American Airlines Group Inc. stated that it would raise $7.5 billion backed by its frequent-flier program to repay a loan that the carrier removed from the federal government after the coronavirus pandemic decimated air travel.The airline on Monday stated that it would issue $5 billion in notes and seek a $2.5 billion term loan backed by AAdvantage, its loyalty initiative for clients, to secure the funds. Both Delta Air Lines Inc and United Airlines Holdings Inc. also have tapped their respective frequent-flier programs to land financing. Carriers have found the relatively stable cash flows that their frequent-flier programs bring in to be a rich source of collateral for financing.Airlines mainly earn money from frequent-flier programs by selling miles to banks and retailers that then award them to clients who register for credit cards and make acquisitions. That means airlines stand to benefit from every swipe of a co-branded card, whether clients are acquiring plane tickets or clothing. Airlines have stated that this revenue has held up better than ticket sales as travel demand dried up last year.