Credit Card Offers Getting Less Generous

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(Image credit: Getty Images, Robert Niedring)

published 15 September 2023

When it comes to credit card offers and bonuses, the times they are a-changin’, and usually not for the better. Higher interest rates, inflation and other pressures have led card issuers to cut back on some offers. That means many credit cards have reduced the points or miles sign-on bonuses, or provide fewer months of no-interest charging or balance transfers.

Read on to learn which offers are still a good deal.

Credit card offers on balance transfers

Over the past few weeks, many cards have decreased the amount of time for balance transfers promised to new cardholders. Cards that offered 21 months now may offer 18, while those that offered 18 now offer only 15. The BankAmericard credit card, for example, reduced the 0% balance transfer period from 21 months to 18 months. It is still an excellent option though for those looking to avoid late fees.

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The exception? The U.S. Bank Visa® Platinum Card upped its 0% APR for balance transfers and purchases from 18 months to 21 months. As with other credit card offers, this deal is just for a limited time. This card is now on Kiplinger's list of the best balance transfer credit cards.

The same trend holds true for cards that offer 0% APR (interest) for purchases, which are ideal for customers planning a big purchase or to pay off a large bill over time. For example, the Bank of America Custom Cash card used to provide 18 months of 0% APR for purchases, but now only offers 15. As a result, the card has fallen off Kiplinger's list of the best 0% APR credit cards.

Hidden fees or fee increases

If you search the internet for credit cards offering 21 months to pay back a balance transfer, you will find that many sites promote the Wells Fargo Reflect® Card. Kiplinger, however, no longer includes this card in our roundup of the best balance transfer cards because the card recently raised the transfer fee from 3% to 5%. So, if you transferred $10,000 from a high-APR credit card to the Wells Fargo Reflect card, you would now pay a $500 balance transfer fee instead of $300.

The card is still an excellent choice however for 0% APR for purchases.

Reduced or expiring welcome bonuses

The IHG One Rewards Premier Card announced the last call for its generous welcome bonus offer on Thursday. IHG is an umbrella brand for hotels like Holiday Inn, Even Hotels and Klimpton. New cardholders can earn 140,000 Bonus Points after spending $3,000 on purchases in the first three months after opening the account. That's worth about $980 when spent on travel. You can also earn up to $100 as an IHG statement credit for purchases you make at participating hotels.

This limited-time welcome bonus offer will be removed from the card’s online application page by 9:00 a.m. EDT on September 28, 2023. For more on this card, see our article Earn $1,000+ with IHG One Rewards Premier Credit Card Bonus.

There are a number of offers that are reduced, but still worth it.

The Chase Sapphire Preferred credit card reduced its bonus offer over the summer from 80,000 points to 60,000 points. It is still one of the best rewards travel cards. For more on the welcome bonus, read our article on the current Chase Sapphire Preferred card's $750 bonus offer. The card is also useful when you need rental car insurance.
Another excellent travel card with a bonus offer worth $750 is the Capital One Venture Rewards credit card. Kiplinger readers voted the Capital One Ventures Reward Credit Card a favorite for good customer service. The 2023 Kiplinger Readers’ Choice Awards also scored the card highly for overall satisfaction.

Cash back cards still shine

The good news? Cash back credit cards still offer strong rewards, up to 2% or even 3% back in some cases. For those who spend a lot on their cards, these rewards can add up to thousands of dollars a year. Just be sure you don't overspend in order to earn more cash back. And of course, pay your credit card bill on time to avoid racking up interest and fees.

Kiplinger's guide to the best travel credit cards
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Ellen writes and edits retirement stories. She joined Kiplinger in 2021 as an investment and personal finance writer, focusing on retirement, credit cards and related topics. She worked in the mutual fund industry for 15 years as a manager and sustainability analyst at Calvert Investments. She earned a master’s from U.C. Berkeley in international relations and Latin America and a B.A. from Haverford College.