Cardholders Not As Disgruntled As Congress Thinks

Despite all of the attention that congress has recently been paying to credit card companies and the perception of disgruntled cardholders being mis-informed, a recent survey of 408 credit card users conducted in February of this year found that the majority of American cardholders feel as if they are well-informed

The Auriemma Consulting Group, a syndicated market research company, recently conducted a consumer survey to learn more about the level of customer satisfaction with credit card companies. The survey found that 58% of respondents felt they were well-informed about the benefits and the potential downfalls of credit cards before deciding to apply. In addition, 35% of those surveyed felt the credit card companies did an outstanding job – with a rating of 10 out of 10 – of providing them with the information they need to make an informed decision.

The survey also found that only 33% of consumers research cards available to them before applying for a new one. Rather, about half of those surveyed stated that they applied for new cards spontaneously and without having previously determined to seek out a new credit card. This is an important piece of information for credit card companies, as it indicates that they could win over a fairly large new consumer base by simply presenting them with a tempting offer.

The survey also found that cardholders were overall pleased with the customer service of the credit cards as well as the time frame in which cards accepted or declined credit card applications. In all, the majority of consumers do not appear to feel as if they are being tricked by credit card companies or taken advantage of. My question is this: are they really not being taken advantage of or are they simply unaware that they are being taken advantage of? After all, ignorance is bliss. Therefore, be sure to always be as informed as possible in order to make the right decisions for you and your financial security.

One comment

  1. I don't know who your spoke to but the credit card companies are strong arming consumers and cutting their credit limits without notification.

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