1 in 2 Credit Card Late Fee Complaints Result in Refunds
ValuePenguin.com's analysis of CFPB data shows complaining about credit card fees can result in refunds or credits
16 Sep, 2015, 09:30 ET
NEW YORK, Sept. 16, 2015 /PRNewswire/ -- It can pay to complain to the Consumer Financial Protection Bureau (CFPB) according to ValuePenguin.com's 2015 Credit Card Complaint study. The study looked at over 13,000 credit card complaints submitted to the CFPB to identify what consumers complain about, the types of complaints most likely to result in refunds, and the credit card issuers most likely to resolve complaints with monetary relief.
- The study found that 56% of consumers who complained about late fees received refunds. Consumer experiences would vary depending on the type of complaint they were submitting, and bank they were doing business with.
- Citibank was the most likely to close a complaint with a monetary refund - 34% of all submissions were handled this way. Bank of America was the least likely to give consumers a refund – 82% of all complaints headed their way were settled with an explanation.
- Nearly 1 in 5 of all the complaints submitted were related to billing issues – these include misappropriated payments, etc. Identity theft & fraud constituted the second biggest complaint group.
"Submitting a complaint is easy, and can end up saving money," concludes ValuePenguin.com credit card analyst Robert Harrow. "If you believe you were wrongfully issued a fee you have nothing to lose by contacting the CFPB," Harrow adds. "Thousands of Americans are already doing this, and it's likely that significantly more are missing out by not being aware of this option."
The study also looks at which companies have the highest customer satisfaction rates and which states had the most complaints per 100,000 residents.
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ValuePenguin.com is a personal finance website that simplifies complicated financial decisions. Our team of analysts builds visual tools and publishes in-depth research guides to aid consumers in making the best decisions for their financial needs.
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