American Express has done it again, with consumers. For the fifth straight year in a row, it has received the number one spot on the J.D. Powers and Associates survey of customer satisfaction. J.D. Powers surveys approximately 8,700 cardholders yearly on their level of contentment with their credit card issuer.
The areas of satisfaction include the following: terms, benefits, services, billing, payment processes, rewards as well as having any potential problems with their cards resolved.
The industry average, according to an article appearing on the Daily Markets website, for card satisfaction is 731. American Express, on the other hand, towers over its peers by scoring an impressive 55 points above it with an overall rating of 786. The scale is out of a 1000.
Discover was a close second, raking up some 779 points out of a 1000. And, down at the very bottom of the list, was HSBC, with a score of 689.
The other cards surveyed were from these major companies: the Barclaycard, Chase, Citi Cards, Capital One, U.S. Bank, and Wells Fargo.
Some have set forward theories that one of the reasons that American Express stays ahead of the curb is because of the reward programs it offers. As witnessed lately with their mergers with Virgin America as well as Mercedes-Benz, it appears to be a trend they will only keep going at.
They also have implemented a program called “Relationship Cares” which aims to strengthen the existing dynamic between AmEx and its customer demographic.