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Reward CC not going anywhere
Old 09-15-2009, 03:39 PM   #1
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Reward CC not going anywhere

With all the concern that the new rules on Credit Cards would limit or end rewards for those of us that don't carry a balance I may have good news.

I just got a notice from Capital One on my travel rewards card. They changed the formula! I used to divide the points by 125 now by 100. That means my current points are worth more!

I have never carried a balance and never will. But I put everything I can on my rewards card. Perhaps the Credit Card companies want us after all.
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Old 09-15-2009, 03:50 PM   #2
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I haven't received a notice one way or the other. My last statement still had cashback dollars awarded as usual.
I am watching this closely, and am especially sharp on the lookout for the old "reinstate the annual fee" trick. Nothing so far.
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Old 09-15-2009, 03:53 PM   #3
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So far I've had none of the credit limits or rewards program details changed on me one way or the other.
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Old 09-15-2009, 05:41 PM   #4
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I, too, have been holding my breath but neither CitiBank nor Capital One have stepped up. I am beginning to think that the storm clouds have passed me by.
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Old 09-15-2009, 05:50 PM   #5
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No changes to report here either but if any of them do impose a fee they will be summarily dropped. I did cash/checks for many years and if the CC get out of line I'll gladly go back to that.
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Old 09-15-2009, 06:26 PM   #6
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No changes here either but, like you, I use rewards cards for everything I can and always pay off the balance. I remember my son's first year at Loyola in the early 90s when I was able to put his entire tuition, room and board on a rewards CC with no penalty to me- that didn't last long Wish I could pay my taxes on one.
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Old 09-15-2009, 07:21 PM   #7
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No changes here either but, like you, I use rewards cards for everything I can and always pay off the balance. I remember my son's first year at Loyola in the early 90s when I was able to put his entire tuition, room and board on a rewards CC with no penalty to me- that didn't last long Wish I could pay my taxes on one.
Know what you mean - those rewards do add up. When I did the cash for clunkers thing I tried to put the entire cost on my CC but the car dealership would only let me do $3k... Oh well
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Old 09-15-2009, 08:50 PM   #8
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Only thing that's happened to me is that PenFed called and said they had increased my credit limit. ( I am never ever anywhere even close to my current limit so I don't know why they did it).
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Old 09-15-2009, 09:00 PM   #9
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I got the notice from Capital One. However, on mine it said that my current number of points would be decreased by a third to adjust for the new system. Mine isn't travel points, though, so it may be different.

Discovercard changed their rewards a little while ago. I think it used to be .25% for the first $1500, then .5% up to $6000, then 1% after that (not counting the various extra rewards, 5% on some things, Shop Discover, and stuff like that). Now it's .25% up to $6000, then same as before. Not too big a deal for me, I go through the $6000 in 2-3 months since I use it for almost everything (and always pay off the balance). But it would have a significant effect on the average consumer, I think.
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Old 09-15-2009, 10:54 PM   #10
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The only changes I have had is to have the due date pushed out a few days. This seems to be one of the new regs, they need to allow a minimum of 25 days between closing and due date, and I think the due date needs to be the same date each month, pushed out for non-business days (so I guess 25 days past a 31 day month if it bridges months?). This from memory, details may be a bit different.

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Old 09-16-2009, 04:35 AM   #11
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Originally Posted by Mysto View Post
I just got a notice from Capital One on my travel rewards card. They changed the formula! I used to divide the points by 125 now by 100. That means my current points are worth more!
Got the same letter in the mail today. Like you, don't carry a balance but use the card for convenience and points.
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Old 09-16-2009, 12:59 PM   #12
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I have a USAA cash rewards card, that pays a small percentage (graduated levels) as cash back. But I just got an LL Bean card, and it pays 3% toward LL Bean cloths. I may start using that since I like LL Bean and can get them to tailor my pants for 36" inseam at no additional cost.
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Old 09-16-2009, 07:02 PM   #13
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I had the due date pushed out a whole week! Wow! Now it goes into the next month, after I get new funds into my bank account at the first of the month.

Sweet! Because we had an extra large credit card bill this time due to buying new tires for the motorhome.

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