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.
Chase
*Added $10 fee, increased minimum payment for those who carried a large balance for over two years but made little impact in what they paid off. (Jan. 2009)
Fee was rescended in March.
*Min. payment increased from 2 to 5%. (Jan 2009)
*In June 2009, Chase created Ultimate Rewards, with less generous rewards, to replace its popular Chase Freedom card and ecouraged Freedom users to convert to Ultimate Rewards. Earning 1% for all purchases is a downgrade for many of the Freedom cardholders who use the card to earn to earn 3% in gas, groceries, and fast food. Cardholders who keep Chase Freedom, will have to pay a $30 annual fee.
*Raised its balance transfer fee to 5 percent (effective Augst 2009)
*Raised the minimum monthly payment on some accounts from 2% to 5%. (August 2009)
Chase said it would lower the payment back to 2% if the cardholder accepts a change from the fixed APR in the original agreement to one with a teaser rate that is higher than the current rate and a variable rate from then on.
*Changed many cards from fixed rates to variable rates. (July 2009)
*Increased the Balance Transfer Fee and Cash Advance Fee to 5%, $10 minimum. It was 3%, $5 minimum. (August 2009)
*Increased the minimum finance charge from $1.00 to $1.50. (August 2009)
*Added new amendments to Terms and Conditions.
"Any balance transfer checks made payable to cash, to you, or to certain persons or businesses as we will disclose to you, may, in our sole discretion, be assessed cash advance interest rates and fees."
"Your default rate on this account may be applied for any default such as late payments on other accounts or loans with us or one of our related companies."
"We are clarifying our rights to suspend your credit privileges or stop features on your account, at our discretion."
Citi
*Changed Rewards redemption to 100 points per $1. 20,000 points earns $200 flight. Previously, you could redeem 20,000 points for a domestic coach flight up to $400 in value. (March 2009)
*Citi ties bonus miles to purchases. Receive 25,000 bonus miles after you make $750 in purchases within four months.
*Began charging 3% fee for all transactions made outside the US in US dollars. Previously, the fee was not added when foreign transactions were made in US dollars. (Feb. 2009)
*Citi Platinum Select rate increase from 7.74% to 8.75%. (Feb. 2009)
*Citi Platinum Select intro rate is reduced from 0% for twelve months, to six months. (Feb. 2009).
*Citi MTVU rate increased from 12.24% to 14.24% (Feb. 2009)
*Citi Platinum Select rate increase to 11.99% (June, 2009)
*Citi Premiere Pass--Elite Level rate increase from 13.24% to 14.24%. (August 2009)
*For Citi cards earning Thank You points, points earned may not be available for redemption until cardholders makes all payments that are due. They may add a reinstatement fee for each late month, but currently it is $0. (September 2009)
* Citi has been informing some of its cardholders that they will be charged an annual fee of $30 to $90 unless they spend at least $2,400 per year. (notifications in August 2009)
*Removes automatic travel insurance. Previously, when you used a Citi card to buy a plane, ship, train ticket, you and immediate family members were covered for up to $1M of automatic travel insurance at no additional cost. (August 2009)
*The spend hurdle to earn 6000 bonus points for the Citi Forward Card and Citi Forward Card for College Students increased from $50 and to $250. (October 2009)
*Citi notified some cardholders that their rate will be increased to 29.99%. (October 2009)
*Citi cancelled a substantial number of their MasterCard accounts, most of which were gas partner co-branded cards. These include credit cards affiliated with Shell, Citgo, ExxonMobil and Phillips 66-Conoco. (October 2009)
*For some cardholders, Citi is offering a new twist with the rate increase. Charge a minimum amount per month (offers variy between $500-$1500). Pay this off on time each month and they will give you back 10% of your interest. (November 2009)
Discover
*2% foreign transaction fee (May 2009)
*Reduction in number of tiers (May, 2009)
Purchases $0-3000 earn .25%
1% on Cashback Bonus on all other purchases if your total annual purchases exceed $3,000.
Previously, two tiers:
$0-$1500 earned .25%
$1500-$3000 earned .5%
*Increasing rates on a segment of its customers. (June 20009)
*Shifting from fixed to variable rate.
