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Two credit card companies, Discover and American Express, were recently recognized in a study by J.D. Power, a global commerce and market research company. The study pertains to responses from the fourth quarter of 2016 to mid-2017. Out of several study highlights, customer satisfaction broken out by company is one of the findings highlighted by J.D. Power.
With responses from over 23,000 consumers, American Express and Discoverrespectively ranked first and second in terms of customer satisfaction in relation to credit card offers, customer use, and company interaction. Coming in third place was Capital One.
The study focused on six different metrics including customer interaction, terms and conditions on credit card offers, billing and payment systems and interaction, rewards offers, customer service, and other standard benefits offered with credit card products.
Going off of these metrics, J.D. Power asserts that American Express, Discover, and Capital One beat the field when it comes to customer service and problem resolution; ideal credit card offers, rewards, and fees; bill payment processing and interface, as well as over customer interaction. As mentioned earlier, all of these factors can be pulled together to represent overall customer satisfaction from the end of 2016 to June 2017.
It is interesting to note that two of the top three most successful customer satisfaction credit card-issuing companies are credit unions which known for customer service. Credit unions make a point of putting consumer members first when dictating policy, and the results of this study can be seen as a reaffirmation of this commitment to credit union members.
However, it is also noteworthy to remember that a massive banking institution, Capital One, made the top three. In contrast to credit unions, banks are sometimes characterized by their red tape-ridden, bureaucratic approach to policy and financial product offers, and this rigidity may hinder a bank’s ability to handle customer service and would obviously have an impact on consumer interaction.
Despite this, Capital One made the cut which may allude to the possibility that some big banks are taking note to the successful policies of credit unions, namely putting the customer first when dictating policy.
At any rate, consumers who work with American Express, Discover, or Capital One can rest easy knowing they are a part of the happiest group of credit card holders. However, this fact is only relevant to the first half of 2017 and final quarter of 2016, so while a good sign, the results are by no means permanent or all-encompassing.
Author: Andrew Rombach
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