Consumers are increasingly dissatisfied with their credit card companies. But those who hold cards from American Express and Goldman Sachs are much happier than others, according to a recent J.D. Power survey of 28,000 cardholders.
After years of increasing satisfaction with credit card companies, consumers now are more likely to grouse about their lenders. Changes that arose during the coronavirus pandemic are driving the dissatisfaction.
In a press release, John Cabell, director of banking and payments intelligence at J.D. Power, says:
“The industry missed the mark on supporting customers’ changing needs when many were facing significant financial challenges. Whether through blunt actions, such as tightening credit limits at the very moment when customers were most reliant on their cards as a source of short-term funding, or through lack of customer service accessibility, credit card issuers experienced declines in overall satisfaction, trust, brand perception …”
However, a few lenders are bucking the trend.
Among national card issuers, two companies besides No. 1-ranked American Express earned customer satisfaction scores that exceed the average score among all national issuers included in the study. These top issuers, and their scores, are:
- American Express: 838 out of 1,000 points
- Discover: 837
- Capital One: 815
USAA fared even better, with a score of 860, but was excluded from the ranking. (It only serves U.S. military members and their families.)
Among midsize issuers — defined as providers with fewer than 4 million credit card users — the companies besides No. 1-ranked Goldman Sachs that earned above-average customer satisfaction scores are:
- Goldman Sachs: 864 out of 1,000 points
- BB&T: 817
- Huntington: 817
- PNC: 817
- Regions Bank: 812
- Fifth Third: 803
- SunTrust: 797
Navy Federal Credit Union scored even higher — 866 out of 1,000 points — but was excluded from the ranking. (It’s only open to military members, veterans, U.S. Department of Defense employees and their family members.)
J.D. Power notes that overall satisfaction with midsize issuers took a large hit, with the average score among all midsize issuers included in the study dropping 17 points to 796. Unhappiness with credit card terms — including shrinking credit limits — and benefits drove the score lower.
However, Goldman Sachs, which issues the Apple Card, was a notable exception to this trend. Consumers praised the company for excelling in benefits and services, communication, credit card terms, interaction, key moments, and rewards.
Misalignment between credit card rewards programs and consumer spending patterns often drives dissatisfaction, J.D. Power notes. In other words, many consumers are using the wrong type of card for their financial situation.
If you are in the market for a new credit card that better suits your needs, stop by our Solutions Center and find the right card for you.
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