Are the American Express-Wheels Up benefits worth getting a Platinum card for $695?
American Express is adding Wheels Up as its Premium Private Jet Program partner, replacing Delta Private Jets. Wheels Up purchased Delta Private Jets in January 2020, and the existing American Express – DPJ partnership was set to expire on Aug. 31. Delta Private Jets had been the exclusive partner of the AX Premium Private Jet Program since 2016. But should you get the Amex Platinum card just to buy Wheels UP?
As it looks ahead towards its IPO via SPAC merger, Wheels Up reports revenues, memberships and flying is up while its financial loss is down
Wheels Up for the first time reported quarterly results. They come ahead of its planned merger with SPAC Aspirational Consumer Lifestyle Corp. Once completed, Wheels Up will trade on the NYSE under the ticker symbol UP.
The value of Delta Air Lines’ stake in Wheels Up increased to $520 million from $210 million, surpassing its 13% holding in Korean Air
Delta Air Lines’ decision to sell Delta Private Jets has yielded a huge gain on paper. It’s up over 100% just since the fourth quarter. In its latest 10-Q filing, the Atlanta-based airline increased the carrying value of its 24% interest in Wheels Up to $520 million. That makes the New York-based private aviation company its largest equity ownership stake.
Jet card brand Marquis Jet has been retired by NetJets. It was acquired when it bought Marquis Jet Partners in 2010
The jet card world is losing another iconic brand. After Wheels Up dropped the Delta Private Jets brand in February, NetJets has retired the Marquis Jet brand. It had been using the mark for its jet cards.