Discover Credit Cards Rank Highest in Customer Satisfaction
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Today, J.D. Power released its 2015 U.S. Credit Card Satisfaction Study, and for the first time, Discover sits alone as the number one card in customer satisfaction. It is also the first time in the nine-year history of the study that American Express has not been in the top position.
The study analyzes customer satisfaction of 20,000 credit cardholders on six distinct factors: customer interaction, credit card terms, billing/payments, benefits, rewards and conflict resolution.
The ten credit card companies ranked as follows:
Discover ranked highest in all six categories. Discover has made a number of changes in the past year. They have introduced a Freeze It feature, allowing cardholders who have misplaced their card to freeze new purchases until the card is found. In addition, they have enhanced their rewards program, including the introduction of Discover it Miles, a card that automatically doubles the miles you have earned during the first year.
Capital One made the biggest jump in the survery, going from 8th place in 2014 to 4th place this year.
The survey also looks at the driving factors that lead people to select their primary card providers. 52% of participants said they selected their current cards because they offered better rewards than their former cards, and 24% said they made the switch for better benefits.
Compared to the 2014 U.S. Credit Card Satisfaction Study, consumers are using their rewards more now than before. 53% reported using rewards within the last six months, compared to 49% last year.
“When customers feel the rewards are attractive and when they redeem rewards more frequently, satisfaction improves, they spend more and they are more likely to recommend the card to friends and family,” Jim Miller, senior director of banking services at J.D. Power, said in a statement.
Card satisfaction as a whole increased significantly this year, reaching a record-high 790 points on a 1,000 point scale. Satisfaction ratings were higher among consumers who had used their points in recent months (856) when compared to those who had never redeemed their rewards (728).