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Credit Card Satisfaction Survey

American Express Tops Credit Card Satisfaction Survey

J.D. Power and Associates, a global marketing information services firm, analyzed the responses from 7,665 credit cardholders to understand what features and services made them satisfied or unhappy with their current plastics. The experts took into consideration five areas: reward programs; interaction; fees and rates; billing and payment process; benefits and services. This is the second year that the company conducted the survey, and American Express has become top-rated lender both years.

According to the results of the customer satisfaction survey, only two credit card issuers perform above the industry average and excel in meeting their customers' expectations. American Express, the fourth-largest U.S. credit company, received the highest ranking - 783 points out of 1,000. The lender works well in all five areas that make customers love their plastics.

Discover comes next after AmEx in the rankings. The company scored 751 points. According to the customers, Discover is especially good at interaction, reward programs, billing and payment processes.

Other credit companies in the Top 8 are: National City (721), JPMorgan Chase & Co (719), U.S. Bank (716), WaMu (712), Citigroup (710), and Wells Fargo (709).

The results of the customer survey are surprising because American Express and Discover credit products are targeted at customers with very different needs and expectations. American Express credit cards are a good match for so called "transactors" - customers who pay off their bills in full every month. Such people are looking for attractive reward programs and premiums. Interest rates don't matter because of their payment pattern.

Discover credit card holders are primarily "revolvers" - people who carry a balance from month to month. Most part of such customers pays attention to low interest rates and fees. Revolvers love Discover credit cards because they provide no annual fee, easy reward redemption and fewer problems than other issuers.

The customer satisfaction survey found that over 70% of credit card users have various reward programs associated with their plastics. The most common type of rewards is cash back, the most satisfying type is hotel stays.

Most people consider a reward program as one of the key credit card features. An opportunity to get incentives makes customers love their plastics! It's a good reason for issuers to think about adding reward programs to all plastics, no matter what type of FICO score people have!

The study also discovered that the consumer literacy and the use of various credit card perks and benefits play a significant role in the customer satisfaction. People who reported that they know about such standard benefits as zero fraud liability and online notifications, tend to like their plastics more.

The level of consumer literacy leaves much to be desired. About 25% of customers say they have no idea whether their plastic offers additional benefits, 53% did not know their interest rates and 73% did not know what the grace period was.

As we see, the survey shows that people are more satisfied with their credit cards if they choose them according to their spending patter and fully aware of all features, terms and benefits they provide. If you don't like your current plastic, maybe it is time to analyze your way of life and apply for a new credit card that will help you achieve your financial goals!


11:41 PM, September 14, 2008
I have two AMEX cards!
11:34 PM, September 21, 2008
I like Discover
Jason Garver
06:55 AM, October 07, 2008
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