Credit Card Changes by Issuer and Date
*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)
*American Express is raising the annual fee on the Starwood card to $65 from $45. (October 2010)
*American Express cancelled that card and has introduced two new Blue cash credit cards: Blue Cash Everyday and Blue Cash Preferred.One of the major changes was the cut in gas rewards. Blue Cash offered a 5% rebate on gas as well as purchases at grocery stores and drug stores after you made $6,500 in annual purchases with the card. With the Blue Cash Everyday card, consumers only get 2% cash back at gas stations. Blue Cash Preferred offers 3% cash back on gas. (April 2011)
*Change in bonus offer for the Platinum card. New offer is 25,000 Membership Reward points if you spend $2,000 in first three months. The spending requirement increased from $1,000 in the first three months. (July 2012)
*Change to Gold Delta SkyMiles Bonus. Earn 30,000 bonus miles when you spend $500 on card within first three months. The old offer was earn 15,000 bonus miles after you used card the first time. (July 2012)
*Lower reward rates for Blue Cash Preferred. Now earn 3% cash back at supermarkets, 2% at gas stations, and 1% everywhere else. It was 6% at grocery stores, 3% at gas stations and 1% everywhere else. (July 2012)
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)
*Added annual fee of $59 for less than 5 percent of its credit card accounts. (May 2011)
*The bank will begin charging a penalty rate of as much as 29.99 percent to customers who make late payments on their credit card balances. (June 2011)
* 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%
Rate increase Capital One Venture Card from 11.9% – 19.9% (V) to 13.9% – 20.9% (V) (February 2012)
*Rate change to 19.8% (f) from 17.9%-22.9% (v) for Capital One Classic Platinum and Capital One Cash Rewards for Average Credit (July 2012)
*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)
*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.”
*Ended $50 cash back bonus after your first purchase or first use of Chase Freedom. (March 2010)
*For Chase Freedom, increased from 3% to 5% cash back in rotating categories such as gas, home improvement and department stores. (March 2010)
*Increased lowest rate for Slate. The tier is now 13.24% to 22.24%, up from 11.24% to 22.24%. (July 2010)
*Changed the terms for a late payment to “up to $35.” It was: Balance of $0 – $99.99 = $15 fee; balance of $100 – $249.99 = $29 fee; balance of $250 or more = $39 fee (Sept. 2010)
*Raised the annual fee for the Sapphire Preferred card from $85 to $95 (April 2011)
*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)
*Citi is adding a $60 annual fee to some credit card accounts effective April 1, 2010. Make $2,400 in purchases each year and the annual fee will be credited back to your account.
*Citi is cutting bonus points in half for paperless signup. Receive 2,500 bonus points when signing up for paperless statements (previously 5,000 bonus points were awarded for paperless sign-up). (February, 2010)
*Cash Advance APR increased from 21.99% to 25.24%. (February, 2010)
*The Citi® Platinum Select MasterCard is expanding the intro period for balance transfers from 12 to 15 months. (March 2010)
*Cash advance fee increased from 3% to 5% with a minimum fee of $10.
*Intro period shortened from 18 months to 12 months for purchases and balance transfers for the Diamond Preferred card. (June 2010)
*Balance transfer fee increased from 3% to 4%. (June 2010)
*Ended the $30 statement credit bonus offer for Platinum select. (July 2010)
*Added new bonus offer for Diamond Preferred. Redeem 6,000 bonus points for a $50 gift card if you spend $300 on the card within the first three months of the account.
*Changed intro rate to 0% for 18 months for balance transfers and 12 months for purchases. It was 0% for 18, 12, or 7 months for balance transfers and purchases.
*Earn 5% cash back rebate on purchases made a supermarkets, drugstores, convenience stores, and utilities for 6 months, 1% after that. It was 2% after six months. (July 2010)
*Switched tiered rate to single rate for Citi Diamond Preferred. The single rate is 14.99%. The rate was 12.99%-20.99%. (July 2010)
*Increased balance transfer fee to 5% or minimum $10 for Diamond Preferred and Platinum Select. It was 4% or $5.
