Payment Card News

Clear & Simple

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As the consumer backlash builds over credit card practices another major issuer has decided to become more consumer friendly. This week, Chase announced a new initiative to help its cardholders to better understand and manage their accounts. The “Clear and Simple Initiative” includes: tools to empower customers; financial literacy and education; and clearer disclosure of terms and conditions. The tools include automatic payments, free alerts, paperless statements, and payment calculators. Chase says it will offer a cash incentive for signing up for some of the tools. Chase says it is also launching more education initiatives that will be distributed online, through podcasts, chat rooms and in print. Last week, Chase announced a $3.9 million grant program for local credit counseling organizations. Over the last few months, Chase says it has provided easy-to-understand supplemental information to all customers to help them better understand how to manage their account to avoid fees and preserve their best interest rate. By the end of the second quarter, Chase will have mailed this information to more than 30 million customers. For more information visit: “http://www.chase.com”:http://www.chase.com.

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