Credit Card Survey
Recently, a study was done by J. D. Power and associates of California, from a survey of almost 8,000 consumers to assess customer satisfaction with the 10 biggest credit card companies in America. Different features of the credit cards that were evaluated were the card’s benefits, the fees and rates, the billing and payment process and the rewards programs.
Also evaluated was the general overall satisfaction with the credit card company. Certain variables came into play with the responses from the survey. The customers who held the credit cards mostly for convenience and did not carry a balance had more favorable reviews of their card. The credit card companies that cater to lower credit score people with a lower income rated lower on the survey responses.
Some of the most important issues to consumers in the survey were the interest rates and the terms of the credit cards. Another issue of importance in the survey was resolution of billing problems and posting bill payments on time.
Of the 10 credit card companies surveyed, American Express was the top rated in all of the areas surveyed. American Express has a market niche of the high income, high spending population. American Express has perks that include guaranteeing that if an item is lost or stolen within 90 days, they will reimburse the customer.
Coming in second in the survey was the Discover Card. They got the top score in the billing and payment feature and for their rewards program. They feature a cash back program for up to 1 % on all purchases and as high as 5 % on certain categories on a rotating basis.
The lowest rating in the survey was the HSBC credit card issuer, rating tenth place out of the 10 companies. Bank of America came in at ninth place and Capitol One was rated at number eight.
In the middle placements on the survey was Citi Cards at third, Chase at fourth, US Bank at fifth,Washington Mutual at sixth and Wells Fargo at seventh place. If you’re thinking of getting a credit card, this survey offers valuable information about which companies offered the best service and overall package deal based on a track record of about 8,000 consumers’ experiences.
