Discover and Capital One start slashing credit card limits

In a previous post, I’ve mentioned how Americans are currently in the golden age of credit card offers (and linked to 2 offers that you can sign up for now, which will net you around $2,350 in rewards).

That may change soon, as Discover and Capital One — 2 of the largest credit card companies in the country — are now slashing credit card limits and closing inactive accounts.

According to a story in the Wall Street Journal, both companies are preparing for the end of the current economic recovery (a roughly 10-year bull market since the Great Recession). Capital One’s CEO has pointed to “rising interest rates, growing government deficits, trade-related issue[s] and also cumulatively some of the effects that’s been going on with consumer indebtedness.”

What’s this mean for you? Well, if you see a credit card with an amazing sign-up bonus, it’s better to act on it now than assume it will be around in a few months.

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