TrueEarnings Card to Put Cap on 3% Gas Rebate

A little over a year ago, the TrueEarnings Card from American Express and Costco started to offer 3% cashback on gasoline purchases with no limit on how much rebate on gas a cardholder can earn. It seemed to be a pretty good deal back then when gas prices were still on the rise. With gas at $3 a gallon this time last year, the 3% cashback was a nice break.

Unfortunately, that policy is just about to change,  like what happened to other credit card rewards programs (such as Chase Freedom Card). Starting March 31, 2009, the TrueEarnings Credit Card will only give 3% cashback on the first  $3,000 spent on gas annually. Any over the limit gas purchase will earn only 1% rebate. Cardholders will continue to earn 3% rebate for restaurants, 2% for travel, and 1% everywhere else including at Costco.

Well, it’s just another example of how the deteriorating credit market has taken its toll on credit card rewards programs. Credit card issuers are cutting credit limits, bumping up interest rates, scaling back rebates, and raising the bar for new account applicants. Those days of easy credit and generous rewards are probably gone forever.

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