Credit card holders across the country are angry at their card issuers and unprecedented numbers of them are voting against their issuers with their wallets, according to a poll from Consumer Reports.
The consumer magazine's national poll of over 1,200 card holders found that 32% have closed a credit card since January 2008 and half shut their card down in response to some action from the issuer such as cutting limits, hiking interest rates or imposing higher fees.
The survey also found that 45% of card users reported charging less on the cards they kept and only 41% said they were happy with their card issuer.
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Significantly, a report on cards released with the survey, which appears in November issues of the magazine, identified some credit union credit cards for praise as better card deals for conumers.
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PenFed, the Pentagon Federal Credit Union's card is available to members of the National Military Family Association, which anyone can join for $20," the organization said in a release about the survey. "Employers might provide access to a credit union. Cards issued by the Addison Avenue Federal Credit Union carry APRs as low as 5.24% for employees of Hewlett-Packard, Cisco, Agilent Technologies, and other tech companies. The Digital Federal Credit Union offers attractive cards to employees of its more than 700 member companies."
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