Do we actually have to make time to read the fine print on the credit card application forms before signing up for it? One of the recent studies conducted in this field has revealed that depending on the bank or financial institution issuing the card, you have to read the fine print.
One of the credit card comparison sites set out to determine the transparency in the application forms and evaluated the online credit card application forms of the top ten credit card providers based on the outstanding balances.
The people who conducted the research examined the ease with which customers could locate the important card related information on the application form for two reward and non-reward card for each provider. There was some key information that these researchers were looking for. The information about the introductory annual percentage rate and the regular annual percentage rate applicable for balance transfer and purchases made on the card, the annual and balance transfer fees associated on the card and the information about how customers can earn and redeem their awards were the details that these researchers were looking out for.
The credit card providers were awarded points based on the ease with which this information could be located and if the person needed to navigate to another page to find out these details.
During the course of this study it was found that Capital One and the Bank of America occupied the first and second place respectively in terms of having the most informative and transparent credit card application forms online. The provider who came at the bottom of the list was US Bank. There were a number of problems that were detected with the bank`s online application form. Not only was it difficult to trace the introductory annual percentage rate and regular APR, but the details about the annual fees and fees associated with balance transfers were also hard to find.
The spokesperson for the U S Bank responded with an email telling that the bank believed that their website was built to provide customers clear information about the details of the credit cards they were offering in order to help them make well informed decisions. The email also said that the bank appreciates the feedback received.
There were other key findings also during the course of this evaluation. The researchers felt that though the banks were clear about the redemption of rewards and the annual fees on the card, the information about balance transfers for most of them were still hazy.