Across the board, credit card satisfaction is up among consumers. In a recent study some lenders fared better than others. Discover and American Express tied for the top spot, and Chase took second place. Citi and GE Capital Retail Bank scored the lowest in the study.
The J.D. Power 2014 U.S. Credit Card Satisfaction Study looks at customer satisfaction in six key areas – interaction, rewards, benefits and services, problem resolution, credit card terms, and billing and payment.
Whose on top
For the past eight years in a row American Express has held the top spot, but this year Discover pulled away from the pack to tie with them for first place.
According to J.D. Power, the company excelled by providing excellent personalized service, and making it easy for customers to manage their accounts whether online or using mobile apps.
They looked at nine different lenders in the study:
Rewards are king
Getting the best rewards can be a big motivation for shopping around for a new credit card. In 2014 10% of respondents did just that, with 42% of them doing so because they were getting better rewards with their new card.
While rewards are clearly important to consumers, the study found that them that offering them is not the key to success. Knowing what motivates customers, and giving them the rewards that work best for them was more important.
Companies are getting the hint with 19 % of people saying that they are getting better bang for their buck with their current rewards program, up from 17% last year.
According to the study, while consumers think they are more educated about rewards programs, with 63% of people reporting that they “completely understand” how to earn and maximize rewards, they might not be as knowledgeable as they think.
What they don’t know may actually get in the way of shopping around for a card that that delivers better rewards. With 21% indicating that they didn’t know whether or not a particular purchase would earn extra rewards, 43% didn’t know if there was a limit on how many points or rewards they could earn during the year, and 30% didn’t know if their points expired.
The 2014 U.S. Credit Card Satisfaction Study was conducted from September 2013 to May 2014, and included data generated by 20,000 credit card customers.