But there is some bad news for customers under the new Carnival Rewards program, no matter how much they spend: the new status tiers they earn—red, gold, platinum, and diamond—don't last forever. Under the VIFP program, when a customer earned a status, they could only move up, not down. That means someone who earned diamond status would keep it for life. But the new status program will see customers lose their status after two years. And the points earned to achieve a status must be earned within a two-year period; otherwise, they do not count towards a status upgrade. In a FAQ about the new rewards program, Carnival says that this move is consistent with loyalty programs across the travel industry. The company says it recognizes 'that change can be difficult, but the current program based on cruise frequency makes it difficult to properly recognize our loyal guests.' Carnival stock price still well below pre-pandemic levels The owner of Carnival Cruise Lines, Carnival Corporation & plc, filed its most recent earnings report on March 21 for the first quarter of 2025. The company announced that its Q1 revenues increased by over $400 million from the same quarter a year earlier, reaching $5.8 billion. At the time, Carnival Corporation & plc's CEO, Josh Weinstein, boasted that the quarter 'was truly characterized by outperformance.' That growth is something investors are undoubtedly happy to see, especially after Carnival, like all other cruise lines, took a major hit in 2020 following the outbreak of the pandemic. In January 2020, Carnival Corporation & plc's stock (NYSE: CCL) was trading at above $50 per share. But by April, it had fallen to below $8 per share. As recently as October of 2022, CCL stock was trading below $7 per share. However, the stock's fortunes have improved as the cruise industry has slowly recovered from the pandemic's impact, receding from people's memories. As of yesterday's close, CCL stock is trading at above $23 per share. However, that is still down more than 5% since the beginning of the year. We won't know whether Carnival's new rewards program will have a material impact on the company's business, and thus its stock price, until it launches next year.
Zawya
4 days ago
- Business
- Zawya
Beyond a loyalty program: Octa broker upgrades its rewards program
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 17 June 2025 - Octa, a globally recognised broker since 2011, will release its new status program for all regions in the third quarter of 2025. The broker built a new flexible framework to reward its clients for loyalty and trading activity, offering a wide range of bonuses, benefits, and gifts while introducing new mechanics and a clear-cut, systematic approach to client loyalty recognition. Octa's new rewards program Octa strives to push the industry benchmarks in terms of creating additional value for clients. With that in mind, the broker deploys a new iteration of its old-and-tested rewards program across all regions. By developing a high-incentive status program within its trading ecosystem, Octa aims to double down on providing favourable conditions for its most active and long-standing clients. Octa's multifaceted rewards program will be regularly updated to offer the broker's clients new challenges, prizes, and opportunities. It will grant advanced privileges to the most dedicated traders while maintaining appealing incentives for emerging ones. In its current, full-fledged form, the program includes the status-based benefits system, the Trade and Win gift collection, and a selection of trading-focused challenges for engaged and passionate clients who look to expand their trading experience. The status system Attributing one of four statuses—Bronze, Silver, Gold, or Platinum—to each client, Octa's reward system focuses explicitly on fairness and transparency, with a clear and simple threshold requirement for each status. Statuses are automatically upgraded once the client's trading activity reaches a required volume. By trading more lots and gaining more experience points, Octa's clients climb the status ladder, receiving additional benefits with each earned status. The benefits include access to gifts, lifestyle services, or trading bonuses. Trading conditions also become exponentially more advantageous as a client's status grows. At the top of the status ladder, the platinum privilege package includes premium support, priority perks, and monthly rewards. Trade and Win For all Octa clients, each traded lot automatically becomes a prize lot, which can be used as internal currency and exchanged for various prizes from the extensive Octa Trade and Win