Discover Surpasses American Express in Credit Card Customer Satisfaction
Discover inched past American Express in the 12th annual U.S. Credit Card Satisfaction Study from J.D. Power. Discover earned the highest customer satisfaction rating among credit card providers, surpassing AmEx by just six points.
The credit card companies are ranked on a 1,000-point scale using six factors: interaction, credit card terms, communication, benefits and services, rewards, and key moments. J.D. Power surveyed over credit cardholders from September 2017 and May 2018. Discovered earned a score of 836, compared to 830 from American Express and 806 for Barclays US.
Wells Fargo ranked among the lowest banks in customer satisfaction, outranking only Synchrony Financial and Credit One Bank. Wells Fargo earned a score of 777, likely due to the series of alleged scandals that have been uncovered over the last few years.
Rewards were the driving force in customer satisfaction. Cardholders with rewards cards reported significantly higher satisfaction rates than those without rewards. Cards with understandable rewards programs ranked the highest. More than one-third (36%) of respondents said they did not understand their credit card rewards program. Those who did spent an average of $307 more per month on their credit cards.
Another draw was the availability of free credit scores, something Discover has offered for over two years.