“The percentage of people carrying the wrong card is alarming, and that doesn’t even include the 30-50% of people who have the right card, but could find a card that’s an even better fit for them if they looked at other options,” said Jim Miller, senior director of banking at J.D. Power. “Regardless of why customers have the wrong card, they are overall less satisfied with their card than those who have a card more appropriate for them. Carrying the right card is beneficial for both customers and card issuers.”
“Credit card issuers should be more proactive in helping their customers understand and use their rewards and benefits, as well as make offers to switch customers to cards that better fit their needs. In the long term, it is in everyone’s best interest for cardholders to have the right card,” said Miller. “For cardholders, switching cards to one that best meets your needs doesn’t have to mean switching providers. In many cases, the current provider may have a card that is better suited for you.”
Other key findings from the study include:
- Winning with Mobile: Customers who use their credit card issuer’s mobile app have overall satisfaction of 843, compared with 791 among those who do not use a mobile app. Furthermore, overall satisfaction jumps to 895 when the issuer provides a satisfying mobile experience (mobile interaction score of 800 or higher). In addition, as it has since 2013, mobile remains the most satisfying interaction channel for credit card customers. Satisfaction when customers use their credit card issuers’ mobile app is 858 in 2016, compared with 845 when they use a call center and 835 when they use the issuer’s website.
- Emerging Affluent Are Early Adopters: Customers in the Emerging Affluent category—those younger than 40 with an income of $80,000 or more—are quick to adopt digital service channels, showing a preference to avoid personal interactions when possible. Among Emerging Affluent customers, 28% have interacted with their issuer via mobile, 45% have resolved a problem via their issuer’s website and 43% have used a mobile payment app. In comparison, among all other customers, only 7% have interacted with their issuer via mobile, 22% have resolved a problem via their issuer’s website and 13% have used a mobile payment app.
- Limit Problems, Keep Customers: Problem rates have remained consistent during the past four years, with 11% of customers in 2016 indicating they have had a problem or complaint with their credit card. However, among customers who have experienced a problem, 13% say they “definitely will” or “probably will” switch cards, compared with 3% among those who did not experience a problem.
Credit Card Customer Satisfaction Rankings
Discover (827) ranks highest in customer satisfaction with credit card issuers for a third consecutive year. Discover performs particularly well across all six study factors. American Express (825) ranks second and Capital One (799) ranks third.
The study, now in its 10th year, measures customer satisfaction with credit card issuers by examining six factors (in descending order of importance): interaction; credit card terms; billing and payment; rewards; benefits and services; and problem resolution. Overall satisfaction is at a record high of 796, surpassing the previous high of 790 in the 2015 study.
The 2016 U.S. Credit Card Satisfaction Study includes responses from 20,206 credit card customers. The study was fielded fromSeptember 2015 through May 2016.