According to the J.D. Power 2007 Credit Card Satisfaction Survey, American Express is the highest rated card issuer when it comes to customer satisfaction.
The American Express branded credit card ranked the highest among the ten cards that were included in the survey, receiving a score of 735 out of a possible 1,000. The area that ranked particularly high for the American Express card was the features and benefits section.
A close second to American Express was the Discover Card, which earned 728 points on the scale. The areas that were particularly strong for the Discover card included billing and payment and rewards.
One of the reasons that American Express is likely to have earned such great marks in the benefits category is the fact that the company has simply done a great job of keeping their customers informed of their benefits. According to the senior director of the banking practice at J.D. Power and Associates, Jeff Taylor, “Their customers identify an average of 6.3 benefits versus 3.5 for the overall industry average. It really differentiates them from the rest of the industry.”
Only those with non-business accounts were surveyed. Similarly, the study only asked respondents to discuss the card they mainly use, with the respondents reporting that they average using three credit cards each. In all, 7,812 credit card users were surveyed during the months of June and July for this study.
Several other interesting statistics were also ascertained through this study. For example, the study found that those who pay their balance in full each month considered the rewards program of the card to be its most important feature. In fact, 65% of people in this group ranked that as the number one feature when choosing a card while only 29% of those that carry a balance felt the same way. On the other hand, those that carry a balance found the interest rate to be the most important feature. According to the survey, 40% of those in this category selected the interest rate as being the most important feature while only 8% of those that pay their balance in full each month felt the same way.
Perhaps the most interesting finding, however, was that 80% of cardholders have a card that offers rewards, with the most popular type of reward being airline miles. In fact, 40% of the cardholders had this type of reward card. Yet, the 22% that had a cash points card and the 9% that had a hotel reward point card were more satisfied overall.
The other cards included in the survey and the amount of points they earned include Citi Cards (652), Chase (651), US Bank (646), WaMu (638), Wells Fargo (636), Bank of America (607) and HSBC (571). According to the survey, the industry average was 658.
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