*Balance transfer increase from 3% to 4%. (June 2009).
* Discover reduced the More Card balance transfer offer from 0% for 12 months to 0% for 9 or 6 months.
*Increased balance transfer fee for American Flag card. It was 0% for 6 months with a 3% BT fee. Changed to 0% for 12 months with a 5% BT fee. (September 2009)
*Prior to December 1, 2009, if more than 90% of your new balance consists of special rate balance transfers, Discover may increase your minimum payment due to a maximum of 4% of the new balance if it would otherwise be less than that; effective December 1, 2009, they will increase your minimum payment due by $40 if you have a balance transfer balance.
*Discover is reducing rewards for Open Road. %5 cash back on gas and auto maintenance will become 2% cash back on gas and restaurants. The monthly cashback limit from will increase from $100 to $250 per month.(January 2010)
*Default rate Up to 29.99%* variable; effective January 1, 2010 up to 16.99% variable and up to 23.99% variable for purchases; up to 28.99% variable for cash advances*
*Increasing cash advance fee from 3% with a $5 minimum to 5% with a $10 minimum. (January 2010)
IberiaBank
*Rate increase for Iberia Bank Visa from prime plus 3% which was 6.25% to prime plus 5 1/2% which is 8.75% (June 2009)
*Changed balance transfer offer to 1.99% for 6 months (was 0% for 6 months). 2% fee for balance transfers.
*Introduced IberiaBank Visa Select card with a low interest rate. 8.75% for twelve months on purchases and balance transfers. $45 annual fee. (August 2009)
Simmons
*Began charging 3% fee for all transactions made outside the US in US dollars. Previously, the fee was not added when foreign transactions were made in US dollars. (June 2009)
*Simmons Visa Platinum changed from a fixed rate to a variable rate. The current APR will remain at 7.25%, but it will now be variable. (July 2009)
*Simmons Visa Platinum Rewards changed from an 8.95% fixed rate to a 9.25% variable rate. (July 2009)
Wells Fargo
*Raising rates on most its credit cards by up to 3%. (November 2009)
*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.
Chase
*Added $10 fee, increased minimum payment for those who carried a large balance for over two years but made little impact in what they paid off. (Jan. 2009)
Fee was rescended in March.
*Min. payment increased from 2 to 5%. (Jan 2009)
*In June 2009, Chase created Ultimate Rewards, with less generous rewards, to replace its popular Chase Freedom card and ecouraged Freedom users to convert to Ultimate Rewards. Earning 1% for all purchases is a downgrade for many of the Freedom cardholders who use the card to earn to earn 3% in gas, groceries, and fast food. Cardholders who keep Chase Freedom, will have to pay a $30 annual fee.
*Raised its balance transfer fee to 5 percent (effective Augst 2009)
*Raised the minimum monthly payment on some accounts from 2% to 5%. (August 2009)
Chase said it would lower the payment back to 2% if the cardholder accepts a change from the fixed APR in the original agreement to one with a teaser rate that is higher than the current rate and a variable rate from then on.
*Changed many cards from fixed rates to variable rates. (July 2009)
*Increased the Balance Transfer Fee and Cash Advance Fee to 5%, $10 minimum. It was 3%, $5 minimum. (August 2009)
*Increased the minimum finance charge from $1.00 to $1.50. (August 2009)
*Added new amendments to Terms and Conditions.
"Any balance transfer checks made payable to cash, to you, or to certain persons or businesses as we will disclose to you, may, in our sole discretion, be assessed cash advance interest rates and fees."
"Your default rate on this account may be applied for any default such as late payments on other accounts or loans with us or one of our related companies."
"We are clarifying our rights to suspend your credit privileges or stop features on your account, at our discretion."
Citi
*Changed Rewards redemption to 100 points per $1. 20,000 points earns $200 flight. Previously, you could redeem 20,000 points for a domestic coach flight up to $400 in value. (March 2009)
*Citi ties bonus miles to purchases. Receive 25,000 bonus miles after you make $750 in purchases within four months.
