It's fair to say that credit card (credit card news) units at most top firms have been pummeled. To survive, we're seeing a huge philosophical shift, away from the notion that credit cards should be given to all and toward the old-fashioned notion that they should be given only to the well-heeled.

Bloomberg Markets notes that banks are bent on retaining "their richest and most reliable payers" with a host of new premium cards and better rewards programs. Those who own a Chase Sapphire (NYSE: JPM) card, $85 a year, are guaranteed a live person to answer the customer service calls. They also receive a yearly "dividend" of 7 percent of the reward points they have accumulated. The card also carries souped-up mileage points via British Airways.

The firm that has always excelled in this area of course is American Express (NYSE: AXP). And the world has taken note. The stock has been on a tear, finishing 2009 as the top performer in the Dow industrials average, though it's been off in 2010.

The future remains uncertain, however. The financial crisis and demographic trends do not suggest a long-term boom in personal credit; the boomers seem to have peaked as a borrowing force. And people are wary in general about loading up on cards and debt in general. But a rising economy is a powerful force, and better times may lie ahead.

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