Best & Worst Credit Cards By Consumer Reports
In the October issue of Consumer Reports, the magazine rated some credit card issuers based on user experiences on the company’s customer service, fees, and interest rates.
Of some 21 issuers surveyed in their study, USAA Federal Savings, a credit union for military personnel and their family members, ranked the highest customer satisfaction, followed by Naval Federal Credit Union. For some of the country’s largest Visa and MasterCard issuers, such as Citibank, Bank of America, Chase, MBNA, and Capital One, they found their places at the other end of the specturm. Ranked from 13 to 18, they fell behind independent issuers American Express (6) and Discover (7) in the rating.
What credit card users complained most in the study are the ever increasing fees and sinking customer service. For example, the magazine noted that late fees that credit card companies charged for late payment have more than doubled in the past 12 years, up from $12 in 1995 to $28 in 2006 on average, and the trend is continuing. On the other hand, problems with customer services are on the rise. Nearly 27 percent participants in the study reported that they have experienced lengthy waiting time, confusing navigation menu, or unsatisfactory results. That’s not a surprise to me. Even with American Express, one that’s known for its reputation in customer service, my problem of the unauthorized charges placed on my card has been dragged on for more than half a year without any result.
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So how to avoid all these hassles? You definitely don’t want to get a Capital One “No Hassle” card as it is probably one of the worst cards you can have, according to the review. What the report suggested was, if possible, to get a credit card from credit union because they are not as greedy as the Wall Street firms that are driven by profits and stock prices.
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