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Consumer Reactions to Current and Upcoming Credit Card Practices

Published by: Auriemma Consulting Group

Published: Jul. 27, 2009 - 26 Pages


Table of Contents


1. A Note to Readers

1a. Methodology

1b. Introduction

2. Highlights from Study

2a. Executive Summary

2b. Trust of Credit Card Companies and Awareness of Credit Card Bill of Rights

2c. Recent Changes to Existing Credit Cards

2d.Interest Rate Changes vs. Credit Line Reductions: Incidence and Time Frame

2e. Interest Rate Changes: Type and Method

2f. Interest Rate Changes vs. Credit Line Reductions: Amount of Change

2g. nterest Rate Changes vs. Credit Line Reductions: Reasons Given for Change

2h. Interest Rate Changes vs. Credit Line Reductions: Surprise With Change and Satisfaction With Reasons

2i. Interest Rate Changes vs. Credit Line Reductions: Impact on Card Usage and Payment Alternatives

2j. Portions of Balance With Different Rates: Incidence and Satisfaction With Presentation

2k. Portions of Balance With Different Rates: Helpfulness of Balance Summary and Effect on Card Usage

2l. Similar Format for Credit Card Terms and Conditions

2m. Appropriateness of Bank Account Review: Credit Card Application Process vs. Change to Terms

2n. Appropriateness of Bank Account Review: Response to Two Missed Payments

2o. Fees and Finance Charges: YTD Payments and Helpfulness of Summary

2p. Effect of YTD Summary of Fees and Finance Charges

2q. Effects of Possible Changes That Could Be Implemented by Credit Card Companies

2r. Credit Card Usage If Fees Were Charged for Various Services

2s. Payments Alternatives Used If Fees Were charged for Various Credit Card Services

2t. Value of Credit Card Features

3. Conclusion

4. Research Management

Abstract

With the introduction of UDAP and changes to Regulation Z, issuers will be facing many challenges, including the loss or decrease of several income streams. Given the likelihood that these regulation changes will require issuers to reexamine some of their pricing and services, we were interested in finding out how consumers would react to some hypothetical changes to their credit card accounts.

In this study, we examine what credit card changes consumers have already experienced, their reaction to and satisfaction with the reasons given for changes related to their interest rate and/or credit line, how their credit card usage was affected due to these changes, and the impact on consumers’ future card behavior if credit card issuers introduced fees for different services, such as customer service, inactive accounts, and identity theft protection/enhanced security. Data included in this report were gathered using a web survey administered to 503 credit card users in the U.S. during June 2009.

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