Consumer Payment Card News

Bestest Cards

The results are in and the best credit cards for customer satisfaction are NOT Visa and MasterCard. The J.D. Power and Associates “2009 Credit Card Satisfaction Study” ranks American Express and Discover as first and second, respectively, in overall satisfaction. American Express performs particularly well in the rewards, benefits and services, and billing and payment process factors. Discover performs particularly well in customer interaction through its Web site, automated phone service and customer service representatives. The Power survey found that overall credit card customer satisfaction declined to a three-year low driven primarily by cardholders discontent with rates and fees. Nearly 20% of customers report experiencing an increase in their interest rate since 2008, almost double compared to one-year ago. The J.D. Power and Associates “2009 Credit Card Satisfaction Study” also found that late payment fees, which have the greatest negative impact on satisfaction, were incurred by 14% of customers, compared with 11% in 2008. Overall satisfaction with fees and rates declined to 603 versus 640 in 2008 and 658 in 2007. The Power study measures customer satisfaction with credit cards by examining six key factors: interaction; fees and rates; billing and payment process; rewards; benefits and services; and problem resolution. Power noted that overall satisfaction among credit card customers remains the lowest across the financial services industries in which it conducts research, including insurance, banking and investment services. For more information visit: “http://www.jdpower.com”:http://www.jdpower.com

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