JD Power and Associates Releases Credit Card Satisfaction Survey
| September 1, 2009 |
If someone were to ask you if you were satisfied with your credit card issuer, what would be your answer? Well if you are like many Americans around the United States your answer would probably be, "No". This is exactly what J.D. Power and Associates found the results to be after performing their 2009 Credit Card Satisfaction Survey, which showed overall credit card satisfaction drop to a new three year low.
So what constituted the increase in dissatisfied credit cardholders? At what should be no surprise to cardholders it was the many changes that have occurred over the past year. These changes include the raising of interest rates, cutting of credit limits, and the imposing of new penalties and fees. In fact the study revealed that nearly two out of ten consumers (twenty percent) had their rates increased within the last year.
Although many may think that credit card issuers would probably not have any satisfied cardholders, the results from the survey reveal that American Express leads customer satisfaction for the third straight year. An earlier post entitled "American Express Claims Happiest Cardholders" gives more detail into this and the complete list of other credit card issuers and where they ranked in cardholder satisfaction during 2008.
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I would have to say that I too am very happy with American Express. However, we have found that when you pay your balances off every month, there is not much to worry about.
Discover also has very good customer service, in my opinion.
Happiest? That is vague for sure, but the problems
only seem to occur when a balance is carried from month to month. American Express cards mostly make you pay off your balance every month, so that would keep most people out of trouble, but then again….most people don’t use credit cards responsibly.
Comment by RD in West Palm Beach — September 2, 2009 @ 8:20 am
I have been a loyal Chase user for years and years and years. I have and continue to pay on time. They keep changing my terms. I am offered a 0% for 6 months and a couple of weeks later I get something in the mail saying that it is for 3 months rather than 6 and if I don’t like it, I can let them know. Guess what happens if I let them know? They cancel my card immediately. I have excellent credit; I have a long history with this company and I am very disappointed. They are still making money off me. Every time I sign up for a new offer I am paying 3% on my balance. I am just a little surprised that they don’t seem to value my credit history nor business.
Comment by HKG in West Palm Beach — September 10, 2009 @ 9:28 am