J.D. Power & Associates is out with a new credit card consumer satisfaction survey, and the results may surprise you.
The “gold standard” for credit card customer satisfaction, according to the 2009 consumer survey, is American Express (Stock Quote: AXP). Amex racked up 762 points (out of a possible 1,000) on five key card consumer issues,
- Interaction with customer service or via the company’s Web site
- Billing and payments
- Fees and rates
- Reward programs
- Benefits and services
Tracking closely to Amex was Discover Card (Stock Quote: DFS) at 751 and National City (Stock Quote: NCC) at 740. Discover was the only credit card issuer, besides American Express, that garnered a “five-star” rating on overall customer satisfaction.
American Express received five stars in all categories but one – it earned four stars for its fees (unlike most card issuers, Amex charges an annual fee to card members).
Also receiving good marks in overall satisfaction (four stars) and with card fees (four stars) was Wells Fargo (Stock Quote: WFC). On the down side, Washington Mutual, recently taken over by JP Morgan Chase (Stock Quote: JPM), ranked at the bottom of the J.D. Power list, with a “two-star” overall customer service ranking.