Consumers Satisfied With Credit Card Usage

Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Cardholder Benefits » Consumers Satisfied With Credit Card Usage

Consumers Satisfied With Credit Card Usage

Updated: December 25, 2012

Add to Favorites:

Credit card consumers are the happiest that they have been since the recession of 2008. After the passing of the Credit Card Accountability, Responsibility and Disclosure Act in 2009, consumers have benefited from the government crackdown on the banking and finance industries.

According to a recent survey by J.D. Power and Associates, credit card satisfaction rose 15 points, from 714 in 2010 to 731 in 2011. J.D. Power and Associates has been conducting the survey since 2007 -- consumer satisfaction is monitored on a 1,000 point scale.

In 2009, when the act was passed, customer satisfaction levels were at 705. At this time, many consumers had given up hope and had stopped paying their credit card bills due to rising interest rates and the magnitude of America’s financial crisis. A lot of consumers also closed their bank accounts and cut back the amount of purchases they made on credit.

The act is a double-edged sword; since its passing it has become more difficult for lenders to charge interchange fees and raise interest rates at any time. The act also made it necessary for credit card issuers to simplify their disclosure methods and simplify their contract language. The Credit Card Act was widely protested by the credit card industry as it cut into the pockets of many of the large banks like Wells-Fargo, Bank of America and J.P. Morgan and Chase. According to card consultancy R.K. Hammer, U.S. card issuers lost close to $11 billion in annual revenues after the passing of 2009’s Credit Card Act. In order to counter act this, banks have began charging fees on debit cards, ATM withdrawals, and implementing minimum balances.

The good news is that the act is working. "The transparency created by the legislation helped," Michael Beird, director of banking services at J.D. Power and Associates, a division of McGraw-Hill Cos. said. "We see it in fees and rates … and the [new] layout and design of people's statements were generally well-received," he adds.

Consumers are genuinely satisfied, and now know more about their accounts, banks, and possible fees. As a result of this, consumers feel better about their relationships with credit card issuers, according to Beird. "The issuers have to do more to educate their customers now. This is the second year in a row they've improved customer satisfaction,” he said.

For the fifth year in a row, American Express is ranked number one in customer satisfaction, with a score of 786 out of a 1,000-point sale. According to the J.D. Power and Associates 2011 US Credit Card Satisfaction Study, the credit card issuer, American Express, offers the best services and benefits, rewards and credit card terms.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How To Deal With New Bank Costs

By Elizabeth Morgan, Posted: September 25, 2011

With the passage of the CARD Act of 2009, banks are expected to lose $20 billion of dollars nationwide, according to the Nilson Report. With revenue losses so extreme, the banks and credit card issuers are beginning to implement new ways... Continue reading

Wells Fargo to Charge Debit Users a Monthly Fee

By Mike Thereon, Posted: September 24, 2011

Forget about just credit card fees, with the help of the Durbin-Dodd amendment, consumers should start getting used to debit card fees. Banks have lost billions of dollars nationwide with the passage of the CARD Act, and are looking at... Continue reading

Banks Temporarily Waive Fees for Irene Victims

By Susan Lou, Posted: September 26, 2011

JP Morgan Chase & Co., America`s second largest bank, is leading the way and in an act of financial kindness, JP Morgan Chase & Co. decided to waive some of its late fee for customers who were affected by Hurricane Irene this past... Continue reading