According to data from J.D. Power & Associates, another big issue is credit card rewards programs.
"Customers who use their card's benefits spend an average of $400 more per month on their card, compared with those who are aware of benefits but do not use them, so clearly this is an area of importance to card issuers," says Jim Miller, senior director of banking services at J.D. Power. "While most customers change cards for a better rewards program, they often don't fully understand the rewards offered with their current card. There is a clear opportunity for issuers to better communicate rewards programs and benefits to not only keep customers loyal, but also to attract new customers."
"It is incredibly important to examine the various options before applying to just any credit card," CreditCardChaser.com says. "Many credit cards have flashy promotions, but they may not have the best interest rates or fees. Others may look great, but are reserved for those with excellent credit only."
To get the best deal on a credit card and better understand the terms and obligations that come with them, financial consumers need to ask some key questions. CreditCardChaser.com has a few ideas: