Credit Card Companies - Online Credit Card Complaint Database To Debut

Credit Cards
Review by Mario The Great on 2012-06-19
Rating: StarEmpty StarEmpty StarEmpty StarEmpty Star
This is nice. You can bet there are some very unhappy bankers. :)

WASHINGTON (CNNMoney) -- A new online database devoted to cataloging consumer complaints against credit card companies launched Tuesday.
The website, created by the Consumer Financial Protection Bureau, will begin by posting grievances against credit card companies, and will eventually include complaints regarding mortgages and student loans...

Comments:9 Replies - Latest reply on 2012-06-19
Posted by T on 2012-06-19:
I've never had a complaint against any credit card company. We have an understanding - I use my credit with them, and I pay my bill at the end of the month. Simple concept. No harm, no foul.

This service may prove useful to the whiners.
Posted by MDSasquatch on 2012-06-19:
I used to use credit cards, but haven't made a charge in over four years. I also paid my bill every month and got a letter in the mail stating "your APR is being raised to 29.99%; if you do not agree with this change, your account will be suspended and closed once paid off"... or something like that.

I did nothing wrong but they tried to gouge me anyway; living without credit cards is easier than you think.
Posted by T on 2012-06-19:
Living with credit cards can be easier than it appears to be for a lot of people. Simply pay the bill, all of it, at the end of the month, just like the phone and electric bills.

~If~ a credit card company writes to me they are raising (or lowering) my rate, it means nothing at all to me. I just throw it in recycling and go about my day.
Posted by Manuel on 2012-06-19:
I haven't had a problem with my credit cards either. I make my payments on time. But I have to say that the practices of credit card companies can be sleazy. They find loopholes to gouge the consumer until a law is passed to close those loopholes. I don't think it is an ethical business at all.
The relationship between the consumer and a company should be mutually beneficial. The relationship between most consumers and the credit card company is more like a drug addict/dealer relationship. I know that there are exceptions; people that pay the balance off every month, but they are in the minority.
Posted by tnchuck100 on 2012-06-19:
ChuhBaca, I like that "drug addict/dealer relationship" definition. Excellent. And so very true in far too many cases.
Posted by danie1442 on 2012-06-19:
MDSasquatch, one of the reasons the APR may have went up is because you aren't using the card. Credit card companies don't like that. It's the same with banks that charge a fee if you don't keep a certain amount of money in your checking account. You aren't making them any money.

Also, the above site can be used to post issues as well. A number of servicemembers have had a lot of issues with credit card companies and they were paying on time.

Sometimes it isn't about paying your bills on time. It is more about mistakes made by the company and having to fight tooth and nail for them to admit and correct the problem. Then again, some have the good fortune of not having any issues.

If you get bored enough I would suggest that everyone reads a few, you will be surprised about the issues that arise.

Posted by MDSasquatch on 2012-06-19:
Whatever the reason, I got rid of them.
Posted by danie1442 on 2012-06-19:
I don't blame you. Check your credit report because sometimes when a card is closed it negatively impacts your report. It also lowers your score if you don't have credit cards. This may not have a big impact if you have a mortgage or a huge purchase. Credit card companies seemed to have bought their way into having an impact on your credit rating.
Posted by Alain on 2012-06-19:
Good information, Mario! Credit, used wisely, is a part of a sound economy. Credit, used unwittingly, is a bad bubble waiting to burst. That being said, I avoid credit and prefer to own rather than risk. That would make me bad for the economy. *helmet on and have at it*

Your Name:
(displayed with your comment)
Your E-mail:

Your Experience/Advice:
Check spelling

By clicking submit you agree that you have read and accept the Terms of Service & Privacy Policy.

Note: All comments are reviewed by a moderator before being published. Please be sure to read our guidelines before commenting.