Slow communication causing cardholder disappointment - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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 » Slow communication causing cardholder disappointment

Slow communication causing cardholder disappointment

Slow communication causing cardholder disappointment

Authorities in the credit card industry recently admitted that slow communication is the main reason why a lot of cardholders are disappointed by the service their credit card issuers provide them. More importantly, with the prevalence of fees, charges and soaring interest rates from the credit card companies across the country, the authorities believe that slow communication has hurt the consumers.

In the cases where, there was a lack of communication interest rates were increased, charges or fees were only revealed upon transaction, etc. leaving a lot of cardholders to think twice about keeping their credit card accounts. Authorities reveal that consumers ought to be protected and be informed of any increase or changes to their interest rates.

With the vulnerable economic conditions – though there is good news and positive signs of a recovering economy – the last thing the cardholders need is a credit card service that “is not going to protect their financial interest”, the authorities say.

Janine Dailly, 32, and a mother of three, significantly reduced the numbers of purchases over a period of six months since May of this year, this indicates a good sign of reasonable financial management. She claims that for the previous months, what she bought were only necessary items for her household. She further stated,by saying that she did away with her usual “wants” and stuck to her and the family’s “needs”.

According to Ms. Dailly, what happened to her successful effort of reducing unnecessary purchases to save and maximize credit on her account was to be devalued. This was due to the introduction of newly charged fees and increased interest rates that affected her savings. What made the situation even worse, she adds, there was little communication regarding changes to the fees and interest rates, which got her attention after she made some important purchases.

She said that the only time she became aware, was after the fees and additional charges were added.

She went on to say, that the communication is very slow and expects that future information will be made public instead of after the fact.

Authorities respond by saying that they will be stricter in enforcing the existing laws regarding charges and interest rates increase.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Chases New Ink Business Unlimited Card

Posted: May 24, 2018

With some help from Pro Skateboarder Tony Hawk, Chase is rolling out the new Ink Business Unlimited card, offering cardholders 1.5% cash back on all purchases with no categories to deal with. On top of earning cash back, they also get a ... Continue reading
New IKEA Credit Card

Posted: May 23, 2018

The IKEA Visa credit card is now available, offering 5% back in rewards on IKEA purchases. People with this card also earn 3% back when shopping for groceries, eating out and paying for utilities. All other purchases get 1% back. Continue reading
Credit Card Hack at Chili’s

Posted: May 22, 2018

If you stopped by Chili's to grab some ribs or a fajita between March and April 2018, you might want to keep tabs on your credit card statement. Anyone who paid cash is safe, but those who used credit or debit cards may have had their data ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.49% - 25.49% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!