The national survey showed that 64% of people do not read their credit card agreement before signing on the points line. They also revealed the banks with the worst readability rating for credit card contracts. Most credit cards can now be registered online. This means that there is no one to talk to you through any point, the agreement must be detailed and cover all legal aspects. But does anyone read the fine print? And if not, why not? The survey also found that 45% of people did not know how to dispute fees on their credit card, which could mean they pay unnecessary fees. If you are not sure of the latest fees or fees, it is advisable to check this out, especially since your agreement can change at any time. 13% of our respondents did not know. This is a special agreement between us and you, in which we agree to a temporary reduction in interest rates or fees in force, in exchange for your agreement to meet a defined payment schedule. Such an agreement is concluded in writing. It may provide that after the conclusion of the training agreement or in the event of non-compliance with the terms of the training agreement, interest rates and fees may increase to the same conditions as before the training agreement. The Flesch Kincaid score is a readability test commonly used in training.
It uses the length of words and the length of sentences to determine how easy it is to read a text, and it is similar to the U.S. grade system. The smaller the number, the easier the content is to read. We have executed both standard credit card agreements for each provider through this test, as well as card-specific information on their website that you specified before the application. The results were disappointing. In our research, none of the agreements were evaluated in Grade 6, which corresponds to the reading level of 11 and 12 years. Quite, it seems. But the average national reading age for the UK is 9 years. You will receive a cash advance if you use your card or account to do one of the following steps: 64% of respondents admitted that they did not read the full agreement when you sign up for a credit card.
60% also said they don`t read updates to their agreement and just click accept.