Saturday, April 24, 2010 - 8:27 AM

Credit Card Bonuses and Rewards after the CARD Act

Before the CARD Act was passed, there were worries that credit card rewards and signup bonuses would go way down. According to this post at Ask Mr Credit Card, offerings have actually improved for those who have good credit and pay their balances off in full every month. Banks are putting more emphasis on extracting those low-risk individuals while making it harder on those with bad credit.

KenBDG4,048 posts since
Nov 29, 2009
Rep Points: 106,905

1. Saturday, April 24, 2010 - 10:36 AM

I wouldn't take select annecdotal evidence as proof that the offers are better overall. I also note the cited better offers are all in reward points, which the article said cost less to the issuers because they bought them on cheap. Did *cash* signup bonus improve? Did reward earning improve? I haven't seen it.

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819

2. Saturday, April 24, 2010 - 7:29 PM

TFB,

I would agree that the CashBack cards haven't improved as much. discovers open road with 5% gas cash back has dropped to 2%. Schwab's 2% cash back Visa is no longer offered. right now there's the Fidelity 2% Amex and the Platinum card from PenFed. Yet Chase has released a card that is like the Discover More card with rotating categories for 5%.

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819