Five-Star Rating for Credit Cards Under Fire

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Bank of America and Chase Bank has the worst record for Customer Service. I wish we could go back to when the person on the other end of the phone spoke and acted with compassion. I still see this with American Express and Capital one. I hope the remaining companies with a heart stay that way...buy out the troubled companies and replace them with real people that work hard to retain their customer. A woman I spoke with from Amex truely wanted to help and made suggestions that made me want to keep the card open. She said these are tough times and will get better, so hang on! Bank of America and Chase wanted me to close the accounts. Remember this when we vote for another bail out...What did they do to avoid this situation, and they think the the answer is to step on as many good customers on the way up as you will always have new customers applying for credit cards.

John of NJ 2:44PM November 04, 2009

I totally agree with wm of OR. The tease terms are always in large print. But to understand all the legal terms in micro-print, the credit card companies should have to answer to someone for increasing your interest rate for some out of the blue reason. I, personally like the idea of the five-star rating for credit cards and again, well said wm.

wf in MO of MO 8:00PM March 19, 2008

Are you saying that providing some (but not enough in your opinion) information is a bad idea, so we should get no information about credit cards?
It seems like it is already easy enough to find out about interest rates and rewards, I'm more worried about the stuff that is buried in the fine print, which is what this rating system seems focused on. I'm assuming that the star rating will be accompanied by an explanation of why they got the rating, which the consumer can use to decide if that is important to them.
If the Obama/Wyden bill doesn't go far enough, what kind of information would you like to see?

wm of OR 11:18PM March 17, 2008