Other highlights from the 2009 Credit Card Satisfaction Study include:
- Proactive and clear communication is key to improving satisfaction among credit card customers. For example, when an interest rate change occurs, satisfaction scores are 97 index points higher when customers say they were notified ahead of time by the credit card issuer, compared with when customers say they were not notified in advance.
- American Express ranks highest among credit card issuers for a third consecutive year with an index score of 762. American Express performs particularly well in the rewards, benefits and services, and billing and payment process factors. Discover Card (751) and National City (740) follow American Express in the rankings.
- Effective communication with cardholders that reinforces the value of being a customer is a key best practice common among the high-performing credit card issuers. For example, 82 percent of cardholders with American Express are aware of the benefits and services associated with their card, compared with an industry average of 70 percent. American Express customers also report having access to an average of approximately five benefits and services, compared with the industry average of less than three. This awareness is an important contributor to the high level of satisfaction with rewards and benefits among American Express customers (757), compared with an industry average of 690.
- Another differentiator of high performers is the importance of customer interaction. Discover Card, for example, performs particularly well in customer interaction through its Web site, automated phone service and customer service representatives. Discover Card also has a low percentage of Web site inaccessibility (13%) and an average wait time of only 3.3 minutes to speak with a customer service representative.
Following are some tips consumers can follow for a more satisfying credit card experience:
- Compare the performance of credit card issuers, starting with comparative performance ratings
- Make sure you are getting a card with the features and benefits that are important to you and that fit how you plan to use the card. For instance, if you plan to carry a balance on the card, find one with the lowest rates and fees. On the other hand, if you use the card to pay for everything from gas to groceries to vacations and pay off the balances each month, you may want a card with a rich and flexible reward program.
- Educate yourself on the benefits and services available on the card and use them. Customers who are both aware and take advantage of card features are more satisfied than those who don’t.
- When there’s a question about the appropriateness or accuracy of a fee or rate, request that it be waived or adjusted. Issuers are eager to fix mistakes on their part and are willing to make accommodations for valued customers.
About the Study
The 2009 Credit Card Satisfaction Study is based on responses from more than 9,000 credit card users. The study was fielded in May and June 2009.
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