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Credit card satisfaction rises

By Janna Herron · Bankrate.com
Thursday, August 18, 2011
Posted: 12 pm ET

More Americans are giving their credit cards a thumbs-up this year.

Credit card satisfaction rose for the second year in a row, according to a J.D. Power and Associates study released Thursday. The study considers six factors: interaction; credit card terms; billing and payment process; rewards; benefits and services; and problem resolution.

Overall, credit card satisfaction scored a 731 on a 1,000-point scale with every category improving from the year before. Credit card terms and problem resolutions posted the largest improvements from 2010.

Consumers also complained less this year -- only 11 percent reported a problem versus 14 percent in 2010. For those with a gripe, it took a day less to work the problem out with the creditor (4.9 days compared with 5.8 days). It also required fewer phone calls and emails, the study found.

"It appears that credit card companies are doing a better job of communicating with customers, which may be an effect of the (Credit Card Accountability, Responsibility and Disclosure Act of 2009)," said Michael Beird, director of banking services at J.D. Power and Associates.

Here's the breakdown of individual issuers.

In the lead for the fifth straight year was American Express, which put up a score of 786. The company, which caters to more affluent consumers, scored high on benefits and services, credit card terms and rewards.

Discover claimed the No. 2 spot with a score of 779. Its best category was interaction. Rounding out the top five were Barclaycard, Chase and Wells Fargo.

HSBC, which is in the process of selling most of its U.S. credit card operations to Capital One, came in last at 689. Capital One ranked seventh.

The study is based on responses from more than 8,700 credit card customers from May and June of this year.

What's your favorite card in your wallet? Why?

Follow me on Twitter: @JannaHerron

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