What’s Annoying about the Credit Cards in Your Wallet?
By Consumers Union on Tuesday, January 21st, 2014
About 7 in 10 Americans carry at least one credit card in their wallet, which means a lot of folks know a lot about credit cards from direct experience. Recent reports indicate that consumers’ credit card experiences are not all positive.
Consumer complaints about credit cards are second only to complaints about mortgages according to data from the Consumer Financial Protection Bureau (CFPB). US PIRG took a close look at the CFPB credit card complaint data for its new report and found that the top three consumer credit card complaints were about billing, interest rates and fraud of various stripes. The most complained about company? Capital One.
While we learned a lot from the CFPB and US PIRG reports, it wasn’t news to us that credit cards continue to cause consumers headaches. How do we know? Because consumers have generously shared their stories with us. Recently, we’ve heard from folks about troubles with deferred interest plans, small business credit cards that lack important protections, and rewards programs that don’t live up to their promises.
And the CFPB itself has said that it has concerns about add-on products (such as identity-theft protection), fee harvester cards (where fees charged before account opening can amount to hundreds of dollars) and other practices.
In short, many problems remain with credit cards, even after the reforms brought about by the Credit Card Accountability and Disclosure Act of 2009. We are working to ensure that any loose ends not covered by the 2009 reforms are tied up. You can help us by sharing your credit card story.
Are you having problems with your credit cards? Please click here to share your story!