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U.S. PIRG Consumer Blog
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July 24, 2008
New credit card survey from Consumer Action
Our colleagues at Consumer Action have released their annual credit card survey. From the release: Notable findings:
Four of the top ten credit card issuers cited factors beyond a consumer’s control that might cause an interest rate increase such as: "market conditions," "the economy," and "business strategies."77% of surveyed credit card issuers (17 of 22) answered "Yes" to the question "Can you increase my APR or change my terms 'any time for any reason'?" This includes all Top Ten issuers - even Citibank which pledges not to change a customer’s terms before the card's expiration date.Five financial institutions told CA surveyors that they would reduce a cardholder's credit limit because of perceived customer risk. Factors include: a decline in credit scores, late payments and balances that go too close to the credit limit. These are dismal findings, but buttress our demands for reform. Consumers should not be treated like sheep to be shorn for perpetual fees and interest income. Along with CA and other allies, we continue to push the Congress to enact meaningful credit card reform. Our best chance is that the House FInancial Services Committee will hold a vote on HR 5244, the Credit Cardholders Bill of Rights, before the August recess. More on our credit card work.
Posted by Ed Mierzwinski at July 24, 2008 09:27 AM
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