Consumers are satisfied with the credit card industry as a whole for the third year in a row, with increased satisfaction in all categories since last year, according to a study released Aug. 23 by J.D. Power and Associates.
The study measures satisfaction based on interaction, credit card terms, billing and payment process, rewards, benefits and services, and problem resolution. On a 1,000-point scale, the industry scored a 753, up 22 points from 2011 and 39 points from 2010.
While customers are happier by every measure than they were last year, the biggest improvement has been seen in credit card companies’ ability to resolve problems. Resolution response time has decreased from five days to four days just since 2011. Since 2009, 7% fewer customers have experienced a problem with their credit cards, and 84% had their problems resolved in 2012—61% of whom had their problems resolved on first contact.
The most commonly reported credit card problem was fraud, which 24% of respondents experienced. More than half of customers who’d experienced fraud were contacted by their credit card provider before they even knew fraud took place.
As it has every year the survey has been conducted, American Express again ranked highest in customer satisfaction in 2012, particularly in the areas of interaction and rewards. Discover Card was ranked second, only 10 points behind American Express, scoring especially high marks for problem resolution and benefits and services. Chase was ranked third, 45 points behind American Express.