Americans have yet to regain confidence in the credit card industry since the 2008 recession. While the Credit Card Accountability, Responsibility and Disclosure Act is aimed toward giving consumers more transparency and protection against issuers, many people are still in credit card debt and not eager to borrow.
As the New York Times reports, NerdWallet, a credit card consumer advocate site, is determined to change consumer attitudes. The site is rolling out a new feature that allows consumers to compare over 400 non-sponsored credit cards before applying.
“We make an honest to goodness effort to list every credit card,” NerdWallet founder Tim Chen told the Times. Chen hopes that by offering more non-sponsored cards, consumers can apply for a membership with interest rates and rewards programs that work best for their financial situations.
The CARD Act is dedicated to providing more clarity in the terms and conditions of credit cards for consumers. Reading the fine print thoroughly when weighing all possible options can help consumers choose the most efficient card for their lifestyle.