Airlines are desperate these days. Every other week they seem to introduce new fees, so it really shouldn't come as a surprise that most major carriers are starting to cut back on their frequent flier programs.
Depending on how much money you spend, how often you fly and some other factors you may be better of with a cash back card.
Even if you decide to keep your airline card, it might be wise to lower your expectations.

Are fewer seats available for reasonable amounts of miles? Well, most major airlines are reducing the number of seats they fly, often by double-digit percentages. Flights are extremely crowded. But the airlines keep selling their miles to credit card companies and others that want to give them away to their own customers.

Gauging the Worth of a Frequent-Flier Credit Card - NYT

It seems like after years (decades really) of complete freedom, credit card issuers may soon be subject to new rules. Just last week a house committee approved a bill that would give merchants a lot more power in negotiating fees with Visa and MasterCard. Gas stations and supermarkets have long been complaining about ever-increasing interchange fees and call this bill a "sensible solution to an escalating problem that's costing consumers more every day."

Inc.com: Credit Card Fee Bill Advances

Financial institutions have been hit hard by the recent economic downturn and AMEX is certainly no exception. The company's profit dropped a whopping 37 percent. What does that mean for us customers? If you have less than perfect credit or have high balances on any of your credit cards you might have your credit line reduced as you might be considered a 'high risk.' As always, use credit responsibly.

Everyone used to love airline rewards. It was a no-brainer: use your credit card to pay for all your shopping and end up with free flights. But with high fuel prices and the economy the way it is, airlines are cutting back on our beloved rewards programs. Most major airline have already increased their redemption fees to around $100. On top of that, credit card issuers are also charging higher annual fees.
Maybe it's time to switch to a cash back or flexible rewards card...

In this day and age you'd think that everyone knew how important credit scores are. After all your credit is checked not just when you apply for a loan or mortgage but also for much smaller things like getting a new cell phone.
A recent survey by Washington Mutual shows that only 28 percent of Americans know that 700 is the minimum score to qualify for a prime mortgage rate. Many people who were questioned for this survey were not sure how credit scores were calculated.

Many respondents said factors such as income, age, marital status, and education levels influence credit scores, the consumer federation said. They don't.

Bloomberg.com: Credit Scores Cost Consumers $28 Billion, Survey Says

Yes, we've all read or heard stories about the wave of reductions of credit lines. Apparently, banks are trying to avert a credit card debt meltdown by reducing the credit lines of many of its loyal customers. Not only will people have less credit available, but they might also see their FICO scores drop significantly.

A lower FICO score could make it more expensive for someone trying to borrow money. For instance, someone taking out a $25,000 36-month auto loan would see an interest rate of about 6.4 percent and a monthly payment of $765 if they were in the highest range of FICO scores of 720 to 850, according to Fair Isaac's Web site myFICO.com.

That then jumps to an interest rate of 7.3 percent and a monthly payment of $776 for those with a score of 690 to 719 and as much as 15 percent or $866 a month for those with the lowest FICO range of 500 to 589.

You're more likely to have your credit line reduced if you live in California, Florida or other markets that have been hit hard by the housing crisis. Avoid maxing out your cards as this may alert your credit card company that you have trouble paying your bills.

Today, few people are satisfied with the credit card industry. Unreasonably high fees, skyrocketing interest rates and just overall consumer-unfriendly practices may soon be a thing of the past. Well, sort of. Currently, there are several bills in congress that would regulate common (and profitable) practices such as universal default and penalty interest rates.

Credit Card issuers naturally do not believe regulation of credit card is in our best interest, since this might reduce access to credit and jack up consumer prices.

Either way, the Federal Reserve is accepting public comments and we should all let them know how we feel about an unregulated credit card market.

To comment, go online to federalreserve.gov and click on "Consumer Information" at the top of the page. Click on "Proposed Rules for Credit Cards and Overdraft Services," scroll to the bottom of the page, and under "Regulation AA," click on "Submit comment."

Speak Up on Credit-Card Rules - Wall Street Journal