These things do tend to go in cycles, but the current landscape seems bleaker than six months ago. No current 100K offers, reports that Amex is tightening up granting bonus offer IDs not originally applicable to the card applied for, possible devaluations of the BA program, uncertainties in other FF programs.

The positive? Since many of the recent credit card offers were made in a climate where the companies felt the need to attract new customers by dangling big mileage and point bonuses because of credit retrenchment by consumers, a double-dip recession may cause a lot of consumers to cut spending again and prompt another round of big offers.