How satisfied are you with your credit card company?
You might be interested in a study by ValuePenguin, which recently reviewed complaints reported to the federal Consumer Financial Protection Bureau regarding the six largest credit card companies.
The CFPB was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in 2010 to prevent a recurrence of the financial abuses, by both financial institutions and consumers, that led to the Great Recession.
The credit card researchers studied more than 13,000 complaints against American Express, JPMorgan Chase, Discover, Bank of America, Citibank and Capitol One. They then weighed the complaints against the companies’ 2013 card purchase volume to come up with a “complaint metric,” or score, for each company. The numbers do not include complaints made to other consumer agencies or directly to the companies.
The lower the companies’ score, the more satisfied the customers, presumably.
Disputes over bills and payments led grievances overall, ValuePenguin reported. Complaints about APRs and interest rates, in addition to fraud complaints, were also high on the list.
MyAJC subscribers can check out this gallery to find out how your credit card company fared.
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