Credit Card Customer Satisfaction

According to JD Power and Associates’ 2022 Credit Card Satisfaction Study, customer satisfaction improves from the decline in 2022. For the last fifteen years they have been conducting the study using a 1,000 point index to measure customer satisfaction with credit cards by examining six key factors: interaction, credit card terms, billing and payment process, rewards, benefits and services and problem resolution. “Credit card issuers are doing a relatively good job of building strong customer relationships in a highly uncertain economic environment, but there are some very real concerns looming on the horizon," said John Cabell, director of banking and payments intelligence at J.D. Power.

Overall satisfaction is at a record high of 814. Nevertheless, the Consumer Financial Protection Bureau reported 10,599 consumer complaints relating to credit cards in 2022 which is 3.82% lower compared to last year.

•  American Express ranks highest in customer satisfaction with credit card issuers for the third consecutive year, followed closely by Discover.

• Just two issuers experienced an overall decrease in customer satisfaction over the last year.

• Bank of America experienced the greatest increase gaining 90 points (12.36%) from 2012 to 2022.

 

 

Consumer Satisfaction Results (1,000 point index)

The following chart lists the total number of consumer complaints related to credit cards received by the Consumer Financial Protection Bureau by issuer.