If you're a credit card user, there's a good chance that in the past year you've experienced an increase in your interest rate or had to pay higher fees for late or missed payments, cash advances, or other cardholder "benefits." If so, you're not alone. Indeed, higher rates and fees are a major contributor to the decline in satisfaction among credit card holders, and are responsible for dropping credit card satisfaction to a three-year low, according to a new study by J.D. Power and Associates. The 2009 Credit Card Satisfaction Study, which measures customer satisfaction with credit cards and reports the results in a 1,000-point index format, shows that satisfaction with fees and rates drops to 603 points-down 37 points from 2008-contributing considerably to the decrease in overall satisfaction. The study reveals that nearly 20 percent of customers report experiencing an increase in their interest rate since 2008, almost double the 10 percent who said the same in 2008. According to the study, the largest decline in satisfaction with fees and rates is among revolvers-customers who carry a balance from month to month-a drop of 53 index points from 2008. Nearly one-fourth of revolvers report an increase in their interest rate from 2008. In addition, late payment fees, which have the greatest negative impact on satisfaction, were incurred by 14 percent of customers, compared with 11 percent in 2008.

"Overall satisfaction declines 86 index points when a customer incurs a late fee," said Michael Beird, director of banking services at J.D. Power and Associates. "Issues with fees also contribute to the high incidence of problems and complaints in 2009, with 18 percent of customers reporting problems, compared with 10 percent in 2008."

The 2009 Credit Card Satisfaction Study measures customer satisfaction with credit cards by examining six key factors:

• interaction
• fees and rates
• billing and payment process
• rewards
• benefits and services
• problem resolution

The study finds that overall credit card customer satisfaction decreases to 703 on a 1,000-point scale-the lowest level since the study's inception in 2007. Overall satisfaction among credit card customers remains the lowest across the financial services industries in which J.D. Power and Associates conducts research, including insurance, banking and investment services.