J.D. Power and Associates’ recent poll, 2010 U.S. Credit Card Satisfaction Study, a study of more than 8,500 credit card holders that measures customer satisfaction by examining six key factors (interaction, credit card terms, billing and payment processes, benefits and services, rewards, problem resolutions) shows that consumers are generally more satisfied with their credit card provider – up from a year ago. On a 1,000 point scale, overall credit card satisfaction is up by 9 points from 705 in 2009 to 714 in 2010, primarily driven by improvements with credit card terms and billing.
For the fourth consecutive year, American Express, with a score of 769 on a 1,000 point scale, took the lead in the satisfaction rating of consumers; Discover Card Inc. came in a close second with a score of 757. Lagging a bit behind was U.S. Bank with a score of 727. The credit card services with more complaints included CitiBank, HSBC and Capital One. Rewards and benefit, phone and online customer service, and a focus on reducing and resovling problems were the factors that determined the highest ranked credit card issuers.
But as consumer confidence grows, loyalty to card brand, bank or a specific card has slipped to the point that they would consider cards to take advantage of better rates. Those who would definitely not switch cards in the next 12 months declined from 30% in 2008 to 22% in 2010.
“Despite massive efforts by the credit card industry during the past year to educate customers about credit card terms as a part of the CARD Act, customers’ grasp of those terms continues to be elusive,” said Michael Beird, director of banking services at J.D. Power and Associates. “Sixteen percent of card customers report that they did not receive CARD Act disclosures. Among those who did, only two-thirds state that the disclosures improved their understanding of how the act affects their individual circumstances. Furthermore, only one-third of cardholders say they ‘completely’ understand their credit card terms.”
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