JD Power Releases 2011 Credit Card Satisfaction Survey Results
JD Powers and Associates, a highly respected global marketing information services with a solid reputation for over 40 years of business, released results of its 2011 US Credit Card Satisfaction Study? showing that American Express® ranks highest of the top 10 US credit cards when it comes to customer satisfaction. American Express has taken top honors all five years the survey has been conducted.
Conducted in May and June 2011, and with over 8,700 responses from credit card customers, the survey ranks the top 10 US credit cards in six key areas.
- Interaction
- Credit Card Terms
- Billing and Payment Process
- Rewards
- Benefits and Services
- Problem Resolution
Results are tabulated on a 1,000 point scale and indicate that overall customer satisfaction with credit card companies is up 17 points from 2010 to 731. The JD Power study indicates increased customer satisfaction was recorded with both customers who typically pay off their credit card balances each month as well as those who take advantage of the revolving credit and maintain an ongoing balance.
The survey showed gains in all six areas measured, but the increase in customer satisfaction in problem resolution was most notable. Customers reported fewer problems in 2011 (down 3%), faster resolution of any problems reported, and fewer contacts with the credit card company in order to resolve the problems.
Although many factors could contribute to the increase in overall customer satisfaction, the JD Power’s survey press release speculates one possibility is there has been a decline in credit card interest rate increases over the last year. In addition, there has been a corresponding decrease in the reports of credit card dissatisfaction based on increased interest rates.
Another factor boosting 2011 credit card ratings is an apparent attempt by credit card issuers to communicate more clearly with their customers. The number of people indicating they understand their credit card terms is up 3% from last year.
“It appears that credit card companies are doing a better job of communicating with customers, which may be an effect of the CARD Act,” said Michael Beird, director of banking services at JD Power and Associates. “This improved communication is key to ensuring that customers fully understand their credit card terms—particularly benefits and fees—which helps reduce the number of problems reported and improves the overall experience.”
It seems significant that on a 5 star ranking system, the only two cards to achieve a 5 star overall satisfaction ranking were American Express and Discover Card. The rest of the playing field ranked average (3 stars) or below on overall satisfaction. American Express scored 786 on the 1,000 point scale, up 17 from last year, and Discover Card was a close second, scoring 779. The next closest card scored 40 points lower.
American Express consistently outranks competitors especially in areas of benefits and services, credit card terms, and rewards. JD Powers and Associates notes the increase in overall customer satisfaction with all cards, credit card companies appear to be making efforts to level the playing field. Striving to level the playing field is definitely tied to the increased competition to gain new cardholders that JD Powers also noted for 2011, making it more important for consumers to educate themselves on credit card terms and services and to evaluate their personal needs before shopping for a new credit card.
Click here for the full results of the survey.
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