Credit card companies are tightening screws on credit access for people with lower than good credit history. In spite of the fact that the Fed dropped down the rate to 1%, most issuers are raising their rates and fees for, what is even more interesting, their existing customers. The reason for that is that banks are trying to recoup from the recent wave of charge-offs.
The operating cost has grown, but the profit margin has shrunk significantly. Reward programs are being cancelled or postponed for better times. Intro periods for balance transfers are getting shortened. It is becoming harder and harder to find balance transfer accounts that will be offering fixed APR for the life of balance.
Additional charges are being introduced to the accounts with a long history of carrying large balances for years. Now a monthly fee will be applied to such accounts that will promote an early pay back or will cover operating cost.
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