Bankrate.com’s 2009 Credit Card Study Released

For many years Bankrate.com has conducted an annual study on the different aspects of varies credit cards that are available, so consumers can review which offers are best for them. This year, with the focus of the study being on the terms and conditions, they looked carefully at what is known to many Americans as the “fine print”. Within the credit card agreement, many details were reviewed including fees, interest rates, penalty rates and fees, conditions for triggering fees, and more.

For this study Bankrate.com took two types of cards, reward credit cards and platinum credit cards, from ten different issuers and looked carefully at the terms and conditions between the issuers and the cards themselves. The issuers involved in this study included American Express, Bank of America, Capital One, Chase, Citi Bank, Discover, First National Bank of Omaha, USAA Federal Savings, US Bank, and Wells Fargo.

Within the study, Bankrate found that the terms and conditions varied more or less by the issuer, not by the type of card that they were providing. For example, when it came to increasing interest rates Bankrate found that some issuers state they can and will change your rates for any reasons, while others won’t unless terms have been violated.

In my opinion, the 2009 Bankrate.com Annual Credit Card Study is very informative and could give insight on why some cardholders look for and continuously carry a certain issuer’s card. To me, these cardholders probably know what to expect when dealing with the issuers and use their credit card accordingly.