Credit Card Changes by Issuer and Date
American Express
*Reduced the amount of cash you can earn to 1.25% on most purchases. Down from 1.5%. bonus up to 5% for transactions at selected merchants.
*AMEX will cancel points in AMEX Blue and Blue Sky accounts if you have a late payment fee. They will cancel the points earned for that cycle. They can be reinstated for $29 for each month. (September 2009)
*American Express increased to $99 (from $75) the maximum fee customers in Mebership Rewards pay to transfer points to any US airline loyalty program. (September 2009)
*For some cardholders, AMEX increased the Standard APR for purchases to the prime rate plus 11.99%. As of Aug. 1, 2009, this rate wass 15.24% (AmEx Blue). This is a variable rate and applies to existing and future balances on your account. (October 2009)
*Increased the APR for Cash Advances to the prime rate plus 21.99%. As of Aug. 1, 2009, this rate was 25.24%. This is a variable rate. (October 2009)
*The APR for late payments will be the prime rate plus 23.99% if during any review period any portion of the minimum amount due is not credited by its due date. As of Aug. 1, 2009, this rate was 27.24%. (October 2009)
*The amount of the late fee will depend on the amount of the previous balance on the statement on which the late fee appears. (October 2009)
If the previous balance is less than $250, the late fee is $19.
If the previous balance is $250 or greater, the late fee is $39.
*AMEX will cancel points in Delta, Jet Blue, Hilton Hotels and Starwood Hotels accounts if you have a late payment fee. They will cancel the points earned for that cycle. They can be reinstated for $29 for each month. (January 2010)
Bank of America
*Rate increased to 14% for a segment of cardholders who carry a large balance with a rate is less than 10%. (June 2009)
*Balance transfer fee increased from 3% to 4%. The increase applies to balance transfers, wire transfer purchases, and virtually all cash advances. This includes ATM advances, check cash advances and advances from direct deposit. (June 2009)
*A 3% foreign transaction included on all transactions made or processed outside of the United States. Making a purchase in the US will cost an additional 3% of purchase if that online merchant is in another country. (June 2009)
*Changed a number of BofA cards from fixed rates to variable rates. (July 2009)
*Bank of America created the new BankAmericard Basic Visa Card. Simpler card with a single page of terms and conditions. Flat fee of $39 for late payments. The APR will be 14% plus prime. One APR for purchases and cash advances. Available in October.
*Bank of America will charge an annual fee for a limited group of cardholders starting in February 2010. The fee will range from $29 to $99 and will be applied to the selected accounts based on risk and profitability. (October 2009, in effect February 2010)
Capital One
* No Hassle Miles Rewards- Earn two miles for each dollar of monthly spending above $1,000; added $1,000 requirement. (Dec. 2008)
*Eliminated the tier structure for No Hassle Miles, Excellent Credit. Add two zeroes to the price of travel, then trade in that many miles for it. Ex. 30,000 miles for $300.
*Rate increases: (February 2009)
Platinum Prestige from 7.15% to 11.9%
No Hassle Points (excellent Credit)from 8.15% to 13.90%
No Hassle Miles Rewards from 8.15% to 13.90%
*Cash Advance APR increased from 22.90% to 24.90% (May 2009)
*Changes to reward program. Says you will “earn fewer points, but you’ll also use fewer points to get the rewards you want.” This is true in some categories. However, You will use more points to get cash rewards. (Nov. 2009)
Earning points: Current program rewards 3 points per $1 spent. Updated program rewards 1 point per dollar spent. (November 2009)
$25 gift card: current program 7,750 points. Updated program 3,500 points.
$100 cash back: current program 50,000 points. Updated program 20,000 points.
$100 gift card: current program 30,500 points. Updated program 10,000 points.
*Rate increases (May 24, 2010):
Capital One Classic Platinum Credit Card – 16.9% to 19.8%
Capital One No Hassle Cash Rewards Credit Card (Average/Limited) – 17.9% to 19.8%
Capital One Student Reward Credit Card – 23.9% to 24.9%
Capital One Standard Platinum℠ Credit Card – 22.9% to 24.9%
