Members Exceptionally Satisfied with Credit Card Terms, Interactions, Rewards Programs and Navy Federal’s Ability to Handle Key Moments
Navy Federal Credit Union this year outperformed banking industry averages across a broad range of customer engagement parameters in the J.D. Power 2020 U.S. Credit Card Satisfaction Study.
Measured on a 1,000-point scale, Navy Federal outperformed the average regional bank overall customer satisfaction score of 813 by 56 points with a high score of 869. Navy Federal exceeded the performance average of regional banks across the full range of customer satisfaction factors studied by J.D. Power.
The U.S. Credit Card Satisfaction Study, now in its 14th year, measures customer satisfaction with credit card issuers by examining six factors (in descending order of importance): interaction; credit card terms; communication; benefits and services; rewards; and key moments.
^Navy Federal Credit Union is a financial services issuer that primarily serves U.S. military members, veterans and their families, and therefore is not rank-eligible in the study.
Navy Federal Credit Union Consistently Satisfies Cardholders Across Key Customer Satisfaction Benchmark Factors
To measure customer satisfaction, J.D. Power examines critical-to-customer experience factors by using a comprehensive index model. The analysis yields a benchmark of excellence score for each of the dominant factors. In 2020, Navy Federal Credit Union swept the board, posting scores that were higher than any regional bank in the country across every factor, including:
Credit Terms -- When it comes to reasonableness of credit limit, clarity of information provided about rates and fees, competitiveness of interest rate and reasonableness of fees, Navy Federal posted the highest score (854) outperforming the highest rated regional bank competitor by 62 points.
Interaction -- As the range of digital options rises for addressing customer needs, Navy Federal has outperformed all regional banks in delivering high quality services across online, mobile, call center, and automated phone channels. Navy Federal scored 908 on this factor, beating the highest performing regional bank by 50 points.
Rewards -- Navy Federal members are extremely satisfied with the amount of rewards earned per dollar spent, the ease of redeeming rewards, the extent to which members are kept informed about the reward program, and the ease of understanding the rewards program. Navy Federal Credit Union posted a score of 844, which was 32 points higher than the top performing regional bank on this factor.
Key Moments -- Satisfaction levels with the process of applying for Navy Federal credit cards -- or replacement cards -- are extremely high, as is the way that customer service representatives handle possible cases of fraud or security breaches and generally resolve problems. Navy Federal posted an industry-high score of 901, 37 points better than the highest performing regional bank on this factor.
Our Passion for Exceptional Member Service
At Navy Federal Credit Union we have a passion for providing exceptional member service. That commitment to service has allowed us to serve the military, veterans and their families for over 87 years. Part of our success comes from listening to our members and using that feedback to improve products, service and the overall member experience.
Our dedication to providing excellent service has resulted in some tremendous feedback from our members, including the recent J.D. Power 2020 U.S. Credit Card Satisfaction study. This independent study found that Navy Federal provided members with excellent service and products across the board.
Navy Federal is a true partner with each of its cardholders, educating them about the right credit card for his or her specific needs. It’s simple, we do what’s right for the member every time and this independent study shows that.
We design each credit card product to fit the unique needs of our military members and their families. By providing personalized education, tailored to empower members, our credit card products allow members to grow with Navy Federal throughout their financial lives.
Whether you visit a branch, go online or connect with us through our mobile app, Navy Federal will provide you with the credit card service you can rely on.
Our members are the mission.
Chief Lending Officer
Navy Federal Credit Union