collection. The status system plays into this, too, as higher status clients receive a wider array of gift options. With Trade and Win, Octa's clients can derive additional value from their trading and get even more incentives to achieve better outcomes. The challenge system The trading challenges within Octa's rewards framework cater to goal-driven traders seeking to maximise the competitive aspect of their trading journey. By participating in various time-limited challenges, Octa's clients get a chance to win money prizes, prize lots, exclusive gifts, and advantageous trading conditions. Octa's challenges motivate traders to boost their skills and challenge their expertise in new ways. Conclusion To sum up, the new Octa Rewards program leaves no effort unnoticed by offering traders a wide range of advantages. Through this program, Octa's clients can do the following: gain one of four statuses, each with its own set of privileges accumulate experience points to level up their status enjoy better trading conditions, including lower spreads, as one of the higher status benefits exchange prize lots for gifts, including electronic gadgets, premium accessories, subscriptions, and gift cards participate in challenges by completing the time-limited tasks and receiving special rewards. ___ Disclaimer: This content is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to engage in any investment activity. It does not take into account your investment objectives, financial situation, or individual needs. Any action you take based on this content is at your sole discretion and risk. Octa and its affiliates accept no liability for any losses or consequences resulting from reliance on this material. Trading involves risks and may not be suitable for all investors. Use your expertise wisely and evaluate all associated risks before making an investment decision. Past performance is not a reliable indicator of future results. Availability of products and services may vary by jurisdiction. Please ensure compliance with your local laws before accessing them. Hashtag: #Octa The issuer is solely responsible for the content of this announcement. Octa Octa is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including improving educational infrastructure and funding short-notice relief projects to support local communities. In Southeast Asia, Octa received the 'Best Trading Platform Malaysia 2024' and the 'Most Reliable Broker Asia 2023' awards from Brands and Business Magazine and International Global Forex Awards, respectively. Octa
Zawya
10-06-2025
- Business
- Zawya
NBK exclusively partners with iconic luxury retailer Harrods to launch Kuwait's first ‘NBK-Harrods visa infinite credit card'
RELATED TOPICS FINANCIAL SERVICES RELATED COMPANIES NBK KCl Harrods 121 Visa Cnsltg Al-Othman: NBK Reinforces leadership in Premium banking with the launch of Kuwait's first luxury Retail credit card Unitt: Harrods Expands its prestigous rewards programme to customers in Kuwait though an exclusive partnership with NBK Singh: Visa Strengthens Strategic Partnership with NBK to Bring Harrods luxury experience closer to Kuwait A suite of exclusive benefits for cardholders of the newly launched NBK-Harrods Card: Complimentary VIP lounge access at numerous airports worldwide Earn 7 Harrods Rewards Points for every KD spent at Harrods Knightsbridge, Harrods Heathrow and Gatwick airport stores, at H beauty stores, on and via the Harrods app Earn 5 Harrods Rewards Points per KD spent on international purchases Get 2 Harrods Rewards Points per KD spent on local purchases within Kuwait Enjoy a welcome bonus of 10,000 Harrods Rewards Points upon making your first purchase with the card Earn an annual bonus of 10,000 Harrods Rewards points when you spend KD 10,000 annually Benefit from automatic upgrade to Harrods Black Tier membership Enjoy £50 dining credit every 6 months to redeem at any Harrods Knightsbridge store restaurant National Bank of Kuwait (NBK) has taken a significant step in its strategic alliance with Harrods— the world-class luxury retailer—by taking an exclusive partnership in Kuwait to launch the NBK-Harrods Visa Infinite Credit Card, Kuwait's first Luxury retail co-branded card designed for the high-end customer segment. True to NBK's commitment - meeting evolving customer needs and catering all segment types - this comes as the second co-branded credit card launched by NBK this year. It follows the introduction of the first retailer co-branded Card in the region. Both launches reflect the bank's ongoing commitment to delivering a distinctive banking experience, defined by exceptional service and premium