A recent survey by J.D. Power and Associates finds that consumers are happier than ever with their credit cards. A combination of lower fees, better terms, and lower balances, seems to have boosted credit cards in the eyes of consumers.
This year - and for the sixth year in a row - American Express was rated as the best credit card issuer. The company retains its high marks with an emphasis on customer service and added perks. American Express has some of the best rewards of all credit card companies. It also offers unique benefits like concierge services and early ticket purchasing for major concerts and entertainment specials.
J.D. Power surveyed more than 13,000 people on their credit card’s customer service, terms, payment and billing, rewards, problem resolution, and benefits and services.
Overall consumer satisfaction with credit cards is judged on a 1,000 point scale. This year, consumers indicated that they were overwhelming happy with their credit card company – the total score came to 753 points. This was the highest score in the six years that J.D. Power has conducted the survey.
Individual cards are also scored on a 1,000 point scale. Discover was only 8 points behind this year’s leader, American Express, with a score of 799 points. JP Morgan Chase ran third, and HSBC Holdings came in last at 703 points.
The scores were strongly correlated to the brand of the card. American Express, for example, is well known for issuing cards with high credit limits. HSBC is known for servicing smaller accounts, as well as a broad base of store and niche credit cards.