This report collects information on terms offered by the largest issuers of bank credit cards in the nation. The respondents submit information on the pricing and fees of available third-party credit card plans.
Purpose: The purpose of the report is to encourage consumers to compare credit card offers and to promote competition among credit card issuers. Semiannually, the results are released to the public and reported to Congress.
The Fair Credit and Charge Card Disclosure Act of 1988 required the Federal Reserve Board to develop a credit card survey. The Board published the first report in March 1990, outlining credit card plans available on January 31, 1990.
The panel consists of the 25 largest issuers of bank credit cards and 125 additional institutions, based upon the outstanding amount of revolving credit reported on the Call Report. Respondents include commercial banks, savings and loans, savings banks, and finance companies that issue credit cards through a bank or thrift. Participation is required of the 25 largest issuers; other financial institutions participate voluntarily.
Semiannual, as of the last calendar day of January and July.
Microdata are available to the public upon request through the Freedom of Information Office at the Board and are published in the survey section of Choosing a Credit Card, which presents a summary table on selected credit terms. This information is available online (http://www.federalreserve.gov/pubs/shop/). The Federal Reserve also publishes general consumer information about shopping for credit cards at this location.