lifestyle offerings. The NBK Harrods Visa Infinite Credit Card caters to avid shoppers and frequent travelers with a host of exclusive benefits tailored to their lifestyle—offered not only to NBK customers in Kuwait, but also to those residing in London through the bank's local branch. This launch underscores NBK's strategy to leverage its international footprint and deliver seamless, high-end banking experiences to its customers wherever they are in the world. The new card offers holders 7 Harrods Rewards points for every KD spent at Harrods Knightsbridge, Harrods Heathrow and Gatwick airport stores, at H beauty stores, on and via the Harrods app. Furthermore, cardholders will accumulate 5 Harrods Rewards points for every KD spent on international purchases, and 2 points for every KD spent on domestic transactions. Upon registration, the customer will be rewarded with 10,000 Harrods Rewards points when they activate the card and make their first purchase. Additionally, they will receive an annual reward of 10,000 Harrods Rewards points when their total purchases from Harrods reach KD 10,000. Cardholders will enjoy a suite of exclusive benefits, including an automatic upgrade to the Harrods Black tier membership, dedicated Harrods Dining Credit redeemable at restaurants within the Knightsbridge store, and a range of bespoke rewards, from priority access to Harrods events and personalised shopping services to complimentary lounge access at numerous international airports. Commenting on the launch of the new NBK-Harrods Visa Infinite Credit Card, Mr. Mohammed Al-Othman, CEO, Consumer and Digital Banking Group at National Bank of Kuwait, said: 'The launch of this card, the first of its kind in the local market, underscores the bank's commitment to enhancing the banking experience for its customers. Through strategic partnerships with leading institutions across various sectors, both locally and globally, we are able to offer exclusive benefits and rewards that go beyond traditional banking. This initiative is designed to cater to the finer details of our customers' lives, providing them with added value that not only meets their needs but often exceeds their expectations.' He emphasised that the expansion of NBK's premium product offerings is aligned with the bank's strategy to deliver a comprehensive range of products that cater to diverse customer segments, including shopping enthusiasts and luxury seekers. This approach ensures that customers receive rewarding solutions specifically designed to meet their unique needs and preferences. Alex Unitt, Partnerships Director, Harrods commented: 'We are delighted to introduce this new co-branded card in partnership with NBK, offering exceptional rewards to our valued customers in Kuwait. This exclusive partnership reflects Harrods legacy of excellence and our commitment to strengthening our global presence. Kuwait is an important element of this vision and we are proud to bring the unique Harrods experience closer to our customers here and around the world.' As for Visa, Shashank Singh, Visa's VP and General Manager for Kuwait and Qatar, stated: 'Visa's collaboration with NBK and Harrods in launching the NBK-Harrods Visa Infinite Credit Card reflects our ongoing commitment to enhancing the payment experience for our premium cardholders in Kuwait in line with the government's digital commerce agenda. The new card offers holders a wide range of exclusive privileges and benefits, backed by Visa's latest security technologies and global acceptance at more than 150 million merchant partners, ensuring cardholders can use the card with complete confidence, both inside and outside Kuwait. ' NBK is consistently dedicated to offering rewarding promotions and exclusive value-added benefits to its diverse customer base, reinforcing its leadership position in the banking sector both locally, regionally, and globally. Harrods has been welcoming customers to its Knightsbridge store since 1849, and remains standing as an iconic beacon of luxury. With its diverse range of exquisite boutiques and architectural magnificence, Harrods attracts a distinguished clientele from every corner of the globe, cementing its status as the epitome of elegance and refinement. Harrods is home to more than 3000 curated brands as well as over 20 dining destinations and expert fashion, home, beauty and wellness services. In addition, Harrods serves customers via H beauty and airport stores and hospitality destinations in China and Qatar. Harrods continues to be guided by its philosophy of 'anything is possible' to ensure that customers enjoy unparalleled experiences with every visit.
