In January of 2014, an analysis of data collected by the Consumer Financial Protection Bureau between November 2011 and September 2013 revealed Capital One credit cards to have the most consumer complaints, according to CNN. Citibank credit cards ranked second in the number of complaints received, followed by Bank of America and then JPMorgan Chase.Continue Reading
The U.S. Public Interest Research Group performed the analysis and found GE Capital Retail Bank to have the highest number of complaints using a ratio of number of consumer complaints to card purchase volume, states CNN. This finding was disputed by GE Capital Retail Bank. The company's spokeswoman stated that the company's actual card purchase volume was more than three times the metric used by the U.S. Public Interest Research Group.
A July 2012 analysis of Consumer Protection Bureau data from July 2011 through May 2012 similarly showed Capital One, Citibank, JPMorgan Chase, Bank of America and GE Capital Retail Bank to have the highest number of consumer complaints, according to Business Insider. Other credit card companies receiving high numbers of complaints were American Express, Discover/Novus, Wells Fargo, Barclay's and US Bank. Billing disputes, APR and interest rate issues, identity theft and fraud-related incidents, difficulty closing accounts and late fees were among the most complained about issues consumers had with the credit card companies, states Business Insider.Learn more about Credit & Lending