As you look for a low interest rate card, you may be tempted by rewards. These companies have offered rewards for years and because consumers love them so much, there is no doubt they will continue to do so. Yet, with the upcoming changes to the credit card laws, it is very important for the average person to take into consideration how their rewards may change.

Changes You May Notice

The new laws that go into effect February 22, 2010 will make some significant changes to the way that lenders do business. With more restrictions on how they can make money (think lower fees and less ability to raise rates at any time) lenders are looking for ways to trim back the benefits they offer to the average consumer.

What may stand in the way are your rewards. This may include the extra benefits you get for frequent flier miles, cash back or travel benefits and discounts you receive for using your card.

The new law does nothing to change or regulate the way that the lending company has to manage the reward program it offers, but there is some evidence that they may use this area as a way to manage some of the income lost by other areas of the new credit card laws. Two incidents of this have happened already.

American Express, which is known for its rewards programs made a change in September of 2009. Those who earned through the Blue and Blue Sky cards found that if they were late on their payment, the lender would yank any earned benefits from them and charge a $29 reinstatement fee if the card holder wanted those benefits back. Another instance occurred with Citi. There, if the account was not current, individuals would forfeit any accumulated points.

Good Risk and Rewards

If you want the lowest interest rate card, it pays to shop around and to keep making payments on time. Hands down this is the best way to save money. Secondly, if you want the reward program, you should focus on any restrictions and regulations the companies are placing on these programs before you accept them.

You can still get into these programs and earn points for discounts, merchandise or even cash back, but you want to read through the rules of the program before you sign up for it. Know what the risks are of making payments late, for example. Expect most lenders to make changes to these programs over time, too.

Credit cards for fair credit or better are available with reward programs still. There is no evidence that lenders will stop offering these very lucrative programs. Yet, you need to be a savvy buyer and look at all of your options before you invest in any program, or any credit card for that matter.

Most people will receive information from their lenders regarding changes to any policies they have in terms of points and other types of reward offers. Read them. Know what the changes are and if you are not happy with it, pay off the card and start looking for a low interest rate card instead.