Telegraph
03-06-2025
- Business
- Telegraph
How ‘Britain's most generous loyalty scheme' came unstuck
When Nick Thomas and his wife took out a health and life insurance policy with Vitality four years ago, like millions of others they were drawn to the generous rewards scheme. Unlike a traditional rewards programme where repeated spending eventually leads to a perk, Vitality rewarded members for having healthy lifestyle habits. Walking 7,000 steps a day, going to the gym or completing a Parkrun all earned points offering lucrative rewards for Thomas and his family such as free cinema tickets, an Amazon Prime membership and bags of Caffe Nero coffee. The scheme was a success on both sides. For Vitality, healthier customers claimed less while members benefited from better health and significant savings in the form of numerous perks. Thomas, like countless other members The Telegraph has spoken to, has nothing but praise for Vitality. 'It's been brilliant. I've encouraged other people to sign up because I've been so impressed with it all.' But all of that changed last month when Vitality decided to 'level up' its reward programme. Rather than earning rewards solely for healthy lifestyle choices, the insurance provider introduced a game whereby members would have to find a cartoon dachshund called 'Stanley' hidden behind 16 bushes. The monthly rewards they now earn are dependent on how many 'Stanleys' they find. The disapproval among Vitality's 1.9 million members has been swift. Online message boards reveal an avalanche of complaints about the 'silly game'. Facebook groups show members venting their frustrations and trying to share tips about how to find the hidden dogs. Criticisms range from members saying they feel infantilised to more serious accusations that the game amounts to a form of gambling, and is at odds with the company's aim to reward 'being active, eating healthily and maintaining good mental health'. Vitality strongly disputes the allegation that it amounts to gambling, as members do not stake money while playing. Martyn James, a consumer expert, says while it is not a form of gambling, it is part of a growing trend of 'gamification' – the process of using gameplay to make tasks more attractive and encourage engagement. He says: 'Unless Vitality can demonstrate that the odds show that people are getting the same amount of rewards then it's a smokescreen to hide the fact that benefits have been removed. 'That's before you consider the juvenile factor. It's fine if you are younger and don't mind hunting for a cartoon dog but as a grown adult, I find that quite patronising. I don't mind spinning a wheel every now and then, but you have to question what purpose does this serve?'
Telegraph
03-06-2025
- Business
- Telegraph
How Britain's most generous rewards scheme fell apart
When Nick Thomas and his wife took out a health and life insurance policy with Vitality four years ago, like millions of others they were drawn to the generous rewards scheme. Unlike a traditional rewards programme where repeated spending eventually leads to a perk, Vitality rewarded members for having healthy lifestyle habits. Walking 7,000 steps a day, going to the gym or completing a Parkrun all earned points offering lucrative rewards for Thomas and his family such as free cinema tickets, an Amazon Prime membership and bags of Caffe Nero coffee. The scheme was a success on both sides. For Vitality, healthier customers claimed less while members benefited from better health and significant savings in the form of numerous perks. Thomas, like countless other members The Telegraph has spoken to, has nothing but praise for Vitality. 'It's been brilliant. I've encouraged other people to sign up because I've been so impressed with it all.' But all of that changed last month when Vitality decided to 'level up' its reward programme. Rather than earning rewards solely for healthy lifestyle choices, the insurance provider introduced a game whereby members would have to find a cartoon dachshund called 'Stanley' hidden behind 16 bushes. The monthly rewards they now earn are dependent on how many 'Stanleys' they find. The disapproval among Vitality's 1.9 million members has been swift. Online message boards reveal an avalanche of complaints about the 'silly game'. Facebook groups show members venting their frustrations and trying to share tips about how to find the hidden dogs. Criticisms range from members saying they feel infantilised to more serious accusations that the game amounts to a form of gambling, and is at odds with the company's aim to reward 'being active, eating healthily and maintaining good mental health'. Vitality strongly disputes the allegation that it amounts to gambling, as members do not stake money while playing. Martyn James, a consumer expert, says while it is not a form of gambling, it is part of a growing trend of 'gamification' – the process of using gameplay to make tasks more attractive and encourage engagement. He says: 'Unless Vitality can demonstrate that the odds show that people are getting the same amount of rewards then it's a smokescreen to hide the fact that benefits have been removed. 