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Survey ranks Capital One and BofA tops in credit-card disclosures

August 30, 2011 | 11:46 am

Capital One Financial Corp. and Bank of America Corp. have the most user-friendly online disclosures about credit-card terms, according to a survey by Card Hub, a card-comparison website.

Card Hub's second annual survey of the 10 biggest credit-card issuers ranked Discover Financial Services and Citigroup Inc. at the bottom of the list. Discover and Citi didn't immediately respond to requests for comment.

Card Hub, which is run by former Capital One executive Odysseas Papadimitriou, said it visited the websites of the card issuers and evaluated how easy it was to find key information about the cards without delving into the fine print. It said:

The components included clarity on the introductory and regular APRs for purchases and balance transfers, clarity on the balance transfer fee and annual fee, clarity on how a customer earns rewards, and clarity on how valuable their points and miles are for rewards credit cards. Ideally, an applicant should not be able to start filling out an application without seeing this information.

The  majority of the 10 issuers surveyed had improved their disclosures since last year's survey, Card Hub said. Most improved: U.S. Bank, which rose from 10th place to fourth place.

The rankings, with scores on a scale of 100:

  1. Capital One, 98.6
  2. Bank of America, 97.9
  3. Chase, 91.8
  4. US Bank, 91.4
  5. Wells Fargo, 87.1
  6. HSBC/Orchard Bank, 86.0
  7. USAA, 85.0
  8. American Express, 85.0
  9. Discover, 82.5
  10. Citi, 82.1


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Photo: Discover and American Express fared worse than Capital One and Bank of America in a study of online credit-card disclosures. Credit: Associated Press / Paul Sakuma