Today CardHub.com released a study that evaluated how up front credit card applications are without reading the fine print. Since most consumers have neither the time nor patience to read pricing disclosures, CardHub.com determined what percentage of key information, such as APRs, fees, and rewards programs, could be gathered without reading the fine print or actively searching for these terms.
The study found that of the top 10 largest credit card issuers, Capital One and Bank of America ranked the highest in terms of clarity, with scores of 96.4 percent and 95.0 percent, respectively. The worst performing issuer was U.S. Bank, with a score of 59.3 percent.
Other key findings:
• Poor disclosure of the balance transfer fee was the most common deficiency.
• There was ambiguity across the board in terms of clearly defining how much the points and miles from rewards credit cards are really worth.
• Ambiguous language (i.e. ‘up to’ and ‘as low as’) still exists, but has diminished considerably.
• Clear disclosure of the annual fee was the category in which issuers consistently performed the best.
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