Agreed. Anyone interested should check out a report out of Vanderbilt, "The Loyalty Trap: How Loyalty Programs Hook Us with Deals, Hack our Brains, and Hike Our Prices."

https://consumerlaw.berkeley.edu/news/price-loyalty-how-rewa... https://cdn.vanderbilt.edu/vu-URL/wp-content/uploads/sites/4...

Small counterpoint: Working in a spot where I had visibility to various loyalty programs, several of them definitely rewarded loyalty. Big spenders would get better conversion rates than the regular consumer.