CFPB upgrades terms of credit card plans survey

The Consumer Financial Protection Bureau (CFPB) upgrades its terms of credit card plans survey, maintaining that the action aids consumers shopping for a new credit card.

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“Given the rise in interest rates, the CFPB has modernized how it collects credit card data to spur competition and help families use products with lower rates and fees,” CFPB Director Rohit Chopra said. “These improvements will also give smaller relationship banks that offer better terms and better service another way to compete against the dominant credit card companies.”

According to the CFPB, Americans pay $120 billion in credit card interest and fees annually, contributing to the nearly trillion dollars in nationwide household credit card debt.

The scope of work involved in upgrading the terms of credit card plans survey involved the agency collecting and making public the product data on credit cards from the largest 25 issuers and from a sample of at least 125 additional issuers to provide consumers with more realistic and practical information to use when comparison shopping for a credit card.

The CFPB noted the survey data could also power digital tools and websites people can use to find the best products for them, regardless of company size or marketing budget.

The refreshed survey addresses lower interest rates; realistic interest rates; and credit card products that best fit needs, according to the CFPB.