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Credit Card Applications » News » Other » Paying Attention to Credit Card Contracts

Paying Attention to Credit Card Contracts

September 10, 2010 | Updated on September 10, 2010
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The content is accurate at the time of publication and is subject to change.

Four out of 5 Americans who use credit cards can`t seem to understand 12th grade level contracts and agreements. An analysis of almost all the issuers of credit cards in the United States says that Credit Card agreements written on a certain level makes it hard for average Americans to understand the credit card terms and conditions. According to the study made, there is something that needs to be done regarding this issue. It is stated that contracts and agreements are made in a way that the customers may not able to understand it. But an expert writer says that the construction and body of these contracts aren`t accidental and the writers of such agreements know what they are writing.

The manner of speech used in creating these kinds of contracts seems to confuse the consumers. Others put it in simple manner but disclose the terms with legal requirements and terminologies. The customers and other card holders accuse these banks that they are writing hard to understand statements in their contracts which confuses anyone who reads it. Others even say that the ones responsible of the statements are the legal minds who came up with all these words. In that way, whenever a customer sues them, there will always be a way out.

A team of researchers were hired by a certain company and examined almost 1,200 different credit card contracts. They found out that most of these analyzed statements aren`t understood well by most of an average American who can understand and read contracts on a level of a 9th grade. Bankers disagree with what the research states but instead, they defended their contracts and blamed the federal laws which need to be disclosed in every statement. It is extremely unjust to blame them of the complicated and hard to grasp information.

Americans need to understand that the particular terms and conditions are beneficial and supplemented with terms that are needed by most customers. An attorney tells the credit card companies and banks to make their statements more consumer-friendly. They need to have a good grasp of what they need to understand before signing into any terms and conditions in the industry of credit cards. These financial institutions are always welcome with comments and suggestions and provide customer service representatives over the phone whenever they have questions or things to clarify specially the terms that they can`t understand. The companies assure that they`d be happy to help them.

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.
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