In November, Old Kent Financial Corp. will ground a popular enhancement of its credit cards that awarded frequent-flier discounts redeemable on any airline.

The Grand Rapids, Mich., bank company had introduced CardMiles in January 1995 without an annual fee and with generous redemptions. So many people took advantage of the deal, however, that this summer the company imposed an annual fee. Then last week, it decided to discontinue the program.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.