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19/08/2010 -
While new federal regulations could potentially have an adverse effect on the revenue of credit card issuers, banks and payment processors, it has boosted customer satisfaction, a new survey finds.J.D. Power and Associates has announced that consumer satisfaction with credit cards has rebounded from a 3-year low in 2009, with American Express taking the top spot, followed by Discover Financial Services.
The company attributes the upswing to a new disclosure law that went into effect in February. "The Credit Card Act has motivated the issuers for clearer more transparent communication," said Michael Beird, director of banking services at J.D. Power. "Consumers are a little more empowered to know a little more at what's going on in with their accounts."
However, while consumers may perceive the value of this information, the survey found that only a third of cardholders who received disclosures could actually understand their credit card terms.
This weekend, new regulations outlined by the Credit Card Accountability, Responsibility and Disclosure Act will go into effect, easing fees for cardholders and establishing stricter reporting standards for credit card issuers and processors. Now, companies will be required to explain interest rate increases and fees, among other new protections.
