Credit cardholders have high satisfaction levels with their most frequently used cards mainly because they never have had problems with them, according to new research from Auriemma Consulting Group.
In its online survey of 400 U.S. credit card users conducted in August, Auriemma found that 84% of respondents either are extremely or somewhat satisfied with the credit card they use the most. The majority of those respondents, 71%, say they are content because their card has been problem-free.
Other reasons respondents said they were happy with their credit cards included valuable rewards, cited by 38%; helpful customer service, 34%; a low interest rate, 26%; and a high credit limit, 24%.
Issuers are working to do more to keep existing cardholders satisfied, namely by adding some kind of rewards structure, says Scott Strumello, an associate at Auriemma.
“JPMorgan Chase & Co. has its own internal reward program, Ultimate Rewards, that it spent 18 months developing,” he says. “So we do see evidence that the industry is working in this direction.
Other banks, such as Citigroup and Bank of America Corp., also have been promoting inhouse rewards programs designed to encourage their customers to use their cards, Strumello notes.
Cardholders are not likely to cancel their most frequently used cards within the next two years, the survey data suggest.
Auriemma’s research also suggests cardholders cancel cards mostly because they are dissatisfied with the annual percentage rate.
