Small Businesses Are Satisfied with Their Credit Cards but Want More Rewards
According to the latest J.D. Power Small Business Credit Card Study, small business owners are more satisfied with their credit cards than consumers. Overall satisfaction among small business cardholders was 849 points on a 1,000-point scale. That’s 43 points higher than overall consumer satisfaction rate.
Despite being satisfied with their cards, small business owners are twice as likely as consumers to switch card brands. Small businesses want more benefits and stronger rewards for their credit cards, but are satisfied with their account management options and digital tools.
Small business customers reported high engagement with the digital services on their cards. Eighty percent said they had used their issuer’s website within the last three months, and 69% had used the corresponding mobile app. The business owners had strong satisfaction values for these services (876 for website, 869 for mobile), and reported only slightly lower satisfaction for phone-based customer service (851 points).
Discover had the highest satisfaction scores for both the small business card study and the consumer credit card survey. American Express came in second for both.
Earlier this year, the Private Capital Access Index revealed that 54% of small business owners plan to use a business credit card to finance future purchases. Additionally, 35% of respondents plan to finance their projects with personal credit cards, up 14% compared to a year ago.