Credit Card Holders Call Repricing Unfair
September 10, 2009
By: Joe Taylor Jr.
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Credit card companies have lost the confidence of a majority of Americans, according to a leading market research report. The Cardbeat report, published by Auriemma Consulting Group, surveyed over 500 credit card users in June. Most respondents experienced credit card repricing, one of the most common effects of the recently enacted Credit CARD Act. One in five respondents reported reduced credit lines, while most cardholders surveyed felt that credit card companies overreacted unfairly to new rules.
Cardbeat editor Nancy Stahl told reporters that many credit card issuers failed to provide clear explanations of changes in rates, credit limits, or account access privileges. "Even consumers who weren't entirely surprised to be re-priced expressed strong dissatisfaction with the reason given by their credit card issuer," said Stahl. The Cardbeat report indicates that cardholders may have been more satisfied if credit card companies had aligned their messages more closely with consumer sentiment.
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