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Credit Card Companies Skimping On The Perks

BOSTON (CBS) - Millions of credit card customers in the U.S. could soon become very disappointed in the plastic in their wallets. WBZ business reporter Jeff Brown says added benefits are going away.

"So what we're finding is some major card issuers are tinkering with the benefits that come with the card and by tinkering, I mean removing them," says Edgar Dworsky consumer advocate and founder of ConsumerWorld.org.

And these 'adjustments' are hitting some pretty big name cards who are passing on the costs.

"MasterCard as a card company now only provides three or four benefits on its cards, and they're telling their card issuers that if you want to include all the benefits we used to, you're going to have to pay for that," Dworsky says.

It's all about the bottom line.

"It costs money and the companies are making an evaluation. Are consumers using these benefits? Do consumers like and want these benefits? And if they're too costly or not particularly popular, we might as well take them off the card and save some money."

Will anyone notice?

"If you ask the average consumer they would say they don't have any idea what benefits are on their card," Dworsky says.

You've heard it time and again, your credit score matters and its true here too.

"I think you're going to find the better benefits are going to be on the upper echelon cards, if you will," Dworsky says.

Dworsky advises to do what nobody does, read the fine print.

WBZ NewsRadio 1030's Jeff Brown reports

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