'That's before you consider the juvenile factor. It's fine if you are younger and don't mind hunting for a cartoon dog but as a grown adult, I find that quite patronising. I don't mind spinning a wheel every now and then, but you have to question what purpose does this serve?' The Telegraph is aware of numerous members who have written to Vitality to complain, but so far the company has shown no signs of reverting the changes in responses to these letters. Thomas is one such member who has flagged his concerns with Vitality. 'I wondered if it was just me who was getting annoyed but looking online, I thought thank goodness it's not just me. 'My wife and I joined after we sat down with a financial adviser and we were drawn in by a policy that rewarded healthy living. That's why a lot of people join it. 'But with this they have created a childish game which is completely based on luck. There is an unfairness to it all. I can earn 160 points in a month [the maximum] and end up with fewer rewards than someone who has earned 48 points. 'I'd love for them to be transparent. If they need to cut costs and therefore reduce the number of benefits, just be open about that. Equally, if they need to increase costs because of the level of benefits, it's best to be open and transparent with members rather than doing [this] which annoys people.' The changes to the reward programme are complex. Previously, members were able to earn up to 160 points in a month with weekly and monthly rewards available. For example, if members earned 12 points a week, which could be achieved by walking more than 7,000 steps for four days, they could redeem a drink of their choice at Caffe Nero. For 12 points, they could also enjoy a weekly film rental from Rakuten. Earning 48 points in a month unlocked a free cinema ticket at Odeon or Vue, and until January 2024, reaching 160 points every month gave you a free Amazon Prime membership. Under the new system, some health-based points rewards remain. Earning 12 points in a week can be transferred for either a free Caffe Nero drink and 25pc off Itsu food or 50pc off a cinema ticket. But rather than incentivising members to earn as close to the maximum number of points as possible in a month to reach the best rewards, these are all now linked to playing a computer game where luck determines what prizes you earn. As long as a member earns 12 points each week out of a maximum of 40, they are entered into the game where they are shown 16 square tiles known as 'bushes' – behind four of which is a dog. When members open the game, the first bush shakes to reveal where the first dog is hidden. It then leaves members with three chances to find three dogs hidden behind 15 bushes. At the end of the month, if a member finds four dogs, they earn one reward, if they find eight dogs, they earn two prizes and if they find 10 dogs, they earn the maximum of three prizes. David Rowe, a programme manager from Hertfordshire, has reluctantly played the game each week. However, both last month and this month, he has found seven dogs, leaving him one short of collecting two prizes. Márton Balázs, a probability professor at Bristol University, explains there is a good reason why members like Rowe keep falling short of earning two prizes. Balázs has calculated that assuming a member played the game four times in a month and they always find the first dog which the game prompts, they have only got a 13.4pc chance of finding eight dogs. To earn three rewards, equivalent to finding 10 dogs, the odds of winning are even smaller at 0.96pc – giving members a one in 103 chance of winning the maximum prize, although Vitality strongly refutes these calculations. Rowe added: 'I looked up the chances of finding all four dogs and you've got a one in 455 chance. You are almost five times more likely to match three numbers in the National Lottery than find all four dogs in a week on this game,' he says. Rowe, who has been a member for the past eight years and pays £600 annually for his policy, is considering leaving. 'My policy is up for renewal in September. I will investigate changing and see what else is out there. If I can get an insurance policy that is half the price of what I am paying now, I'd think, 'Why would I not do that because that money I'm saving I can just spend on cinema tickets or an Itsu meal instead?'.' Thomas and his wife are also considering the value of their £1,460 annual bill, but he is hopeful that Vitality might yet listen to the rising anger of members. 'I've never questioned leaving before but if things haven't changed by August or September, then I think we'll go elsewhere'. A Vitality spokesman said the scheme continued to offer 'significant value' to consumers. Nick Read, managing director, said: 'The update to the Vitality Programme ensures more customers are taking steps to improve their health, with over 53,000 additional members now more physically active than they previously were. 'The impact of this is transformational – many more people will live in better health for longer. It also continues to offer significant value, over and above the market-leading health and life insurance we provide.'