*Began charging 3% fee for all transactions made outside the US in US dollars. Previously, the fee was not added when foreign transactions were made in US dollars. (Feb. 2009)
*Citi Platinum Select rate increase from 7.74% to 8.75%. (Feb. 2009)
*Citi Platinum Select intro rate is reduced from 0% for twelve months, to six months. (Feb. 2009).
*Citi MTVU rate increased from 12.24% to 14.24% (Feb. 2009)
*Citi Platinum Select rate increase to 11.99% (June, 2009)
*Citi Premiere Pass--Elite Level rate increase from 13.24% to 14.24%. (August 2009)
*For Citi cards earning Thank You points, points earned may not be available for redemption until cardholders makes all payments that are due. They may add a reinstatement fee for each late month, but currently it is $0. (September 2009)
* Citi has been informing some of its cardholders that they will be charged an annual fee of $30 to $90 unless they spend at least $2,400 per year. (notifications in August 2009)
*Removes automatic travel insurance. Previously, when you used a Citi card to buy a plane, ship, train ticket, you and immediate family members were covered for up to $1M of automatic travel insurance at no additional cost. (August 2009)
*The spend hurdle to earn 6000 bonus points for the Citi Forward Card and Citi Forward Card for College Students increased from $50 and to $250. (October 2009)
*Citi notified some cardholders that their rate will be increased to 29.99%. (October 2009)
*Citi cancelled a substantial number of their MasterCard accounts, most of which were gas partner co-branded cards. These include credit cards affiliated with Shell, Citgo, ExxonMobil and Phillips 66-Conoco. (October 2009)
*For some cardholders, Citi is offering a new twist with the rate increase. Charge a minimum amount per month (offers variy between $500-$1500). Pay this off on time each month and they will give you back 10% of your interest. (November 2009)
Discover
*2% foreign transaction fee (May 2009)
*Reduction in number of tiers (May, 2009)
Purchases $0-3000 earn .25%
1% on Cashback Bonus on all other purchases if your total annual purchases exceed $3,000.
Previously, two tiers:
$0-$1500 earned .25%
$1500-$3000 earned .5%
*Increasing rates on a segment of its customers. (June 20009)
*Shifting from fixed to variable rate.
*Balance transfer increase from 3% to 4%. (June 2009).
* Discover reduced the More Card balance transfer offer from 0% for 12 months to 0% for 9 or 6 months.
*Increased balance transfer fee for American Flag card. It was 0% for 6 months with a 3% BT fee. Changed to 0% for 12 months with a 5% BT fee. (September 2009)
*Prior to December 1, 2009, if more than 90% of your new balance consists of special rate balance transfers, Discover may increase your minimum payment due to a maximum of 4% of the new balance if it would otherwise be less than that; effective December 1, 2009, they will increase your minimum payment due by $40 if you have a balance transfer balance.
*Discover is reducing rewards for Open Road. %5 cash back on gas and auto maintenance will become 2% cash back on gas and restaurants. The monthly cashback limit from will increase from $100 to $250 per month.(January 2010)
*Default rate Up to 29.99%* variable; effective January 1, 2010 up to 16.99% variable and up to 23.99% variable for purchases; up to 28.99% variable for cash advances*
*Increasing cash advance fee from 3% with a $5 minimum to 5% with a $10 minimum. (January 2010)
IberiaBank
*Rate increase for Iberia Bank Visa from prime plus 3% which was 6.25% to prime plus 5 1/2% which is 8.75% (June 2009)
*Changed balance transfer offer to 1.99% for 6 months (was 0% for 6 months). 2% fee for balance transfers.
*Introduced IberiaBank Visa Select card with a low interest rate. 8.75% for twelve months on purchases and balance transfers. $45 annual fee. (August 2009)
Simmons
*Began charging 3% fee for all transactions made outside the US in US dollars. Previously, the fee was not added when foreign transactions were made in US dollars. (June 2009)
*Simmons Visa Platinum changed from a fixed rate to a variable rate. The current APR will remain at 7.25%, but it will now be variable. (July 2009)
*Simmons Visa Platinum Rewards changed from an 8.95% fixed rate to a 9.25% variable rate. (July 2009)
Wells Fargo
*Raising rates on most its credit cards by up to 3%. (November 2009)
Posted by Lynn at
10:11 AM
