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Credit Card Customers In the Dark on Rates, Limits, Fees: Survey

by Peter Andrew

Credit

Card Customers In the Dark on Rates, Limits, Fees: Survey

Despite persistent financial advice in the meda to understand

credit card terms and conditions, a new study by Braun Research

for financial author Lynnette Khalfani, found that almost half

(44%) of credit card holders don't know the APR, or annual interest

rate, on their credit cards. Further, 40 percent did not bother

comparison shopping competing credit card offers--they simply

applied for credit card offers mailed to them.

The

survey also found that 20 percent were unaware of their credit

limits, although this would mean that 80 percent were aware.

A vast majority of survey respondents thought that credit card

terms and conditions should be spelled out more clearly, especially

conditions that would lead to fees or a hike in interest rates.

"Consumers

are crying out for better disclosures in credit card solicitations,"

said Khalfani. "Credit card offers with excessive legal terms,

and tiny or hard-to-find fine print cause confusion and lead

to poor financial decision-making," said Khalfani. "Improved

transparency will help Americans comparison shop and choose

credit cards that are the best fit for their financial situation."

Published 04/06/06 (Modified 05/07/12)


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