As air-travel demand continues to rebound, Allegiant Travel Company (ALGT Quick QuoteALGT - Free Report) has launched a new loyalty program to attract leisure travelers.

According to a statement provided by the company, the non-credit card loyalty program, Allways Rewards, is the “first airline loyalty program designed specifically for leisure travelers.” Apart from redeeming points on flights, lodging and rental cars, the program offers rewards to members on event tickets, such as on sports, music and the like.

Members of Allways Rewards will receive one point for every dollar spent at Allegiant.com and two points per dollar on spending of more than $500 (excluding taxes and fees). Points, redeemable at .01 per point, can be used just after 72 hours of travel on Allegiant. There are no blackout dates, usage fees or minimum requirements for redemption of points. For members who travel with Allegiant within 24 months, points will have no expiration. Moreover, Allways Rewards members will receive credits for purchasing family travel tickets as well, since points are awarded to the buyer, unlike other programs where only the individual traveler benefits from the points.

Allegiant Travel Company Price

Allegiant Travel Company price | Allegiant Travel Company Quote

Later this year, Allegiant will add a feature where members will receive a five percent discount on air tickets purchased from the company’s website.

Cardholders of Allegiant World Mastercard, the airline’s co-brand credit card, will have the privilege of being automatically enrolled in Allways Rewards program. Allegiant is not levying any fees for joining the Allways Rewards program.

Zacks Rank & Key Picks

Allegiant carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the airline space are Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS Quick QuoteVLRS - Free Report) , SkyWest, Inc. (SKYW Quick QuoteSKYW - Free Report) and Corporacion America Airports S.A. (CAAP Quick QuoteCAAP - Free Report) . While ControladoraVuela and SkyWest sport a Zacks Rank #1 (Strong Buy), Corporacion America Airports carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

While shares of ControladoraVuela and Corporacion America Airports have rallied more than 100% in a year’s time, SkyWest shares have gained more than 21%.