*Decreased balance transfer fee to 3%, $5 minimum for Platinum Select and Diamond Preferred. (Oct. 2010)
*Increased intro rate for balance transfers from 18 months to 21 months for Citi Platinum Select. (Oct. 2010)
*Increased intro rate for balance transfers from 12 months to 21 months for Citi Diamond Preferred. (Oct. 2010)
*Balance transfer fee lowered from 5%, $10 minimum to 3%, $5 minimum for Citi Platinum Select. (Oct. 2010)
*Citi Diamond Preferred Rewards Replaced by Citi Thank You Preferred card. (December 2010)
Citi has introduced two new cards with large annual fees and more significant rewards. The Citi ThankYou Prestige Card comes with an annual fee of $500. Cardholders can earn one point for every dollar spent on eligible purchases and 1.3 points per dollar spent for everyday purchases at gas stations, supermarkets, drugstores, parking merchants, and for commuter transportation. Customers also receive an anniversary bonus on points from purchases every year–up to 5% after you are a cardmember for at least four years. (December 2010)
Citi also has a ThankYou Premiere Card with a $125 annual fee. Customers earn 1.2 points for every dollar spent on purchases at supermarkets, gas stations and drugstores, and one point for every dollar spent on all other purchases. The same anniversary bonus applies with this card. (December 2010)
*Intro for balance transfers dropped to 18 months for Citi Platinum Select (was 24 months) and Citi Diamond Preferred (21 months).
*3rd tie rate raised from 19.99% to 20.99% for Citi Diamond Preferred.
*Balance transfer fee raised from 3% to 4% for Citi Platinum Select Mastercard and Citi Diamond Preferred (January 2011).
*Rate increase for Citi Froward for College Students. New rate is 13.99% to 22.99%. Old rate was 12.99% to 22.99%. (February 2011)
*Rate increase for Citi MTV U increased to as low as 13.99%. It was as 12.99%. (February 2011)
*Rate increase for Citi Dividend Platinum Select for College Students to as low as 13.99%. It was as low as 12.99%. (February 2011)
*Bonus reduction for Citi Froward for College Students to 1,000 bonus points for signing up for a paper statement. It was 8,500 bonus points after making $250 in purchases during the first three months. (February 2011)
*Balance transfer fee increased from 3% to 4% for Citi Platinum Select and Citi Diamond Preferred. (February 2011)
*Dropped the rewards for cash back for rotating categories from 5% to 2%. (April 2011)
*Cut intro rate for balance transfers from 18 months to 15 months for Citi Dividend Platinum Select. (April 2011)
*1,000 bonus points for signing up for Citi Forward paperless statements. Reduced from 2,500. (April 2011)
*40,000 Hilton HHonors bonus points after spending $1,000 during the first four months of account opening. It was 30,000 points with $600 of spending during the first four months.
