Yesterday, the Consumer Financial Protection Bureau released data on complaints it has received from consumers about credit cards. Recall that the CFPB enables consumers to file complaints about mortgages, credit cards, bank accounts, car or consumer loans, and student loans. The data was interesting for several reasons.
First, there weren’t that many complaints. In total the CFPB has received fewer than 150 complaints about consumer credit cards. This number will likely grow as more people learn of the CFPB’s online complaint form. But I was still surprised to see so few complaints.
Second, the most common issues were not about credit card fees. While a few did complaint about late fees, the top five complaints were–
- Billing Disputes
- APR or Interest Rate
- Credit Card Protection
- Closing/Canceling Account
- Identity Theft
Third, the CFPB doesn’t disclose any information about the complaints other than high-level descriptions. For example, one issue consumers complained about is described simply as “Rewards.” This presumably refers to a rewards credit card, but the data give us no insight into exactly what the complaint is.
Still, if you want to complain about your credit card, the CFPB will listen.