You own a credit card but are you aware of the terms and conditions for using the credit cards. Still thinking, don’t worry as you are among those hundreds of cardholders who are not aware about what is happening. A recent report has stated that though millions of people use credit cards but they have no inkling of the terms of the agreement.
The report by the Government Accountability Office stated:
Although issuers must disclose information intended to help consumers compare card costs, disclosures by the largest issuers have various weaknesses that reduced consumers’ ability to use and understand them
There are several reasons behind it- information is poorly organized and scattered, the language used for preparing the disclosures is pretty difficult to understand and there are other factors due to which a number of card holders still do not have proper knowledge regarding the terms.
I think this is not only hurting the consumers but also the companies and the credit card companies should learn a lesson from this report and correct the weaknesses.
