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Schemes like the Qantas Frequent Flyer program or Virgin Australia’s Velocity Rewards allow travellers to earn points that can be redeemed for flights, or increasingly for other items such as merchandise, hotel stays, car hire etc. Points are earned for travel but also linked to credit card spending and lots of other stuff. The more points you have the more you can redeem, but the other side is something called “status credits” which you only generally earn by flying.
There are multiple levels in the loyalty schemes – generally bronze, silver, gold, platinum etc. Each level comes with various benefits like lounge access, priority seating, additional baggage allowances etc. If the airline is part of an alliance then these tier levels are generally recognised by other airlines in the alliance. For example a Platinum Qantas Frequent Flyer is the equivalent of an Emerald status in oneworld.