Credit Card News

Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Consumers Claim to Feel That Credit Card Companies are Treating Them Well

Consumers Claim to Feel That Credit Card Companies are Treating Them Well

By
Add to Favorites:
Consumers Claim to Feel That Credit Card Companies are Treating Them Well

The new federal rules that have been enacted over the past few years to cut down on unfair and abusive practices of card issuers seem to be having the desired effect – more consumes than ever are professing to feel that they are being treated fairly by their credit card company. Twelve percent of survey respondents indicated that they felt as if they were generally treated unfairly, as compared to 15% in 2010 and 22% in 2009. Additionally, more people are able to obtain lines of credit – card issuing companies only denied 14% of applicants, opposed to 24% in 2010. A total of 51% of survey participants indicated a sense of high satisfaction with their credit cards.

The Credit CARD Act, which was signed into law in 2009, can be credited in large part with the slight upswing of consumer credit card satisfaction. All provisions of the CARD Act are now in full effect.

“Things are looking rosier for credit-card holders,” said Noreen Perrotta the Finance Editor for Consumer Reports, according to PRNewswire.

“Consumers are paying down balances and facing fewer punitive actions by credit-card companies such as higher rates, late-payment fees, and canceled cards. But average interest rates on new cards are still up and you have to read the fine print of rewards programs,” Perrotta said.

The Consumer Reports Survey also revealed that consumers, on average, are carrying less credit card debt than in 2010. The data gathered by Consumer Reports showed a mean credit card debt balance per individual of $3,414, as opposed to last year`s number of $3,793. The survey was completed in July.

However, there were still 35% of respondents who claimed to have experienced at least one problem with their credit card and card-issuing company. These problems included higher interest rates, new fees such as annual fees, lower credit limits and reward program restrictions.

The best thing for consumers to do when applying for a new credit card is pick one that suits their individual spending habits. If they tend to regularly carry a balance, a rewards card may not be the best option as those types of cards typically have higher APR`s and finance charges than other cards.

Add to Favorites:

Related News:

Southwest Airlines Makes the Grade with Fortune Magazine

By Dar Dowling, Posted: February 28, 2017

Fortune's 2017 list of World's Most Admired Companies list is out and Southwest Airlines made it into the top ten, along with companies like Apple, Amazon, Facebook. Continue reading
Where to Find Cheap Spring Break Getaways

By Dar Dowling, Posted: February 27, 2017

Spring Break is coming, and if you have not booked your getaway yet it's not too late, according to online travel booking sites there are some inexpensive airfares to be had and student friendly destinations to visit. Continue reading
IBM & Visa Partnering Up to Connect up to 20 Billion Devices to Payments

By Dar Dowling, Posted: February 23, 2017

Have you ever wished you could make a payment from your ring, an appliance or maybe even your car? Well your wish may well come true due to a collaboration between IBM and Visa. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit