This is one of those news stories that’s negative, but I try and look at it as a wakeup call to bring positive change.
Based on the responses from over 9,000 cardholders, J.D. Power and Associates has released their annual credit card satisfaction statistics… and the numbers aren’t pretty. On a 1000 point scale (the higher the better) overall satisfaction this year came in at 703. Now this is only the third year they have done this study – the first being 2007 – and the score for 2009 is the all time low so far.
With all the complaints we have been receiving lately on CreditCardForum about interest rate hikes and unfair fees – this bad news actually comes as no surprise to me. This also mirrors the study’s satisfaction score for rates and fees , which was even lower than the overall score, coming in at an embarrassing 603/1000.
A Call For Change
This should be a wake up call for the industry that they need to start serving the customers instead of themselves. I am a firm believer in putting your money where your mouth is. If a bank is treating you unfairly, discontinue your patronage and go elsewhere. Vote with your dollars and show the bad banks they need to treat customers fairly.
Who Ranked Best?
So that brings us to who did J.D. Power rate the best? Who should you be giving your business to? Well American Express and Discover are the two standouts – ranking highest not only in the overall score, but also the sub-topics of rewards, fees/rates, and customer service. Personally I am a huge fan of Amex, but as previously reported on here, due to their recent APR hikes for even the best customers, they’ve dropped down to second place for me. I’m now sticking with Discover as my main card. I really appreciate the fact that their call centers are US-based, it makes things so much easier. Also the cashback from Discover isn’t anything to sneeze at.
Written Sept 2009