Credit Card Rewards Under Fire
Jun 2nd, 2008 | By Rob | Category: Uncategorized
Although I haven’t alterations of the credit card reward system under consideration by Congress or the Federal Reserve, a Consumer Reports survey released today (June 2, 2008) found that credit card rewards were more trouble than they are worth because of confusing rules and restrictions on when rewards are accumulated and how to redeem them. [I can't seem to find it on the Consumer Reports website yet, but that's what CNN Money reported.] Perhaps that’s why 41 percent who earn rewards never use them.
Hopefully, Congressional leaders consider stepping in to ease the terms and conditions nightmare that the credit card issuers have created with their reward programs. Especially with the increasing frequency that I see credit cards pushing gas rebates and discounts now that gas prices are around $4 a gallon. For those searching for more information on credit card rewards, Bankrate.com has an analysis of cash back credit cards.
