Consumer Payment Card News

Card Satisfaction

A new survey of more than 7,600 consumers reveals that cardholders are the most satisfied with American Express credit cards, followed by Discover credit cards. The study measured customer satisfaction by examining interaction; billing and payment process; fees and rates; reward programs; and benefits and services. The second annual J.D. Power and Associates “2008 Credit Card Satisfaction Study” found that American Express scored 783 on a 1,000-point scale and Discover scored 751. American Express performed well in all five factors driving customer satisfaction while Discover performed well in interaction, billing and payment processes, and reward programs. The research also discovered that 72% of all cardholders participate in some type of reward program. Cash rewards are the most common type of reward redeemed and the second-most satisfying type of reward. Hotel stays are the most satisfying type of reward. Furthermore, satisfaction among customers who redeem rewards is 117 points higher, on average, compared with customers who do not redeem rewards. Additionally, 77% of transactors most often select their card based on reward programs while 65% of revolvers select their card for this reason. Power also noted that overall satisfaction increases by 53 points, on average, among customers who report that they are aware of standard benefits such as fraud protection and e-mail alerts. For more information visit “http://www.jdpower.com/finance/articles/2008-Credit-Card-Satisfaction-Study”:http://www.jdpower.com/finance/articles/2008-Credit-Card-Satisfaction-Study

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