Credit Card Satisfaction Highest In J.D. Power Study's History
Americans are happier with their credit cards than they've ever been over the past six years. That's according to the latest J.D. Power and Associates study of consumer satisfaction among credit card customers, released to the general public this month.
Researchers compiled the results of 13,726 consumer surveys to rate consumer lenders on a 1,000 point scale. The 2012 satisfaction average of 753 shows banks scoring the highest on J.D. Power's key factors since the study began six years ago. Researchers asked credit card customers to rate their lenders based on:
- customer service agent interaction
- credit card terms
- billing and payment process
- benefits and services, and
- problem resolution
According to company spokesman Jim Miller, a period of stability after the major regulatory changes of 2009 and 2010 have reduced the number of cardholders experiencing changes in rates and fees, common complaints from previous years.
AmEx, Discover top credit card ratings
Four credit card issuers earned satisfaction scores higher than the industry average:
- American Express (Score: 807)
- Discover Card (Score: 799)
- Chase (Score: 762)
- Barclaycard (Score: 758)
Rewards cards remain popular, while banks get better at spotting fraudRewards credit cards remain very popular with consumers. Four out of five survey respondents told researchers that they understand how to redeem their rewards. 18 percent of respondents said the value of their rewards points had increased from the previous year, while fewer than a quarter of consumers reported expired rewards over the past 12 months. Identity theft and credit card fraud remained the most pressing concern for most credit card customers. However, more than half of the respondents who experienced fraud said their banks contacted them with a proactive solution before they saw fraudulent activity on their statements.
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