Rewards in 2009 on Credit Cards

fffresh · 01:52 PM

This next year I predict rewards on credit cards will change.

Creditors will either start slashing rewards as a budget saving move, or increase rewards in an attempt to recruit new cardmembers, since the new rules set forth by the Federal Reserve will largely prevent using false teaser interest rates, and those often draw in new customers for many cards.

In 2008 rewards largely remained the same. The one exception was during the gas price peak in the summer, American Express scaled back their 5% cashback on gas credit cards to 3%, however this was only on their business cards.

Mogul of Pineapples · 10:06 PM

Here's what I think:

Rewards and perks on sub-prime to average credit cards will be trimmed. But the rewards on the above average and high end credit cards will be strengthened. They'll do this because now the customers with strong credit are more valuable than ever and they won't want to lose them.

Cucumber · 11:55 PM

I

my rewards!!!!

Hey if they cut my cashback I'll cut my credit card spending. Now is more important time than ever to give us rewards if they want everyone to use credit cards at the same level.

sputNick · 04:17 PM

Who is really getting the crap end of the stick are those with airline reward credit cards. It use to be like 25 thou miles would get you a roundtrip ticket and now it takes more like twice that. You have to spend more to get the same rewards you use to get. that's messed up.

Cucumber · 04:32 PM

Quote:

Originally Posted by sputNick

Who is really getting the crap end of the stick are those with airline reward credit cards. It use to be like 25 thou miles would get you a roundtrip ticket and now it takes more like twice that. You have to spend more to get the same rewards you use to get. that's messed up.

That's why you shouldn't use airline credit cards silly

Multi-Purpose · 01:42 AM

Some airline reward credit cards are still worthwhile. The Southwest and JetBlue cards are worth it if you fly on those airlines 10x or more a year. If you only fly a couple times a year they may not be worth it. The airline cards that aren't worth it though are those ones that aren't associate with any particular airline and give you a generic 1 mile for every 1 dollar. Those ones tend to not give as good of rewards of the ones you see with airline partner credit cards.

By the way one of us has to change our signature we can't both have Obama signatures!

Kino · 01:22 PM

have there been any NEW major credit cards that came out in the last 6 months? i don't think there has been. all the creditors are on lockdown mode lately.

Mogul of Pineapples · 02:58 PM

None of the major banks have really issued any new credit cards. There are a few specialty cards (retail or airline associated) that were launched because they were in the works long before the credit crunch, but for now I wouldn't predict we see the launch any completely new credit cards for at least the next few months.

Survivor Man · 10:03 PM

Do any of the prepaid credit cards or secured credit cards offer rewards or cashback?

Multi-Purpose · 03:09 PM

Why would they bother coming out with new cards when they have to be busy focusing on basics like funding in order for them to keep issuing credit.

01:52 PM	#1
fffresh Centurion Member Join Date: Apr 2008 Location: the edge of the world Posts: 417	Rewards in 2009 on Credit Cards This next year I predict rewards on credit cards will change. Creditors will either start slashing rewards as a budget saving move, or increase rewards in an attempt to recruit new cardmembers, since the new rules set forth by the Federal Reserve will largely prevent using false teaser interest rates, and those often draw in new customers for many cards. In 2008 rewards largely remained the same. The one exception was during the gas price peak in the summer, American Express scaled back their 5% cashback on gas credit cards to 3%, however this was only on their business cards.

10:06 PM	#2
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	Here's what I think: Rewards and perks on sub-prime to average credit cards will be trimmed. But the rewards on the above average and high end credit cards will be strengthened. They'll do this because now the customers with strong credit are more valuable than ever and they won't want to lose them. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

11:55 PM	#3
Cucumber Centurion Member Join Date: Apr 2008 Location: Zuma Posts: 456	I my rewards!!!! Hey if they cut my cashback I'll cut my credit card spending. Now is more important time than ever to give us rewards if they want everyone to use credit cards at the same level. __________________ OBAMA Stop talking crap about him and give him a chance!

01:42 AM	#6
Multi-Purpose Centurion Member Join Date: Apr 2008 Location: Somewhere in So Cal Posts: 106	Some airline reward credit cards are still worthwhile. The Southwest and JetBlue cards are worth it if you fly on those airlines 10x or more a year. If you only fly a couple times a year they may not be worth it. The airline cards that aren't worth it though are those ones that aren't associate with any particular airline and give you a generic 1 mile for every 1 dollar. Those ones tend to not give as good of rewards of the ones you see with airline partner credit cards. By the way one of us has to change our signature we can't both have Obama signatures! __________________ Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek. -Barack Obama

02:58 PM	#8
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	None of the major banks have really issued any new credit cards. There are a few specialty cards (retail or airline associated) that were launched because they were in the works long before the credit crunch, but for now I wouldn't predict we see the launch any completely new credit cards for at least the next few months. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

04:17 PM	#4
sputNick Gold Member Join Date: Oct 2008 Location: Midwest Posts: 41	Who is really getting the crap end of the stick are those with airline reward credit cards. It use to be like 25 thou miles would get you a roundtrip ticket and now it takes more like twice that. You have to spend more to get the same rewards you use to get. that's messed up.

01:22 PM	#7
Kino Gold Member Join Date: Apr 2008 Location: Vegas baby! Posts: 41	have there been any NEW major credit cards that came out in the last 6 months? i don't think there has been. all the creditors are on lockdown mode lately.

10:03 PM	#9
Survivor Man Green Member Join Date: Jan 2009 Location: The Desert Posts: 3	Do any of the prepaid credit cards or secured credit cards offer rewards or cashback?

03:09 PM	#10
Multi-Purpose Centurion Member Join Date: Apr 2008 Location: Somewhere in So Cal Posts: 106	Why would they bother coming out with new cards when they have to be busy focusing on basics like funding in order for them to keep issuing credit. __________________ Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek. -Barack Obama

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