Study Finds Consumers More Satisfied with Credit Card Issuers
American Express is still the favorite credit card issuer in the 2012 Card Satisfaction Survey by J.D. Power and Associates. For the sixth year in a row, the company has been tops in customer satisfaction with a score of 807. Discover was second with a score of 799.
Overall credit card satisfaction is up for all issuers, and is at its highest level in the six-year history of the study.
Satisfaction increased in all categories in 2012. Overall credit card satisfaction averages 753 on a 1,000-point scale in 2012, up from 731 in 2011 and 714 in 2010. Satisfaction with problem resolution increased by 31 points and satisfaction with rewards increased by 28 points.
Credit card issuers seem to be improving customer service as fewer cardholders reported problems with credit cards. 11 percent of customers said they had a problem with their credit card, down from 18 percent in 2009. 84 percent of credit card customers had their problem resolved in 2012, up from 82 percent in 2011. Credit card issuers resolved problems at first contact for 61 percent of customers.
Transactions and mobile phone payments are increasing, but slowly. Seven percent of credit card customers use their mobile phone to complete transactions, up from 4 percent in 2011.
The results of this satisfaction survey may be a bit surprising. Credit card issuers and banks have been through four years of governmental criticism and regulations. In addition, issuers have taken rate increases and added some fees that ignited public backlash.
However, as the regulations sliced into revenue and competition increased for the customers with good credit scores, credit card issuers seem to have put a greater emphasis on keeping their existing cardholders happy so they don’t switch to another card.