For the fourth consecutive year, American Express is the most popular and chosen credit card issuer according to a report that was released on Thursday. AmEx received a customer satisfaction rating of 769 on a scale of 1000. This rating was a good 55 points higher than the industry average, according to the survey conducted between March and April by J.D. Power and Associates, an information service provider. According to J.D. Power`s banking services director, Michael Beird, the customers seem to have a very strong awareness about the rewards and benefits offered by the AmEx credit card. According to him, there are other credit card issuers which offer the same rewards. How AmEx is different is that it uses very aggressive marketing strategies to spread the message across all customers.
The second highest rates credit card amongst customers was Discover. It garnered a score of 757. Customers were pleased about the navigation ease of the Discover site and also the customer service. U.S. Bank was the third highest rated company. It collected 727 points even as customers reported that changes to interest rates and terms were very less. HSBC was the lowest ranked credit card issuer with 686 points while Citi Cards with 692 and Capita One with 699 points narrowly missed the wooden spoon.
According to Beird, those credit card issuers who are rated lower most likely have a lot of low credit rating customers. Such customers pay much higher fee and interest as a result of which they might be complaining a lot too. Beird also said that the least satisfying users also received lower rating for bad communication. This was because they failed to keep the customers informed with all the terms of the credit cards being used.
According to the survey, on an average credit card customers seemed happier this year with the issuers as the satisfaction level rose to 714, an increase of 9 points from last year`s score of 705 which was a 3 year low period. The number of customer complaints about billing problems has reduced this year. The interaction level of the issuer with the credit card customer has also increased. The CARD Act rule which was rolled out this year is another reason for customer satisfaction. The Act requires the issuers to give prior warning to customers before any changes are made to their account at any point. Some customers still seem to be confused though, about what rules will affect them.