Implications of the rising fees and their short... - 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 » Implications of the rising fees and their short notice to the cardholders

Implications of the rising fees and their short notice to the cardholders

Implications of the rising fees and their short notice to the cardholders
The content is accurate at the time of publication and is subject to change.

Financial analysts have recently related some implications in response to the rising complaints of many credit cardholders about their credit card companies’ fee and interest rate changes, along with the very short notice at which they make information on their fee and interest increases public.

Given stories of account owners who have already narrated how they shunned their credit cards due to what they call the “dubious” fees without even any notification. Credit card industry authorities believe that a lot of consumers are already following to do away with their credit cards.

John Chintle says what’s particularly bad, however, is that the option of doing away with one’s credit card recently entailed getting away with credit debt for many of the previous account owners as well.

Also a problem, he adds, was that the “short” if not “non-existent” notification by the credit card issuers about their fees and interest rate changes gave more reasons to the cardholder to leave a lot of things unpaid on his or her account.

Chintle opines that those who do away with their credit cards along with their credits might have long been wary of the fees charged here and there by their credit card companies. The lack of notice on these changes, and even information that explains the need for the increases may just be the one remaining thing needed for the same people to finally flee from their financial responsibilities on their credit card accounts as well.

Chintle disclaims that there were however cardholders who also shunned their credit cards recently but paid before leaving their accounts altogether. They share that these were people who waited for the “right” time to finally free themselves of their credit cards.

Chintle thinks that for those “responsible” people, they needed to make sure that in the future they have the capacity to maintain a particular payment method, given the changes in fees and interest rates. With the changes, he believes the previous cardholders with responsible handling are again taking time to consider how they might find a comfortable set-up to best address their financial conditions.

With the growing concern on a disenfranchised market that recognizes the necessity of credit cards, but cannot seem to fully maintain their accounts given the changes, Chintle concludes that laws are yet to be created getting the acts of credit card companies together, protecting cardholders’ interests at best, and securing that authorities protect all stakeholders.

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:

Discover Debit Card Gets an Upgrade

Posted: August 21, 2018

Discover is rolling out a new version of their debit card, offering several new features, including Freeze It, which may be familiar to their credit card customers. It lets cardholders turn their card on and off if it's lost or stolen. Continue reading
Discover Cuts Price Protection Benefits from Credit Cards

Posted: August 20, 2018

If you have a Discover card and like the Price Protection benefit that comes with it, you might want to take advantage of it sooner than later. Discover has decided to do away with this benefit. This benefit will no longer be part of your ... Continue reading
The New Citizens Bank Cash Back Plus World MasterCard

Posted: August 17, 2018

Citizens Bank has rolled out their new Cash Back Plus World MasterCard, offering cardholders 1.8% cash back when they go shopping. This is an upgraded version of their previous card. With this new version, cardholders can earn unlimited ... 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
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. 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 15.74% - 25.74% 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!