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:

Best Buy Gets Chase Pay

By Dar Dowling, Posted: September 30, 2016

Best Buy carries everything from smartphones and TVs to computers and cameras – and now people who shop with them will be able to use Chase Pay when shopping online. Continue reading
Financial Optimism is Up, But So is Income Stress

By Dar Dowling, Posted: September 29, 2016

Are you feeling more hopeful, yet are still a bit worried about whether or not you're making enough money? Continue reading
MasterCard Send Makes a Splash

By Dar Dowling, Posted: September 28, 2016

MasterCard and Stripe have teamed up so that U.S. sellers using Stripe marketplaces, like Postmates, Instacart and iCracked, can opt to make instant payouts via the Stripe interface, using MasterCard Send. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit