Most Credit Cards Are Unfair according to Study

A report by most credit cards in the U.S. include at least one practice that qualifies as “unfair and deceptive” under new Federal Reserve guidelines set to go into effect in 2010, according to a report from the Pew Safe Credit Cards Project. Reviewing consumer credit cards issued by the 12 largest companies, and which represent 88% of outstanding credit card debt, the researchers found: • 100 percent of cards allowed the issuer to apply payments in a manner which, according to the Federal Reserve, is likely to cause substantial monetary injury to consumers. • 93 percent of cards allowed...

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