Credit cards are getting a bad rep these days and it is not difficult to see why. From increasing interest rates to suddenly dropping available credit, credit card holders are getting hit every which way with their credit cards. It is no wonder then that, according to recent research, consumer satisfaction with credit cards are dropping fast.
A quick search through the internet about credit card complaints will return hundreds of results. A lot of credit card holders are getting hurt because of their credit cards. It seems that the results of the research made by J.D. Power indicates that the trend is not isolated and is common throughout the country.
J.D. Power recently reported that the overall satisfaction of consumers with their credit card issuers have hit a three year low. On a scale of 1 to 1000, consumer satisfaction for credit card issuers were rated at 703 this year, 2009. Last year, 2008, credit card issuers were already scoring low at 710. J.D. Power first started rating credit cards in 2007 and, so far, the 2009 satisfaction rating is the lowest it has gotten so far for the credit card industry.
Predictably, consumer satisfaction regarding rates and fees also dropped in 2009. Last year, 2008, the score was 640. This year, 2009 the score is at 603. No surprise considering that the number of credit card using consumers getting hit with very high interest rate increases is at 20% which is almost double of the past year's figures. Consumer complaints and problems regarding their credit cards also increased to 18% this year. Last year, it was t 10%.
With such low ratings, it should be no surprise to anyone that credit card issuers have the lowest satisfaction rating in the financial industry. It trails behind insurance, banking and investment services.
As the months continue, it isn't likely that credit card issuers and credit cards are going to be endearing themselves to consumers anytime soon. Credit card companies are currently busy adding new fees, raising existing fees, raising interest rates and whatnot. They are definitely not worried overly much about consumer opinion at the moment.
Consumers looking for a good credit card deal are going to have a hard time going about it. They might want to try the two most satisfying credit card issuers according to this year's survey: American Express and Discover. Though with scores of 762 and 751 respectively, they should not probably get their hopes too high.
They could also try holding on and waiting for the full implementation of the new credit card bill which is touted to be really consumer friendly. However, credit card companies are already finding and exploiting loopholes in the bill so its effectiveness remains to be seen.