Amex and Discover Top Credit Cards in Customer Satisfaction
The survey measured credit cardholders satisfaction based on the following factors: interaction, credit card terms, billing and payment, rewards, benefits and services, and problem resolution.
Overall satisfaction is now at a record high, reaching 778 points on a 1,000 point scale. This is an increase from the 767 score in the 2013 survey.
American Express has ranked well for all eight years of the survey, but Discover has not always rated this high. This year, both companies landed a score of 819. Chase ranked third in the survey with a score of 789. In fact, the top six issuers on customer satisfaction remained the same from 2013 to 2014.
1. American Express and Discover
5. U.S. Bank
6. Wells Fargo
7. Bank of America
8. Capital One
10. GE Capital
American Express offers 21 different credit cards, and most of their customers are affluent and unlikely to carry a balance from one month to the next. By comparison, Discover offers few cards with cash back rewards and no annual fees. They reach a broader range of customers than American Express, despite their limited options.
Jim Miller, senior director of banking services at J.D. Power, said, “This is really a tale of two very different credit card companies that both excel at customer interactions. American Express and Discover provide great personal service when customers call in and also make it easy for customers to manage their accounts online as well as by using mobile apps.”
The survey found that the most common complaint among all cardholders is unauthorized or fraudulent activity, which accounts for 21 percent of all problems.
The survey tallied the responses of over 20,000 cardholders.