Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

5 of 7
BACKNEXT
4) Fewer rewards
4) Fewer rewards
Say goodbye to beach vacations and new iPods just for swiping your card.

Rewards programs have been enticing shoppers to charge a purchase rather than paying cash -- but card issuers are cutting back those perks.

"This is happening with a significant amount of cards," Hardekopf said, adding that many consumers are now receiving 1% cash back instead of the 2% or 3% they once enjoyed.

American Express recently cut its Blue Card's cash back policy from 1.5% to 1.25%. And all AmEx customers who make a late payment will no longer accrue points on their purchases -- however, those points can be reinstated with a $29 fee.

NEXT: 5) Slashed credit limits and canceled accounts

Last updated October 26 2009: 3:56 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
Most valuable car collection ever auctioned In total, the 'Pinnacle Portfolio' is the most valuable group of cars from one collection ever sold in a single auction. More
This is how far robots have come since the 1930s Are robots catching up to humans? Yes. Should we be scared? Find out! More
The median home price is $236,000. Here's what that buys you The median home price climbed to $236,400 in June, according to the National Association of Realtors. Here's what that will buy you across the United States. More

Special Offer