If only the outrageous bonuses could go as quickly. But to be fair to the last two administrations, how much can you do when you own the bank and completely control their destiny? Washington Post:
Months before a new law takes effect restricting the credit card industry's ability to raise interest rates and charge fees, card issuers are scaling back programs that offer lucrative rewards such as frequent-flier miles and cash rebates. Now many customers have to pay additional fees or earn more points to redeem free plane tickets or claim cash-back perks.
"Consumers should understand that rewards programs are unstable right now, and a lot of the best programs are changing. And almost without exception they are changing to the benefit of the bank and the disadvantage of the cardholders," said Joe Ridout, a spokesman for Consumer Action.
On Sept. 1, American Express will increase to $99 from $75 the maximum fee customers in its Membership Rewards program pay to transfer points to any U.S. airline loyalty program. In June, the company decreased its rebate to Blue Cash cardholders for all purchases except everyday ones such as gas and groceries to 1.25 percent from 1.5 percent.
