Satisfied with your credit card? Find out which cardholders are the happiest
The drumroll, please. The credit card that generates the highest satisfaction rate is......American Express.
That’s according to the 2009 Credit Card Satisfaction Study released this morning by J.D. Power and Associates.
Overall customers’ satisfaction with their plastic fell to the lowest level since J.D. Power started the survey three years ago, a decline largely driven by unhappiness over fees and rates.
The group looked at satisfaction with rewards, benefits and services, problem resolution, interaction, fees and rates, and billing and payment process. Findings are based on replies from more than 9,000 card users.
J.D. Power found that one out of five customers saw their interest rate go up in the past year. Twice the percentage that said so in last year’s survey.
And consumers who carry a balance month to month are the ones who reported the biggest drop in satisfaction over fees and rates. Of this group, about 25 percent saw an increase in the interest rate since last year.
Maybe we shouldn’t be so surprised about American Express grabbing first place. Every year, the card has come out on top. The card ranks especially well in rewards, benefits and services, and billing and payment process, J.D. Power says.
The study ranks cards on a 1,000 point scale, and American Express got 762 points.
No. 2, with 751 points, is the Discover Card. After that, comes National City, Wells Fargo, Barclaycard, U.S. Bank and Chase, which come in above the industry average for satisfaction.
Coming in below the industry average: Citi Cards, First National Bank of Omaha, Bank of America, Fifth Third Bank, HSBC, Capital One, Target Visa, WaMu, GE Money, Credit One Bank and First Premier Bank.
So what’s in your wallet? And do you agree with J.D. Power’s survey?
Comments
CONSUMERS BEWARE:
CREDIT ONE BANK credit card is a MONEY GREEDY COMPANY.. so please do not get this creditcard!
Posted by: Janice Valenzuela | September 1, 2009 2:17 PM
It's really no surprise that consumers are dissatisfied with credit card companies at the present time. I think a lot of it is a direct result of the new legislation that has been passed and the card companies pre-response to those actions.
It's fairly simple that anytime interest rates and fees go up, people are in turn going to get angry. What's going to be interesting is too see if the long term benefits outweigh the short term dissatisfaction. That's just going to be a wait and see.
I think a lot of can be just contributed to lack of information. As long as people get informed and know what their stepping into, then people shouldn't really have any reason to be upset. This might be a lot to ask of the average consumer though.
Posted by: Frank Fitton | September 3, 2009 12:20 PM
I have both Capital One and Credit one and I Love both. i have had No issues from them and when I was sick and out of town and my payment was late Both places wiped the late feee when I called.
I will NEVER have another First Premier card they suck you up in so many fees that it is not funny. Plus their way of rewarding you for paying on time and keeping your account in great standing is NOT to raise your limit But in stead to give you a SECOND card that comes along with its own fees. This is one that i closed and Ran from I love my Cap One andCredit ones tough low minimum payments and not a overload of fees.
Oh and never get any credit through GE money Bank they are so lost i tried to pay them money and they refused to take it Said i did not owe them Yet i still got a bill from them. They outsource so no one can understand what their customer Service folks are saying
Posted by: Marie | September 3, 2009 3:05 PM
Chase is now practicing a legal form of loan sharking, predatory lending, and bait and switch tactics by increasing their percentages from 2 to 5%. They are attacking their now paying customers with more than doubling their monthly payments and their attitude is "tough" and who cares about you. And if you default they don't care and are telling you to transfer your balance to another bank. We branded all banks that completed varible mortgages as unethical...is this any different? President Obama....what are you going to do about this greedy practice with the banks again....I hope you are not going to give them more money to rip off and financially break more middle class Americans into financial proverty? Let them fail....they should fail and be made to re-think the way they treat their customers, employees and business practices!
Posted by: Angry Consumer | September 5, 2009 10:03 AM