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Before you pick a new credit card, check to see if it has this fine print

Moderator

Before you pick a new credit card, check to see if it has this fine print

  • So-called mandatory arbitration clauses in card agreements require cardholders to settle disputes through arbitration rather than via court.
  • In a CreditCards.com review of 30 credit card issuers, only nine have arbitration clauses that cardholders cannot avoid.
  • Experts say you may want to look for a card that does not have an arbitration clause rather than one that offers a way to opt-out.

https://www.cnbc.com/2017/11/30/credit-card-terms-may-let-shoppers-avoid-mandatory-arbitration.html

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

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- Rhonda Byrne
Message 1 of 4
3 REPLIES
Regular Contributor

Re: Before you pick a new credit card, check to see if it has this fine print

Interestingly enough I'm surprised to see USAA and US bank listed among those that do not allow arbitration. 

 

Well Fargo, Barklaycard and Credit One however are right where I expected them in this list. 

 

'Following the money' in terms of the October Senate vote might be an interesting looksee if one had the time and resources to go deeper.  

Message 2 of 4
Super Contributor

Re: Before you pick a new credit card, check to see if it has this fine print

I'm suprised thatr BofA wasn't a Yes.

12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 3 of 4
New Contributor

Re: Before you pick a new credit card, check to see if it has this fine print

Thank you for the insight, I see why USAA do not budge

Gardening ‎10-13-2017
FICO 8[10-25-2017] EX: 706, EQ: 714, TU: 719
Message 4 of 4