Consumer Payment Card News

Greedy Issuers

A new study has found that 70% of Americans believe credit card companies are “too greedy.” Two-thirds said that “the government lets credit card companies get away with murder,” and over half felt that credit card companies try to manipulate both current and new customers. The findings come from a study released this month by Buzzback, an online research firm, and Wharton Strategic Services, a marketing consulting firm. The survey revealed other problems with the credit card industry. Seventy-nine percent of respondents said they get too much junk mail from credit card companies, and 77% feel issuers are too aggressive in their sales tactics. Of the more than 1,000 consumers surveyed, 32% of all consumers and 41% of young adults admitted they don’t know the interest rates on any of their credit cards. In addition, 81% felt the credit card companies should do a better job of educating customers.

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