The feds are investigating if airlines are being stingy with your rewards

• The feds want to make sure you're not getting cheated out of your airline rewards.
• The Department of Transportation is investigating the rewards programs of four major US airlines.

The feds want to make sure airlines aren't short-changing their customers out of their hard-earned points.

The Department of Transportation announced Thursday that it's investigating the rewards programs of the four largest US airlines — American, Delta, Southwest, and United — to make sure the companies aren't being unfair, deceptive, or anticompetitive with their frequent fliers.

The DOT said its probe will look into how "airline rewards programs are impacted by the devaluation of earned rewards, hidden or dynamic pricing, extra fees, and reduced competition and choice."

"Points systems like frequent flyer miles and credit card rewards have become such a meaningful part of our economy that many Americans view their rewards points balances as part of their savings," Transportation Secretary Pete Buttigieg said in a press release.

"These programs bring real value to consumers, with families often counting on airline rewards to fund a vacation or to pay for a trip to visit loved ones," Buttigieg continued. "But unlike a traditional savings account, these rewards are controlled by a company that can unilaterally change their value. Our goal is to ensure consumers are getting the value that was promised to them, which means validating that these programs are transparent and fair."

The DOT said airlines reserve the right to change their programs' terms whenever they wish, meaning they could move the goalposts and add new hurdles for customers at any time, like new restrictions on points, limits on who can use the points, changing expiration dates, and wiping out complimentary benefits.

As part of the inquiry, the DOT has ordered the four airlines to cough up a lot of documentation.

Specifically, the airlines must provide information on how their policies have changed in recent years and how those changes have impacted customers, identify the dollar value of each point, describe their practices related to dynamic pricing, detail the fees associated with their rewards programs, and reveal documents showing how airline mergers have impacted rewards programs.

Airlines for America, an industry trade organization representing all four major airlines, responded to the DOT's investigation in a statement to The Points Guy.

"Millions of people enjoy being a part of various loyalty programs, which allow them to accumulate rewards to apply toward travel or other benefits," Airlines for America said in the statement, according to The Points Guy. "US carriers are transparent about these programs, and policymakers should ensure that consumers can continue to be offered these important benefits."