American Express Tops Credit Card Satisfaction Survey for Second Straight Year; Discover Ranked Second
September 4, 2008 By Justin McHenry
American Express ranked first in overall credit card customer satisfaction for a second straight year, according to J.D. Power survey results released yesterday, with Discover Card holders being the second happiest customers. The survey asked over 7,000 credit card customers to rate their card company or companies in 5 areas: interaction; billing and payment process; fees and rates; reward programs; and benefits and services. American Express received a score of 783 out of a possible 1000, and Discover had a score of 751.
Rounding out the top eight, in order, with point totals: National City (721), Chase (719), U.S. Bank (716), WaMu (712), Citi (710), and Wells Fargo (709).
Other major issuers did not rank so well. HSBC (667 points), Capital One (678), Target National Bank (issuer of the Target Visa, 682 points), GE Money (683) and Bank of America (692) significantly lagged the competition.
The survey noted that just over 70% of credit card holders have reward programs associated with their cards, and the level of satisfaction with a card is dramatically higher when a reward such as cash back, travel, etc. has actually been awarded to the customer.
