Nebraska Credit Card : Account Holder Fees

By: EconomyWatch Content Team   Date: 1 February 2010

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People all over the country were hit hard in 2009, which prompted many companies, organizations, and government agencies to take action.  One of these is the state of Nebraska that conducted a special study to determine how satisfied people were with their Nebraska credit card, specific to the city of Omaha.  More and more people have faced increases in interest rate and excessive fees.  As a result, making payments has become increasingly difficult.

The fees being charged on a Nebraska credit card are for a variety of things to include late payments, over credit limit, cash advances, balance transfers, missed payments, and more.  Tired of watching rates climb and satisfaction for the person with a Nebraska credit card account decline, the three-year low for satisfied customers needed to be understood, leading to the survey.  While personal accounts were affected, small business credit card accounts were hit the hardest.

The Credit Card Satisfaction Study of 2009 specific to people with a Nebraska credit card was used to measure and report the findings, which were based on a 1,000-point index.  Specific to increasing interest rates and fees, the study revealed 603 points for small business owners, which was actually much lower than the previous year.  Then for customers, the study showed that close to 20% of customers reported they were unhappy with the increase of interest rate.  This number was up 50% from 2008.

Other findings for this study on changes with a Nebraska credit card included the following:

·    For cardholders that typically carry a balance forward each month on the Nebraska credit card, points on the index declined by 53
 
·    Approximately one-quarter of revolvers also complained that the interest rate went up from the previous year

·    Fees for late payments had the greatest impact on how happy people were with their Nebraska credit card, accounting for 14% of dissatisfaction whereas the prior year was at 11%.

·    When a late fee is charged for the Nebraska credit card account holder, the index drop 86 points

·    The degree of customers making a formal complaint about the increased fees and interest rate increased to 18% over 10% for 2008

On this particular study, several different things were considered with the Nebraska credit card, which included the six factors listed:

1.    Fees and Interest Rates
2.    Interaction
3.    Billing and Payment Process
4.    Benefits and Services
5.    Rewards Programs
6.    Problem Resolution/Customer Support

Another area that was hit hard was customer support, which saw a decline to 703 of 1,000 possible points.  Since this type of study was developed in 2007 for people with a Nebraska credit card account, this was by far the worst reporting for this area ever.  Many experts believe that just as consumers are frustrated, people trying to deal with unhappy or struggling account holders are also frustrated.  To make things better, people in this state are working hard to make changes and now with the new Credit Card Reform Act of 2009, consumers are finally getting needed protection.


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