In the wake of the credit crunch issuers have taken a proactive stance to mitigate risk with higher interest rates, lower credit limits and closing inactive accounts. An informal online cardtrak.com poll this month found that more than 53% of cardholders report their interest rates have increased this year, while 37% say their credit limit has been lowered. Surprisingly, nearly 29% report that their credit limit has been increased. About 23% report having a credit card account closed; 26% say that some fees have been raised and 16% indicate new fees have been added this year. Nearly 13% report changes in the rewards program attached to a payment card. The CardTrak homepage poll drew about 1,000 responses during the December period. Also, this week Bankrate released the findings of a national poll which found that 40% of consumers say they would not be upset if their credit lines disappeared. In fact, of the respondents who have credit cards, nearly one-third say they will probably charge less in 2009. A much smaller group (only 5%) responded that they would be devastated with the loss of access to their credit cards.
Have any of these actions been taken by your credit card provider this year?
* Credit Card Account Closed (22.5%)
* Credit Limit Lowered (36.9%)
* Credit Limit Increased (28.7%)
* Interest Rate Increased (53.5%)
* Interest Rate Lowered (12.8%)
* Some Fees Raised (26.1%)
* Some Fees Reduced (2.6%)
* New Fees Added (16.1%)
* Rewards Program Changed (12.9%)
* Other Changes Raising Costs (9.1%)