Consumers feel they are Treated Fairly by Credit Card Companies

Despite the recent economic turmoil and bad image of the financial institutions a new survey shows that only a minority of U.S. citizens feel that their credit card company has treated them unfairly.

According to the survey, conducted by Consumer Report, only about 12% of the consumers surveyed had a negative outlook of their credit card company. The statistics are down from 2010, which showed that 15% of consumers were treated unfairly by their credit card company and down significantly from 22% in 2009.

With an extremely competitive marketplace, credit card companies have also been actively searching out new customers. According to the survey, only 14% of consumers were denied a credit card in 2011, which is significantly down from 24% in 2010.

“We have often pointed out to consumers that this is a great time to find credit card deals and consumers should take advantage of these opportunities,” said Charles Tran, founder of CreditDonkey.

According to Consumer Report, the improved outlook of credit card companies is due to better government regulations. The company points out that the 2009 Credit Card Act is now in full effect and consumers feel better protected from disreputable practices associated with the credit card companies.

“There have been many changes in the marketplace because credit card companies realize they need to be more responsible and that is a major benefit to consumers,” said Tran.

With improved credit card rewards programs and higher approval rates, it doesn’t mean that credit card companies can start taking their customers for granted. The survey also pointed out that 35% of respondents said that they have at least one problem in the last year with their credit card, which includes: higher interest rates, lower rate limit or limits on their reward programs.

Consumer Report also highlighted that balances on credit cards also lowered in 2011 to $3,414 from $3,793 reported last year.

Follow @CreditDonkey or write to Neils at neils@creditdonkey.com

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