Satisfaction is at a six-year high, thanks mainly to card companies fixing problems more quickly.
Consumers’ satisfaction with their credit cards is the highest J.D. Power and Associates has seen in six years of measuring it.
Their annual survey out yesterday was based on the responses of 13,726 customers and found “overall credit card satisfaction averages 753 on a 1,000-point scale in 2012, up from 731 in 2011 and 714 in 2010.”
JDP senior director Jim Miller says it’s because the industry has stabilized some. “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,” Miller says.
There are six factors in the study: interaction, credit card terms, the billing and payment process, rewards, benefits and services, and problem resolution. That last one saw the biggest bump, for a few reasons the study mentions…
- Issuers have reduced the average length of time to resolve problems in 2012 to four days from five days in 2011.
- Credit card representatives are more likely to offer time frames for resolution, and those time frames are more likely to be met in 2012, compared with 2011.
- 61 percent of customers had their problems resolved in the first contact.
- The study finds that satisfaction is much higher (801) among customers who have their problem resolved by just one person on the same day they contact their issuer, compared with 693 for people who were transferred and resolution took more than one day.
Whether you’re satisfied or not, don’t settle for less than the best deals your credit can get you. Check out our credit cards page for comparisons and expert advice.