NEW YORK — Credit card rewards programs from major card issuers appear to be among the latest victims of the current economy, according to a story in USA Today.
The Jan.12 story described how the major issuers are cutting back on credit card reward programs they have deemed to be too expensive or underused. Among the casualties were American Express' domestic companion airline tickets that it provided free to Platinum and Centurion cardholders. JPMorgan Chase has also announced more limited rewards programs and Discover announced that cardholders have to forfeit cash rewards if an account is inactive for 18 months or if they pay more than two months late.
By contrast, spokesmen companies and CUSOs managing credit union card reward programs have not announced any changes to their rewards structures and one, PSCU Financial Services, said further rewards enhancements are planned for 2009.
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