Loyalty programme managers nod along to funding rates in meetings - and quietly find them confusing. What's a point actually worth? What does a bonus campaign really cost? Get the answer wrong and you're either leaving engagement on the table or building a liability that blindsides finance at year-end. Here's how point exchange value, funding rates, and segment-level bonus budgets actually work - and why the split between base and bonus is the lever that holds the whole econo