Survey Says: We Apparently Can Get Some Satisfaction From Credit Cards

Despite the horror stories and the trials and tribulations we endure every day with banks, consumers are still getting some satisfaction (as opposed to no, get it) from our credit cards. In fact, we’re more well pleased with our cards than we have been at any time in the last six years. This sense of contentment seems simply to stem from the fact that banks have settled on terms for the cards stopped hitching up fees.

According to J.D. Power and Associates’ most recent annual credit card customer satisfaction study, American Express is everyone’s favorite credit card. It’s won that title every year for six years, so it’s not much of a surprise. Credit cards issued by big banks didn’t fare quite as well, with Capital One and Bank of America cards scoring below average.

The bright side is that even those companies who came in on the bottom got better satisfaction ratings than they did last year, reports Reuters.

“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,” the senior director of banking services at J.D. Power and Associates, said in a statement.

Scores ranged on a 1,000-point scale, with the average score clocking in at 753. Last year’s average was 731, and 2010 saw a mean of 714, so things definitely appear to be on the rise. J.D. Power began conducting this survey six years ago.

American Express’ top score of 807 was followed by a 799 for Discover and a 762 for JPMorgan Chase. The company with the most work to do satisfying customers was HSBC at 703.

Even with all the legal problems Bank of America (728) and Capital One (734) are facing over treating customers badly, the two banks still did pretty well for themselves. The companies are rated on interaction; credit card terms; billing and payment process; rewards; benefits and services; and problem resolution.

US credit card customers happier as banks stop jacking up fees [Reuters]

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  1. SkokieGuy says:

    “This sense of contentment seems simply to stem from the fact that banks have settled on terms for the cards stopped hitching up fees” Really?

    No mention of the CARD act, the bitterly fought legislation that FORCED the banks to change their policies? Things like raising interest rates on existing balances, raising rates for no reason, etc.

    • Loias supports harsher punishments against corporations says:

      Here, here. MBQ made it sound like “settled” meant banks got to choose the outcome and said, “Hey, let’s be nice to consumers for once.”

    • frank64 says:

      Yes, and many people against the card act were saying that the banks would just respond by increasing rates, taking away awards and not giving credit were very wrong. There are further changes possible, and those that said that then should think before they say it again. Banks need to maximize profits with the rules as they are, and making up lost fees in other ways would mean customers going elsewhere, and even lower profits for the banks.

  2. Loias supports harsher punishments against corporations says:

    Stop arbitrarily raising rates, customers get happier.

    Rocket Science.

  3. Blueskylaw says:

    So I guess $154.9 billion dollars in revenue is enough to satisfy them.

    For a while at least.

  4. trswyo says:

    I think Amex is fricken awesome! I average almost a $1,000 a year in cash back. One phone call to resolve an issue, in the rare event I have one. Their warranty service rocks too! They have been my primary card for almost 12 years now.

    • keepher says:

      We’ve held the AMEX green card for 27 yrs now, the blue for 15. I can’t tell you how many of the Visa/Master Cards I’ve held since I broom them for poor everything. AMEX beats them all, hands down.

    • Banished to the Corner says:

      I disagree, I think they suck. Had to work with them for corporate account with a former employer and their billing practices were horrid. They may have improved, but I don’t tend to give companies second chance unless absolutely forced to do so.

      I’ve never had any problem with any of my credit cards, I’ve had problems with store cards, but unless the store fixes it correctly and quickly, I close the account.

      I admit, I watch everything in my financial world like a hawk.

      • George4478 says:

        I disagree with you about Amex but completely agree about watching your financial world. I am continually amazed at the stories here where people don’t read their bank or credit card statements for YEARS and then discover a long-term problem.

        Nobody watches my money as well as I do and I don’t trust companies to have my well-being uppermost in their mind.

  5. Evil_Otto would rather pay taxes than make someone else rich says:

    Push me
    And then just touch me
    Till I can get my
    Satisfaction.

  6. ScandalMgr says:

    Boeing Employees Credit Union credit card is awesome too, because BECU goes the extra mile for their customers.

  7. PragmaticGuy says:

    I have credit cards with Cap One, BoA, Amex and Discover and in all the years I’ve had them I’ve never had a problem with any of them. But then, I pay in full every month.

    • who? says:

      I managed to have problems with PNC, despite the fact that I do everything “right”. They made mistakes, then made them impossible to clean up. Repeatedly. So I closed the account. Two years after I’d closed the account because of their incompetence, they managed to screw up again and damage my credit. The 2 months that I had a PNC card was the worst credit decision I’ve ever made.

      You can be perfect and pay your bills all you want, but crap can still happen.

      I’ve had cards with most of the other big guys at one time or another. They’ve all been fine. Amex, however, totally rocks! Above and beyond, every time I call them for something.

  8. lovemypets00 - You'll need to forgive me, my social filter has cracked. says:

    I’m glad the cash back rewards haven’t gone away. It’s nice to get 5% back on gas and groceries for some quarters during the year with Chase and Discover. And my HSBC card, that was purchased by Capital One, is still giving 2% cash back on all purchases.

    I’m putting all my cash back into a special savings account in my credit union for my new TV fund.

  9. dianebrat says:

    AMEX constantly amazes me with how awesome they are, I just had an problem with expensive concert tickets bought 6 months in advance that had issues when I got to the show, they handled it quickly, were always nothing but friendly and helpful, and this has been the same for any interaction I’ve ever had with them. They understand what customer service is and will have my loyalty for that.

  10. erinpac says:

    Love the Amex.
    Mostly love the Discover (their anti theft detection is a little overly strict and in weird ways)
    The Mastercard and Visa only have places in my wallet in case I absolutely must pay something someplace that doesn’t take the others (government fees, emergencies in the middle of nowhere).