*Citi Forward no longer offers 6,000 bonus points if you make $250 in purchases within the first three months (April 2011)
*Citi Dividend Platinum Select changed bonus offer to 2% cashback on purchases for six months. It was $100 cashback if you make $50 in purchases within the first three months of opening the account. (May 2011)
*Citi Simplicity is changing from a fixed 16.99% AOR to a tiered rate (12.99% – 21.99%). (August 2011)
Citi Thank You Premiere changed from 20,000 Thank You Points after $1,000 in purchases during to first three months to 30,000 Thank you Points after $1,500 in purchases during the first three months. (August 2011)
Rate increase on top tier for Citi Platinum Select and Citi Diamond Preferred from 11.99-20.99% to 11.99% – 21.99%. (October 2011)
*Rate increase in top tier for Citi Forward from 12.99-21.99% to 12.99-22.99%. (October 2011)
*Added to Citi Forward– earn $100 in gift cards – When you redeem the 10,000 bonus ThankYou® Points received after you make $650 in purchases and sign up for paperless statements within the first 3 months. (October 2011)
*The Citi Diamond Preferred intro rate dropped to 0% for 18 months for purchases and balance transfers, down from 21 months. (December 2011)
*Intro period dropped from 21 months to 18 months for Citi® Platinum Select® MasterCard®, Citi® Platinum Select® Visa®, Citi® Diamond Preferred® Card and Citi Simplicity® Card (January 2012)
*Receive 15,000 bonus Thank You Points ($150 gift card) if you spend $1,000 during the first three months for Citi Thank you Preferred. It was 10,000 Thank You Points ($100 gift card) with $500 purchase. (January 2012)
*Eliminated 0% intro rate for 12 months for Citi Thank you Preferred. (January 2012)
*Receive 30,000 bonus Thank you Points after spending $2,000 on purchases within the first three months. This is an increase from $1,500 in spending during the first three months. (January 2012)
*Decreased the Citi ThankYou Preferred reward offer to 1 point per $1 spent. It was five points per $1 spent at gas stations, supermarkets and drugstores. (July 2012)
*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 American Flag pricing is changing back to 0/6 on purchases and balance transfers with a 3% balance transfer fee.
*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)
*Discover lowered rate for student cards from as low as 15.99% to as low as 13.99%. (June 2010)
*Balance transfer increases from 12 months to 15 months for Discover More. (July 2010)
*Discover More Upper tier rate increase from 18.99% to 20.99%. (July 2010)
*Balance transfer increased to 3.99% for 12 months for purchases and 15 months for balance transfers for Discover Motiva. It was 3.99% for 6 months for purchases and 12 months for balances transfers. (July 2010)
*Rate change for Discover Miles and Escape. Rate is a flat 10.99v for purchases and balance transfers. It was 10.99%-16.99%. (September 2010)
*Earn unlimited miles for Discover miles. The limit was 60,000 per year. (September 2010)
*Multiple changes to Discover More card. Rate increase from 11.99-20.99% to 13.99-20.99%. Balance transfer fee increase from 4% to 5%. Intro rate increases from 0% for 12 months to 0% for 18 months.
*Discover More Black rate increase from 11.99-20.99% to 13.99-10.99%. Purchase intro increase from 9 months to 12 months.
*Discover More $75 Cash Back Bonus increases to $100 Cash Back Bonus.
*The due date will be at least 23 days after the close of each billing period that begins in February. This is reduced from at least 25 days after the close of each billing period (effective February 1, 2011)
*DOUBLE Cashback Bonus on up to $500 in purchases throughout your birthday month (started January 2011)
*Intro rate increase from 0% for 12 months to 18 months for balance transfers. Balance transfer increase from 3% to 4%. Discover Open Road. (February 2011)
*Rate Reduction for Discover More. New rate is as high as 19.99%. Old rate was as high as 20.99%. (February 2011)
*Reduced bonus offer Bonus More Card. New offer is $50 if you make $250 in purchases during the first three months. Old offer was $100 if you made $500 in purchases during the first three months. (April 2011)
*Discover dropped its 2% foreign transaction fee (November 2011)
*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)
*Iberia Bank expanded the intro rate on purchases to 0% for 12 months (formerly 7.5% for 12 months). It lowered the intro rate to 1.99% for balance transfers during the first 12 billing cycles (formerly 7.5% for 12 months). (June 2010)
*PenFed drops cashback rewards from 2% to 1% for supermarket purchases. (March 2011)
*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)
*Raising rates on most its credit cards by up to 3%. (November 2009)
World Financial Network National Bank
World Financial Network National Bank notified some cardholders that it will charge a $1 processing fee each time the cardholder receives a paper statement. World Financial Network national Bank offers a wide range of store-branded cards for retailers like Spiegel, Ann Taylor, Victoria’s Secret, Limited Brands, J Crew, Abercrombie & Fitch, New York & Company. (January 2010)