Customer Satisfaction with Credit Card Deals

What plastic money deals rank highest in today's competitive credit market? That was the question bothering analysts from J.D. Power and Associates. A new card satisfaction study was held among over 7,600 customers to understand what made people satisfied or dissatisfied with the plastics they currently use.

The factors determining customer satisfaction included interaction, rates and fees, payment process, rewards schemes, additional benefits and services. According to the survey, two credit companies prove to be real leaders in customer satisfaction. Read more about the results of the study and companies ranking highest!

American Express ranks highest among credit companies - it scored 783 from 1,000 points. The company performed really well across all customer satisfaction factors. Interestingly, AmEx customers happen to be transactors. In banking parlance, this is one of two types of cardholders. Unlike revolvers, transactors never carry balances from month to month, they tend to pay the balance in full each month.

They mostly focus on rewards schemes rather than on low interest rates. Probably, that's the reason why these customers are quite satisfied with the services provided by their lender. It's worth saying that 8 out of 10 customers choose AmEx credit cards mostly on strength of its great rewards programs.

All the more so, transactors are more satisfied with the plastics they carry compared with revolvers. They more often than not stay loyal to their primary lender.

The second highest ranking provider is Discover Card. In contrast with the leader, Discover plastic money deals win the hearts of revolvers, customers who tend to carry the balance over the time. 65% of revolvers admit that they mostly value such features as low interest rates and no annual fee. By offering people great rates together with easy reward redemption, the company proved to be one of the most reputable in the industry.

The study also has shown that over 70% of customers participate in some credit rewards program. Hotel rewards happen to be the most satisfying type of rewards, while cash back rebates are the most common. The customers who redeem the rewards earned are more satisfied with the plastics they're carrying compared with those people who do not redeem rewards, or carry non-reward plastics.

Almost 1/4 of people surveyed do not know if their plastics offer them any additional benefits and services. Customer satisfaction of this category of users is lower compared with satisfaction of those people who take advantage of additional services provided by the company, including purchase protection, travel insurance, e-mail alerts and others.

The results of this study show that overall customer satisfaction improves with use of various rewards. That's why it's very essential for lenders to ensure that rewards programs offered meet the needs of their cardholders. By removing limits and restrictions on rewards programs, companies encourage customers to participate in this or that program and thus make their shopping more cost-effective.

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