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Credit cards: Best to worst list
Posted on Aug 31, 2007 by Tom Fragala
Consumer Reports did a huge survey on credit cards. See this CNN Money article for more (you need to be a member of Consumer Reports to get the entire report).
Consumers gave high ratings to American Express, Discover, as well as to cards issued by credit unions in a report released Thursday rating the best and worst credit cards.
In a survey of more than 36,000 cardholders conducted by Consumer Reports, five of the largest MasterCard and Visa issuers, JPMorgan Chase (Charts, Fortune 500), Bank of America (Charts, Fortune 500), Citibank, Capital One (Charts, Fortune 500), and HSBC (Charts) -- which together control about 80 percent of the market -- earned mediocre rating scores.
For what it’s worth, I haven’t see the report, but in my experience, there no single list can capture the needs of consumers. For example, if you are someone that pays off your balance every month no matter what, you may desire a card with different options than someone else. Although, when it comes to customer service, there are some things that are universal.
For example, Citibank refuses to credit me back hundreds of dollars in fees on fraudulent charges I suffered a few months ago. And I even sent them a police report and fraud affidavit. Figure that one out.
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