It seems like everyone loves to hate credit card companies, but some firms are more unpopular than others, and the industry as a whole faces a distrusting public.
That’s the gist of the fourth annual customer satisfaction survey of 11 major card issuers by J.D. Power and Associates, the marketing-information firm. It found that American Express (Stock Quote: AXP), Discover Card (Stock Quote: DFS) and U.S. Bank (Stock Quote: USB) scored above-average, while HSBC (Stock Quote: HBC), Citi Cards (Stock Quote: C) and Capital One (Stock Quote: COF) brought up the rear.
While customers were a bit more satisfied than they were in the depths of 2009, the number “professing loyalty” to their card companies “continues to slip as skepticism that card issuers are focused on customers’ best interests remains,” J.D. Power states.
And that overall improvement in satisfaction was pretty small — up to714 on a 1,000-point scale, from 705 last year. In other bad news, the number of customers say they “definitely will not switch” their main cards in the next 12 months dropped to 22%, from 30% in 2008 and 25% in 2009.In other words, 78% think they might switch and are considering the hassles and expenses a switch might entail.
Why are customers so down on their card companies? It seems like a dumb question given all the attention Washington has focused on hard-to-understand ways card companies impose fees, but here’s what J.D. Power said: