It’s getting harder to be a travel hacker.

For years, savvy consumers found ways to squeeze every last drop of value out of travel credit cards and loyalty programs run by banks and airlines.

But the companies have become increasingly sophisticated about closing loopholes and limiting certain perks. The latest changes to some travel cards include much higher annual fees and more coupon-like benefits that points-and-miles experts say will make it harder to easily score big deals or unlock access to business class seats and other premium services.

“We are at some kind of inflection point,” said Clint Henderson, a managing partner at the Points Guy, a website devoted to helping people make the most of cards and loyalty programs. “It’s getting harder and harder for consumers to win. That’s true of the credit cards, that’s true of elite status, that’s true of loyalty.”

For years, loyalty programs were principally marketing tools for the airlines, but they have become much more than that in recent decades as more businesses have started using them and figuring out how to make money from them.

Last year, Delta Air Lines brought in $7.4 billion from selling loyalty points to American Express. American Airlines and United Airlines also earned billions of dollars from similar deals with Citibank and Chase The credit card companies, in turn, award miles to customers for making purchases with their cards.

“It’s like drinking from a fire hose,” said Evert de Boer, managing director at On Point Loyalty, a consulting firm. “There is so much money coming in.”

Banks also offer travel cards that are not tied to specific airlines, including the Chase Sapphire Reserve, Amex Platinum and Citi Strata Elite. Those cards are starting to look more alike, as banks and airlines try to lure and retain a small group of affluent customers who spend a lot of money on airlines, hotels, restaurants and more.

“The competition for premium customers, while always intense, has been especially heated for over a decade,” Steve Squeri, the chief executive of American Express, said on a call with Wall Street analysts last month.

Mr. Squeri said the market for those wealthy customers was growing “at a healthy rate,” thanks in part to the rising appeal of premium products among younger people. As a result, he said, American Express has focused more on such products in recent years.

If changes to such cards mean that it becomes harder for some consumers to make the most of their benefits, all the better for airlines and banks, analysts and consultants said.

A common way to maximize card and loyalty benefits is to hold multiple cards, using each when it offers the best reward. But that is becoming harder as annual fees rise.

Last year, Delta increased fees on its loyalty credit cards, with its top-tier card commanding $650 per year, a $100 increase. United followed suit this year — its top card now costs $695 a year. In June, Chase raised the annual fee on its Sapphire Reserve card to $795. The Citi Strata Elite debuted last month with a $595 fee, and American Express is expected to announce changes to its Platinum card in the coming weeks. Add a card for a partner or spouse and some cards can cost nearly a $1,000 a year.

“It’s no longer a simple value proposition,” said Gilbert Ott, a points-and-miles expert and consultant. “You have to be really thoughtful about the choice. Everybody’s trying to build that supercard.”

Banks and airlines have also introduced new benefits that on their face are worth a couple of thousand dollars. But claiming all of those benefits can be difficult, experts said.

Writers at NerdWallet, a personal finance website, call such benefits the “bougie coupon book” because they are often for niche products or services. The benefits may also require users to meet stringent conditions or spend a lot of money first.

United’s top credit card offers a $200 annual credit for consumers who fly on JSX, which sells seats on charter planes. Those seats often can cost more than $1,000.

Some benefits, like credits for using ride-hailing services, grocery delivery or high-end gyms, are tailored to people who live in large urban areas where such services are more prevalent, experts said.

The changes to the Chase Sapphire Reserve announced in June include some of those coupon-like benefits, too, including a pair of $250 statement credits for rooms booked at the Edit, a curated list of luxury hotels and resorts on Chase’s travel website. One credit can be used only in the first half of the year, with the other in the second half, and each requires a minimum two-night stay, which can easily cost $1,000.

“It’s just hard to say that’s a lot of really good savings and value for the consumer,” said Sally French, a travel expert at Nerdwallet. “If you are truly staying at those hotels, then sure it is.”

Some travel experts say banks and airlines may be counting on having some of those benefits go unused, a phenomenon the industry calls “breakage.”

Despite the changes, premium travel cards remain popular, and banks and airlines say they provide easy ways for users to both track available benefits and redeem the points they earn.

The higher fees may also be designed partly to make the cards more exclusive. The popularity of premium cards has made seat upgrades more elusive and some airport lounges crowded, with some customers having to wait to enter. Now, those lounges could become less packed if some people drop cards with higher fees.

Experts said credit card companies might have good reason to increase fees, some of which had not been raised in years. Perks, such as food in lounges, priority access to events and restaurants, and travel insurance, have become more expensive as inflation has risen.

So far, however, the changes appear to have done little to slow the growing hunger for travel cards.

Last year, Delta added one million new credit card users and saw overall loyalty revenue rise 9 percent from the year before. United added a similar number of airline credit card users; its loyalty revenues were up 12 percent.

Once people start using airline credit cards, they often go out of their way to book with their preferred carrier, sometimes even when similar flights are available at lower cost on other airlines. Frequent fliers on an airline might get to board early, check in a bag for free, sit in a better seat and advance to higher elite status for more perks in the future.

“We benefit from a highly engaged, high-spending card member base — customers who are deeply loyal to Delta,” the airline’s president, Glen Hauenstein, said in a call with Wall Street analysts last month.

Credit card companies and airlines have been offering more benefits that involve premium travel and higher-end restaurants. They have also encouraged customers to book plane tickets, hotel rooms, rental cars and restaurant tables through their websites or apps by offering extra points or perks for such bookings.

In that sense, the changes appear to be mostly about coaxing people who already spend a lot on travel to use the cards more and directly through airlines and the credit card companies.

“They all want you locked into their ecosystems, which is smart on their part,” said Mr. Henderson of the Points Guy, who said he had more than two dozen credit cards and kept spreadsheets to track how he used each. “That’s how they’re making money, and that’s how they can keep you in their world.”

Experts said consumers willing to put in some work could still wring value from premium cards. A big sign-up bonus of tens of thousands of points can justify high annual fees, even if only for a year. Bank cards whose points can be transferred to airlines and hotels can be valuable if used strategically.

As in any game, the balance of power can easily shift, and competition among airlines and banks could create new opportunities for savvy consumers, said Kyle Potter, the executive editor of Thrifty Traveler. “After personally doing this for almost 10 years,” he said, “when one door closes, another one always opens.”