When it comes to credit cards, there are countless options to choose from.
What's even worse is that many of these credit cards offer similar - if not identical - interest rates, benefits, and rewards.
So how do you decide what card is best for you? This study attempts to help consumers answer that question for themselves.
One of the most important differentiating factors with credit cards is the issues that arise when using them, and how helpful the customer service team is at dealing with those issues.
That's why I decided to take a look at what credit card providers have had the most complaints made against them so far in 2016. Using data from the Consumer Financial Protection Bureau, I ranked the 20 companies with the most complaints.
|Rank||Issuer||# of Complaints in 2016|
|2||JPMorgan Chase & Co.||2117|
|6||Bank of America||1526|
|14||First National Bank of Omaha||100|
|17||Fifth Third Financial Corporation||66|
The complaints included in this study were made for a variety of reasons.
The most common complaints were made because of issues with billing - including unwarranted fees, lost payments, and more.
Some of the other most common complaints included issues with identity theft or fraud, misleading advertising, poor customer service, and closing/cancelling accounts.
This study analyzed over 16,000 complaints in order to rank the top 20 credit card providers. This data does not consider how many credit cards each company issued or the total amount of payments that were made using the cards.
Those looking for new credit cards should consider the complaints made against the issuers before making a decision.
Issues with credit cards often leads to a negative impact on credit score. For this reason, many people take these problems seriously and work to get them resolved ASAP. Though this is definitely possible, it takes a lot of work and a quick resolution isn't guaranteed.
If you are considering opening up a new credit card, be sure to know the common issues that other consumers have with your issuer so you can look out for them and make sure they don't affect you as well.
If you have any questions regarding my study, feel free to comment below or contact me.