09/15/2009 05:12 am ET Updated May 25, 2011

Credit Card Companies Slashing Rewards Programs

Credit card rewards programs are suddenly less rewarding.

Months before a new law takes effect restricting the credit card industry's ability to raise interest rates and charge fees, card issuers are scaling back programs that offer lucrative rewards such as frequent-flier miles and cash rebates. Now many customers have to pay additional fees or earn more points to redeem free plane tickets or claim cash-back perks.

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