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Credit Card Customer Satisfaction

CH-Statistic-Credit-Card-Consumer-SatisfactionAccording to JD Power and Associates’ 2012 Credit Card Satisfaction Study, customer satisfaction is up for the third year in a row and is at an all-time high for the six years they have been conducting the study. Using a 1000 point index, the study measures customer satisfaction with credit cards by examining six key factors: interaction; credit card terms; billing and payment process; rewards; benefits and services; and problem resolution. The 2012 study found year over year improvement in each of these categories but sited the improvement in customer complaint resolution as the biggest driver of the increase in recent years.

Nevertheless, the Consumer Financial Protection Bureau reported 13,740 consumer complaints in 2012 and 7,093 through July 10, 2013.

Credit Card Customer Satisfaction Industry Average 2008-2012
  •  American Express continues to lead the pack in customer satisfaction year after year with Discover close on its heals.
  • All eight issuers experienced an overall increase in customer satisfaction over the past four years.
  • Capital One experienced the greatest increase gaining 63 points (9.4%) from 2009 to 2012.

 

Credit Card Customer Satisfaction by Issuer
Credit Card Customer Satisfaction Index

Consumer Satisfaction Results (100 point index)

2012 2011 2010 2009 2008
American Express 807 786 769 762 783
Bank of America 728 705 699 687 692
Barclaycard 758 739 709 717 n/a
Capital One 734 720 699 671 678
Chase 762 735 711 708 719
Citi Cards 737 711 692 699 710
Credit One Bank n/a n/a n/a 618 n/a
Discover Card 799 779 757 751 751
GE Capital Retail Bank 704 n/a n/a n/a n/a
Fifth Third Bank n/a n/a n/a 685 n/a
First National Bank of Omaha n/a n/a n/a 689 n/a
First Premier Bank n/a n/a n/a 616 n/a
GE Money n/a n/a n/a 661 683
*HSBC 703 689 686 682 667
*National City n/a n/a n/a 740 721
Target Visa n/a n/a n/a 665 682
U.S. Bank 748 721 727 715 716
*WaMu n/a n/a n/a 663 712
Wells Fargo 737 726 714 724 709
Industry average 753 731 714 703 724
*Note: Capital One Financial Corp. agreed to acquire HSBC’s U.S. credit card business in August, 2011.  National City Corp. was purchased by PNC Financial Services in December 2008.  In September 2008, Washington Mutual Bank was placed into receivership.  JPMorgan Chase acquired the majority of the banking operations as well as the credit card business line of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation.

The following chart lists the total number of consumer complaints related to credit cards received by the Consumer Financial Protection Bureau by issuer from February 2012, through July 10, 2013.

Number of Credit Card Consumer Complaints

Sources: JD Power and Associates Credit Card Satisfaction Study, 2008-2012, CFPB credit card complaint data

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