10 most readable credit card agreements
CreditCards.com analysis of major card issuers contracts finds best, worst
Unlike the 10 most unreadable credit card agreements, these 10 are a breeze to read.
Experts in readability say that contracts should require, at most, a ninth-grade reading level if they are to be widely understood. These credit card agreements easily met that test, as measured by readability programs in a CreditCards.com analysis of more than 1,200 credit card contracts in a new Federal Reserve database. The agreements were analyzed using the "FOG Index" -- a mathematical formula that determines how many years of education readers need in order to understand the content.
10 MOST READABLE CREDIT CARD AGREEMENTS
Reading level (years)
Number of words
University of Illinois Employees Credit Union
ESL Federal Credit Union
Affinity Federal Credit Union
MidFlorida Credit Union
Associated Credit Union
OnPoint Community Credit Union
S.C. State Credit Union
State Department Federal Credit Union
University of Michigan Credit Union
Bank Fund Staff Federal Credit Union
Source: CreditCards.com analysis of the credit card agreements contained in a database maintained by the Federal Reserve. Under the Credit CARD Act of 2009, all U.S. credit card issuers with more than 10,000 credit card accounts must submit their agreements to the Fed every three months.
See related: MAIN STORY: Credit card agreements unreadable to 4 of 5 Americans, 10 most unreadable credit card agreements, 10 wordiest credit card agreements, Readability of credit card agreements from biggest 20 banks, How credit card agreements' readability compares to familiar documents, Quotable: What lawmakers, consumer activists, bankers say, 3 language experts try to make sense of a card agreement, Federal database of credit card agreements not user friendly, Video: Consumers try in vain to understand credit card agreements
- New technology, analytics help fight card-not-present fraud – Issuers innovate to thwart cybercriminals, but the shift to mobile puts the onus on merchants to step up against card-not-present fraud ...
- Immigrants may need good credit to stay in the U.S. – Under a new proposal, the government would review the credit histories and credit scores of immigrants seeking visas or other status changes. But achieving a high U.S. credit score is an obstacle for many immigrants ...
- Should you buy identity theft coverage from your home insurer? – Identity theft protection from your home insurer can help you recover from fraud damage, but there are preventive measures you can take for free ...