WESTLAKE VILLAGE, Calif. (9/21/12)--Credit unions are known for meeting and exceeding member service expectation levels. Now it appears as if they may be getting a little more competition on the credit card front from credit card companies. Consumer satisfaction with credit cards and companies that issue them is at its highest level since the onset of the financial crisis, according to a new study from J.D. Power and Associates.
Overall credit card satisfaction averages 753 on a 1,000-point scale in 2012, up from 731 in 2011 and 714 in 2010, according to J.D. Powers credit card satisfaction survey.
The 39-point improvement during the past three years raises credit card customer satisfaction to its highest level since the study began six years ago.
The study measures customer satisfaction with credit cards in six key factors: interaction; credit card terms; billing and payment process; rewards; benefits and services; and problem resolution. Satisfaction scores in all factors have risen year over year.
Among customers who have had a credit card problem, 24% have experienced credit card fraud, the most commonly reported problem. Slightly more than one-half (52%) of customers who experienced credit card fraud were contacted by their credit card issuer before they even realized they were a victim of fraud. About 84% of customers who reported a problem in 2012 indicate their problem was resolved.
American Express again ranks highest in credit card satisfaction with a score of 807. American Express has ranked highest in the study in each of the six years the study has been conducted. Discover Card follows with a score of 799, and Chase ranks third with 762.
Among customers who have had a credit card problem, 24% have experienced credit card fraud--the most commonly reported problem. More than one-half (52%) of customers who experienced credit card fraud were contacted by their issuer before they even realized they were a victim of fraud.
About 66% of customers in 2012 say they "completely" understand how to earn rewards, and 80% of customers say they "completely" understand how to redeem their rewards. Also, more credit card customers in 2012 than in 2011 are likely to indicate that the value of their rewards programs has increased (18% vs. 15%, respectively)
Online usage continues to increase, as 78% of customers in 2012 indicate they use their issuers' websites, an increase from 76% in 2011. Also, customers in 2012 report accessing their issuer's websites an average of 40 times per year, primarily to conduct simple transactions and to resolve problems.