Discover and American Express are once again at the top of the list for the J.D. Power 2016 Credit Card Satisfaction Study.
These two issuers have held the first and second place spots for the last 3 years. American Express was the previous winner all seven years before that, since the annual study began in 2007.
Card issuers are ranked for customer satisfaction on the following 6 criteria, with the most important listed first:
- Interaction (customers interacting with the issuer)
- Credit card terms
- Billing and payment
- Benefits and services
- Problem resolution
Customer Satisfaction Study Results
|Credit Card Company||Customer Satisfaction Index Ranking (out of 1,000)||J.D. Power Ranking|
|Discover||827||Among the best|
|American Express||825||Among the best|
|Capital One||799||About average|
|Industry Average||796||About average|
|U.S. Bank||790||About average|
|Bank of America||788||About average|
|Wells Fargo||786||About average|
|Synchrony Bank||758||The rest|
Discover and American Express are the clear winners here, coming in at about the same score. Capital One is a bit farther behind in third, and they are the only issuers to beat the industry average.
Overall, every issuer got a bit of a higher score than last year. The Industry Average is higher than ever before, coming in at 796 this year: it was 790 in 2015 and 778 in 2014.
Key Findings from the Study
- Most people choose credit cards based on the rewards they offer
- 11% of customers reported a problem or complaint with their card (the same rate as the past 4 years)
- Over 20% of customers have a card with rewards or fees that don’t sync up with their spending habits
- 44% of people with airline credit cards don’t use them enough to cover the annual fee, and don’t make use of the benefits
- When customers end up with the wrong card for them, their overall satisfaction goes down
- Customers end up with the wrong card when their financial situations change, they no longer use the rewards program, or the card terms and rewards have changed
- Customers who use their issuer’s mobile app for customer service have a higher overall satisfaction than those who don’t
- Customers younger than 40 who make more than $80,000 per year are most likely to use mobile and digital customer service channels
Take note of these findings. Do you see yourself in one of these situations?
If your credit card has an annual fee but you never use it, chances are it’s just costing you money. Or maybe it has high interest rates and you always carry a balance, instead of avoiding interest by paying it off.
If that sounds like you, it may be time to close your credit card. But make that decision carefully, because there could be unexpected consequences.