While other credit card issuers have resorted to charging fees for convenience use of rewards
programs, Banc One has taken the bold step of just plain cutting-back the rewards for those cardholders
who do not carry a balance. Effective next month, Banc One's TravelPlus Visa will only award 1 point
for every 3 dollars charged for those who pay their balance in full, thus cutting rewards by 66%.
Cardholders who revolve balances will continue to earn 1 point for each dollar charged. Banc One is also
modifying its annual fee by basing in on credit line rather than standard vs. gold. Also effective
September 1, cardholders with credit limits less than $5,000 will pay $25 annually while those over
$5,000 will pay $55.
This month Banc One is hiking the overlimit and late payment fees from $20 to $25. Among the card's other attributes: 20-day grace period and two-cycle method of calculating interest on balances.
Banc One did make one improvement: the annual cap of 60,000 points will be eliminated but you'll be limited to your monthly credit limit.
The TravelPlus program offers consumers the opportunity to earn free domestic airline travel, on any airline, with as little as 16,000 points.
