Biggest Consumer Credit Card Frustrations RevealedPosted July 17th, 2009
We recently hosted a Twitter poll where we asked credit card consumers to voice their biggest frustrations in regards to the plastic fantastic. As it turns out, the once highly praised plastic card is cause for much frustration for consumers according to the feedback we received.
Social networking sites such as Twitter have become a stronghold in online communication between consumers because of the ease in which we can share information. More and more offline customers are turning to online based websites to publicly share their anger, frustrations and of course their joys.
The power of these networks has been proven to be very effective, prompting many offline businesses and corporations to their knees due to strong public demands. When consumers are not happy, companies suffer, and because of the power of the Internet it is now more important than ever to keep your customers happy since bad publicity takes ages to mend.
Our poll results have shown some surprising insights. The most obvious one being that many of the questions were returning similar results.
In regards to our question: ‘What frustrates you most about your credit card?‘ we received the following answers:
- High interest rates 18%.
- High annual fees 10%.
- Misleading Terms & Conditions 8%.
- Cash Advance/ATM charges 18%.
- Over the limit fees 8%.
- Late repayment fees 13%.
- Unrewarding reward programs 8%.
- Everything, but I can’t let go of it 18%.
Given the answers of the poll it is clear that most credit card consumers struggle the most with fees and charges. This is no surprise when we take into account that many of them present themselves as hidden costs to consumers.
Most people don’t bother to read the small print before signing on the dotted line; let alone do they check their monthly credit card statement. Therefore it is obvious that in order to keep control of your costs you need to be in charge of your extras. Know your limits and stick to them.
Unfortunately we have come to depend on these little plastic cards because they are just too convenient to oversee. But unless we learn to master credit cards they will always master us instead.
As a matter of fact, by observing a little common sense you can go a long way in taking advantage of credit cards, especially if they offer you interest free days before you are expected to pay for your purchases.
Perhaps banks and lending institutions should take a slice out of our Twitter poll and hold their own online social networking polls to determine whether their customers are happy. With a ready-to-listen audience at hand they can easily find out what can be done to rectify any matters at hand. It would certainly prove to be beneficial for any business on the bottom line because it doesn’t involve expensive feedback marketing campaigns.
Credit Card Offer Comparison
|Interest Rate (p.a.)||Balance Transfer Rate (p.a.)||Annual Fee||Cash Advance Rate (p.a.)|
Bankwest Breeze MasterCard
|A low interest rate on everyday purchases with a low balance transfer offer||0% for 4 months (reverts to 11.99% )||0% for 6 months||$59||21.99%|
Citibank Clear Platinum Card
|A low interest rate offer on balance transfers and purchases||0% for 6 months (reverts to 11.99% )||0% for 6 months||$49 annual fee for the first year ($99 thereafter)||21.74%|
|An introductory offer on balance transfer and a low annual fee||13.24%||2.99% for 6 months||$0 annual fee for the first year ($55 thereafter)||21.49%|
Virgin Australia Velocity Flyer Card
|Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers||20.99%||2.9% for 6 months||$129||20.99%|
Westpac 55 Day Credit Card
|No annul fee for the first year with a low rate on balance transfers and purchases||0% for 5 months (reverts to 19.59% )||0.99% for 9 months with 1% handling fee||$0 annual fee for the first year ($30 thereafter)||21.49%|