Consumers Rank This Credit Card Issuer No. 1 (Again)

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Happy woman with card
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Credit card borrowers are drowning in expensive red ink, with more than half — 51% — carrying revolving debt with what they report is an average interest rate of 14.8%, according to the J.D. Power 2023 U.S. Credit Card Satisfaction Study.

In a summary of the study’s findings, John Cabell, managing director of payments intelligence at J.D. Power, says:

“The pandemic-era savings cushions are gone, the economy is shaky and consumers are leaning more heavily than ever on their credit cards to cover day-to-day expenses.”

All that debt appears to have put cardholders in a surly mood, as customer satisfaction with credit card perks such as rewards programs is on the decline, J.D. Power reports.

Despite this widespread dissatisfaction, some credit card companies continue to earn praise from their customers. For the fourth consecutive year, American Express received the highest overall customer satisfaction rating in the J.D. Power survey, earning 657 out of a possible 1,000 points.

Overall, the four credit card issuers who exceeded the average score of 609 are:

  • American Express: 657
  • Bank of America: 629
  • Discover: 629
  • Capital One: 616

Two other companies would have beaten the 609 study average, but were not included because they did not meet the study’s award criteria: USAA (647) and Navy Federal (642). Twelve issuers had below-average scores.

To calculate its rankings, J.D. Power surveyed more than 31,000 credit card customers and asked them about seven factors:

  • Account management
  • Benefits
  • Customer service
  • New account
  • Rewards earning
  • Rewards redeeming
  • Terms

If you are in the market for a new credit card to build credit or make your debt more manageable, stop by Money Talks News’ Solutions Center and find the right card for you.

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