Is Credit Card Revolt a Growing Problem for Banks?

What started out as simple and intriguing ways to get rid of your credit card and move your money somewhere else is now something that has spawned "credit card revolts" around the country.  According to an article entitled "Banks, Credit Card Issuers Face Simmering Uprising", the most recent action of the ever-growing credit card revolt is that of a movement entitled, "Move Your Money". Under this campaign, organizers are utilizing the anger that millions have toward big banks and credit card issuers, and are encouraging the move of their finances to both credit unions and smaller community banks.

When it comes to why movements like these have been growing everyday, consumers don’t have to look too far. Websites such as youtube.com have literally millions of videos where cardholders have vented and how their financial institution has done very little to help. As of date, the most prominent video as been between one woman from Red Bluff, California and Bank of America, in which by the time it was all said and done her interest rate was lowered (not as low as she hoped).

Even with new laws and regulations, millions of people have decided enough was enough with the dramatic changes to their credit card terms last year. Credit unions have been the choice of many as they have seen benefits that far outweigh the initial amount that must be deposited to become a member. In addition to that we are now seeing credit unions start giving options such as reward credit cards that were once obsolete, making their card portfolio something potential cardholders would not mind getting to replace their current cards.