When you compare credit cards it's important to consider the credit card issuers track record.
A good way to find out about credit card issuers is to go to The Consumer Financial Protection Bureau.
The CFPB accepts complaints from consumers about different financial services, including credit card companies.
Which Credit Card Issuers Have the Most Complaints?
There are over a billion credit cards in circulation in the US. The highest issuers will probably have the most complaints. Take this into consideration.
Chase has almost 80 million more credit cards in circulation in the U.S. than Barclay, so of course they are going to have more complaints, since they have far and away more people who use their credit cards.
Based on that data,
CitiBank: with over 53 million credit cards in circulation, had the highest rate of complaints per credit card issued.
Discover: which has around 48 million cards in circulation, had the best ratio, with only 1,294 complaints.
Chase: which has the most card in circulation at 88 million, also had one of the lowest ratio of complaints to cards
American Express: also had one of the lowest ratio of complaints to cards
Below is a list of the top 3 complaints
1. Billing Disputes: With 16 percent of the complaints filed with the The Consumer Financial Protection Bureau this was by far the biggest complaint. The reason that most people file complaints about their billing. were confused by the billing process of their credit card lender, or didn’t realize that they only had 60 days to dispute any billing charges. This is laid out in most credit card lender’s Terms and Conditions, but most people don’t take the time to read those.
2. Interest Rate: Complaints about interest rates accounted for about 9 percent of the total number of complaints to the CFPB. These reports were mostly from consumers who did not understand how their interest rates worked or were frustrated when their interest rates were raised. (Again, it's important to read the fine print).
3. Identity Theft/Fraud: While it is surprising that identity theft is so far up on the list of complaints (accounting for 7 percent of all complaints), it does make sense since identity theft is having a meteoric rise in recent years. The problem is that most people don’t know what to do when they are a victim of identity theft. Contact your credit card companies is the first step. I will be writing an article about Identity theft soon.
There are over a billion credit cards in circulation in the US. Credit cards are a thriving business Just taking a look at the interest rate you might have incurred during Christmas can give you a good example of how much money credit cards companies are raking in. If you want to save money, pay your balance off each month and get free stuff or air travel with your points and or reward miles. This is the only reason to shop with a credit card.