CARD Act Cited As Reason For Satisfaction Increase
WESTLAKE VILLAGE, Calif. – Consumer satisfaction with credit cards increased for a second year in a row – after a considerable decline in 2009 – according to the J.D. Power and Associates’ 2011 U.S. Credit Card Satisfaction Study.
The study, now in its fifth year, measures customer satisfaction with credit cards by examining six key factors: interaction; credit card terms; billing and payment process; rewards; benefits and services; and problem resolution. Overall credit card satisfaction averaged 731 on a 1,000-point scale in 2011, up from 714 in 2010 and 705 in 2009.
American Express was ranked highest in customer satisfaction for a fifth consecutive year with a score of 786. AMEX performed particularly well in the benefits and services, credit card terms and rewards factors. Discover Card followed with a score of 779, performing well in the interaction factor. Barclaycard ranks third with 739.
“It appears that credit card companies are doing a better job of communicating with customers, which may be an effect of the CARD Act,” said Michael Beird, director of banking services for J.D. Power. “The transparency created by the legislation helped. We see it in fees and rates … and the [new] layout and design of people's statements were generally well-received.”