According to JD Power and Associates’ 2015 Credit Card Satisfaction Study, customer satisfaction is up for the sixth year in a row and is at an all-time high for the nine 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 2015 study found year over year improvement in each of these categories and sited rewards and benefits as the two main reasons for customers to select a credit card.
Nevertheless, the Consumer Financial Protection Bureau reported 13,740 consumer complaints in 2012 and 7,093 through July 10, 2013.
- Discover ranks highest in customer satisfaction with credit card issuers for a second consecutive year, having tied for the highest rank in 2014.
- All eight issuers experienced an overall increase in customer satisfaction over the past four years.
- Capital One experienced the greatest increase gaining 63 points (7.6%) from 2012 to 2015.
Consumer Satisfaction Results (100 point index)
|Bank of America||777||766||749||728||705||699||687||692|
|Credit One Bank||n/a||n/a||n/a||n/a||n/a||n/a||618||n/a|
|GE Capital Retail Bank/Synchrony Bank||743||739||742||704||n/a||n/a||n/a||n/a|
|Fifth Third Bank||n/a||n/a||n/a||n/a||n/a||n/a||685||n/a|
|First National Bank of Omaha||n/a||n/a||n/a||n/a||n/a||n/a||689||n/a|
|First Premier Bank||n/a||n/a||n/a||n/a||n/a||n/a||616||n/a|
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.
Sources: JD Power and Associates Credit Card Satisfaction Study, 2008-2014, CFPB credit card complaint data