Only 1 in 3 Cardholders Truly Understand Their Credit Card Benefits

Only 1 in 3 Cardholders Truly Understand Their Credit Card Benefits

August 22, 2019         Written By Lynn Oldshue

J.D. Power just released the results of their 2019 Credit Card Satisfaction Study. They found the average cardholder has 16 supplementary benefits on the cards, but only 36% actually understand what those benefits are.

Credit card benefits are different than credit card rewards. These are specialty features on a card, such as rental car insurance, concierge service or trip cancellation insurance. These automatically come with the card and are applied to qualifying transactions. On the other hand, rewards are earned over time, such as cash back or airline miles. J.D. Power found that 66% of cardholders understand their credit card rewards.

Featured Card

Top Features:

Offering responsible credit without fees, Petal 2 is Petal’s most advanced card. It has no fees of any kind, is designed to help you build credit, and with cash back on every swipe, competes with other prime rewards cards.

Card satisfaction was highest among consumers who understand their card benefits. Knowledgeable consumers had a satisfaction rate of 864 out of 1,000, compared to 699 for less knowledgeable cardholders. The knowledgeable cardholders also spent an average of $307 more per month, tapping into the full potential of their credit cards.

The study also showed consumer satisfaction when it come to credit card companies.

Discover ranked the highest in customer satisfaction among national issuers for the fifth time in six years. Discover had a satisfaction score of 842, followed by American Express with 838, and Capital One and Chase tied with 807 each.

Despite the prevalence of data breaches in America, 52% of cardholders believe that card issuers protect their identity. This is up from 49% the year prior, showing a decrease in cybersecurity concerns among consumers.

The information contained within this article was accurate as of August 22, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

Review LowCards.com Editor’s Top Cards!

2020 Top Credit Cards by Category
Featured Prepaid Card
NetSpend® Visa® Prepaid Card
EDITOR RATING
Featured Prepaid Card
NetSpend® Visa® Prepaid Card

Applying for this card will securely direct you to the issuer's website.

Top Features: No late fees or interest charges because this is not a credit card it is a prepaid card. 

Featured Secured Card
Assent Platinum 0% Intro Rate Mastercard Secured Credit Card
EDITOR RATING
Featured Secured Card
Assent Platinum 0% Intro Rate Mastercard Secured Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Intro APR Offer on Purchases

Featured Fair Credit Card
Reflex Mastercard® Credit Card
EDITOR RATING
Featured Fair Credit Card
Reflex Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: All credit types welcome to apply!

Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
EDITOR RATING
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Reports to all three credit bureaus, perfect credit not required for approval


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.