All around the board customers are satisfied with American Express, including both 'resolvers' and 'transactors.' Transactors are classified as consumers who pay their entire credit card balance every month and resolvers are those who don`t carry any account balances. Research showed that both customers satisfaction were improved with the improving of service.
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.
The 2011 US Credit Card Satisfaction Study is based on responses from more than 8,700 credit card customers. The study, which is published by J.D. Power and Associates, was fielded in May and June 2011.
Discover came in a close second with a score of 779, and Barclay ranked third with 739 points. Chase scored a 735. The average for the industry is 731. The average score is up dramatically from 2009, when the average score was 705, and in 2010 when the average score was 714.
The survey monitors customers` credit card satisfaction by examining six details: credit card terms, rewards, interaction, benefits and services, billing and payment process and problem resolution.
Most of the satisfaction increased in the areas of problem resolution and credit card terms. And now almost 35% of customers explain that they understand their credit card terms, compared to 32% in 2010. This could be partially due to the Credit Card Act of 2009 and the way it changed the industry.
As customer satisfaction increases so does the brand image. Customers perceive the company in a more favorable light as satisfaction increases. Customers may also see the banks more favorably now as interest rates have declined across the board.
Regarding problem resolution, customers reported 11% less problems in 2011, which was down from the previous year. Also, many of the problems that occurred tended to be resolved more quickly that the previous year. In 2011, it took 4.9 days on average to fix most credit issues, compared to the 5.8 days it took in 2010. Furthermore, in 2010, claims required 2.2 contacts in order to be handled in an efficient manner, but in 2011, only 1.8 contacts were needed.