What's New in Finances: Credit card companies trim rewards

The economic downturn has claimed another casualty: the rewards programs offered by credit card companies. Used to encourage credit card holders to charge purchases, these programs offered cash rebates, airline tickets, and other freebies for each dollar charged.

Now banks are struggling to remain profitable and are cutting back on their rewards programs. Airlines, too, are trimming their free mileage programs by raising the number of miles required to qualify for free tickets.

If you use a credit card that offers rewards for purchases charged, be aware of these changes. You might want to monitor your rewards more carefully than in the past and cash them in before they expire or stricter redemption rules are put into effect.