American Express Still America's Favorite Credit Card
American Express remains the most beloved credit card
issuer in the country, according to a report released Thursday.
For the sixth year in a row, the card issuer has taken
first place for customer satisfaction, according to a survey of nearly 14,000
credit card customers conducted by J.D. Power and Associates.
The survey asked customers about their issuer's terms,
billing and payment process, rewards program, benefits and services, ability to
resolve problems and accessibility -- either by talking to a representative
over the phone or going through their website or mobile platform.
Customers said that American Express did the best job in each of these areas, noting that it especially outshines
other card issuers when it comes to communicating with customers and offering
attractive rewards.
With a score of 807 out of 1,000, American Express
narrowly beat Discover Card, which remained the second place
card issuer out of the 11 cards included in the survey, receiving a score of
799 thanks to positive feedback about its ability to quickly and effectively resolve
problems for customers.
Chase moved up in the rankings to the
number three spot, increasing its score by 27 points to 762. Customers reported
that it has been doing a better job of clearly disclosing terms like fees and
has improved its rewards program.
Rounding out the top five were Barclaycard (BCS) and U.S.
Bank with scores of 758 and 748, respectively.
Citi was one of three card issuers to
improve its ranking this year, moving from the 8th to the 6th spot. Customers
said they've had an easier time resolving problems with the issuer and that the
design and layout of its billing statements have become easier to understand.
All 11 card issuers included in the survey saw their
scores increase from last year.
In addition, the average customer satisfaction score rose
for the third consecutive year. Customer satisfaction began steadily increasing
after the CARD Act went into effect in 2010, which limited fees and interest
rates issuers are able to charge customers.
"There has not been a lot of change in the past year
in fees, credit limits and card terms -- the things that often affect customers
in a negative way," said Jim Miller, senior director of banking services
at J.D. Power. "After a series of dramatic changes, credit card customers
are enjoying a time of stability."
That stabilization comes as the retail banking sector
remains volatile, with new and higher checking account fees continuing to
frustrate customers.
And for the customers who do have problems with their
credit cards, they have been able to get those issues resolved more quickly,
J.D. Power found. Issuers are taking an average of four days to resolve
problems this year, down from five days last year, and 84% of credit card
customers have had their problems resolved -- up from 82% in 2011.
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