Discover Number One in Temkin Survey - Card Issuers News


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Discover Number One in Temkin Survey

Discover Number One in Temkin Survey
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Discover took the top spot in the 2017 Temkin Experience Ratings ratings, a study looking at which credit cards give their cardholders the best customer experience. American Express and USAA came in a close second. The survey also found that the credit card industry as a whole has improved when it comes to customer experience.

The 2017 Temkin Experience Ratings, out for seven years, looks at the performance of 331 companies in 20 industries. Part of the survey focused on credit card issuers, checking in with 10,000 U.S. consumers to see how they felt about the credit cards they were using.

All in all, according to The Temkin Group, credit card issuers have made strides this year, meaning that they have raised the bar of their customer service. “Quite a few credit card issuers saw double-digit increases from last year, bringing up the average quality of customer experience in this industry,” stated Bruce Temkin, managing partner of Temkin Group. HSBC is one of them, having gone up gaining 23 points on their score from last year.

The scores

Discover comes in first out of the 11 cards in the survey, with a score of 78%, and the 28th spot in the overall survey of 331 companies in 20 different industries. What about American Express and USAA? They tied with both getting a score of 73%, and scoring the 90th spot in the overall rankings. Capital One and Wells Fargo rounded out the bottom of the list.

The overall scores of all 11 credit card issuers:

• Discover: 78%
• American Express: 73%
• USAA: 73%
• Barclays: 72%
• U.S. Bank: 71%
• Chase: 70%
• HSBC: 69%
• Citigroup: 68%
• Bank of America: 67%
• Capital One: 66%
• Wells Fargo: 64%

When it comes to scoring, 70% is seen as being good, while 80% or more is excellent, and anything that is 60% or below is poor.

Credit card industry upswing

The credit card industry received an average rating of 70%, in the survey when compared to the 20 other industries, which included everything from airlines, fast food chains and auto dealers to banks and computer and tablet makers. This translated into coming in 6th in the overall industry rankings.

The survey found that credit card industry’s customer service has gone up by 7% from 2016 to 2017, bringing their score up to 69.7%. In fact, all the credit card issuers showed improvement with the exception of Capital One; their score held steady from last year.

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Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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