If you’re in the market for some new plastic, American Express (Stock Quote: AXP) should be your card of choice.
In a study released by market-research firm J.D. Power and Associates, the card issuer received the highest customer satisfaction rating for the fourth year in row, receiving 769 points on a 1,000-point scale.
Discover Card (Stock Quote: DFS) was ranked a close second, receiving 757, while U.S. Bank was ranked third with a score of 727. Conversely, HSBC (Stock Quote: HBC) was the lowest ranked issuer, scoring 686 points. Citi Cards (Stock Quote: C) and Capital One (Stock Quote: CBC) just escaped the bottom spot, scoring 692 and 699, respectively.
Overall credit card satisfaction for this year was 714, up nine points from 705 in 2009, an all-time low.
J.D. Power and Associates’ study, which has been going on since 2006, is based on responses from more than 8,500 credit card customers obtained in May and June 2010. Participants were asked to rate their cards in six key areas:
• Credit card terms
• Billing and payment process
• Benefits and services
• Problem resolution.
Universally, the highest-ranked issuers were found to have exceptional reward and benefit offerings, solid customer service and effective, timely problem resolution. Low-ranking issuers were mostly cited for failing to explain the terms and conditions of their credit cards, but Michael Beird, director of banking services at J.D. Power told CNN that the problem involves more than poor communication.