10 most unreadable credit card contracts
CreditCards.com analysis of major card issuers contracts finds best, worst
When it comes to readability, these credit card agreements are the worst, as measured by readability programs in a CreditCards.com analysis.
These contracts are thick with FOG. The 10 most unreadable contracts require a reading level starting at 16.8 years -- or most of the way into someone's first year of post-graduate education. Experts in readability say that contracts should require, at most, a ninth-grade reading level if they are to be widely understood.
Almost all were credit unions, but to be fair, credit unions also occupied every one of the slots on the list of 10 most readable contracts.
|10 MOST UNREADABLE CREDIT CARD AGREEMENTS
||Reading level (years)
||Number of words
|1.||GTE Federal Credit Union||18.5||3,558|
|2.||Langley Federal Credit Union||18||3,499|
|3.||Eglin Federal Credit Union||17.8||2,735|
|5.||First Financial Federal Credit Union of Maryland||17.3||8,675|
|7.||Alabama Telco Credit Union||17.1||1,412|
|8.||Sharonview Federal Credit Union||17.1||4,336|
|9.||Teachers Federal Credit Union||17||2,600|
|10.||Educators Credit Union||16.8||2,746|
|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 Fed every quarter.|
See related: MAIN STORY: Credit card agreements unreadable to 4 of 5 Americans, 10 most readable 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
- Rewards, credit availability could take a hit as credit card banks' profits fall – Profits at U.S. credit card banks fell due to higher delinquencies and lower net noninterest income in 2017, according to a Federal Reserve report ...
- 6 ways you may be violating your card's terms of service – Engaging in one or a number of any of these activities can result in your account being flagged ... or even canceled ...
- How to avoid timeshare scams: A guide – The Federal Trade Commission named timeshare scams one of the top frauds of 2017, making it one of the largest threats to travel security in the U.S. Our guide details what is a timeshare scam and how to avoid them ...