The top-rated credit cards in the US
A new study found that Americans' overall satisfaction with credit card companies is at an all-time high.
This post comes from Krytal Steinmetz at partner site Money Talks News.
American Express has long been America's favorite credit card company. But after seven years at the top, AmEx is now sharing the No. 1 spot with Discover.
The eighth annual J.D. Power survey found that overall credit card customer satisfaction is at an all-time high. When considering interaction, credit card terms, billing and payment, rewards, benefits and services, and problem resolution, consumers' overall satisfaction with the 10 credit card companies in the survey came in at 778 out of 1,000 points.
American Express and Discover tied, scoring 819 each. Chase was next with 789 points.
AmEx and Discover operate under two entirely different business models. While American Express offers 21 cards with different rewards and fees, Discover has just one card, offering cash-back rewards and no annual fee.
"This is really a tale of two very different credit card companies that both excel at customer interactions," said Jim Miller, senior director of banking services at J.D. Power. "American Express and Discover provide great personal service when customers call in and also make it easy for customers to manage their accounts online as well as by using mobile apps."
One likely reason Discover moved from second place to tie with American Express for first place this year is that Discover has expanded its merchant reach. According to The Wall Street Journal:
Roughly 9.2 million locations in the U.S. accepted credit cards on the Discover network in 2013, up 2 percent from 2012 and up 24 percent from 2009, according to data from the Nilson Report, a payments-industry newsletter. The number of U.S. locations that accept Visa and MasterCard, which surpass Discover, increased 15 percent since 2009.
Here's how the 10 credit card companies were ranked, starting at the top:
- American Express, Discover (tie).
- U.S. Bank, Wells Fargo (tie).
- Bank of America.
- Capital One.
- GE Capital Retail Bank.
Nearly 20,000 credit card customers were interviewed for the survey.
What's your favorite credit card company?
More from Money Talks News
Citi is horrible. I had a $24 amount owed at the end of the month. I was one day late and got a $34.95 late charge plus interest.......the fee exceeded the amount owed.
Citi then - after much debate reduced the late fee to $17.48. All this for being one day late on an account that I was never late before. Citi is horrible!!!!!!!!
I am not surprised to see AMEX.....on only two occasions have I had to deal with their customer service. Both times it was initiated by them when they noticed anomalies in my charges. My number was stolen two different times in unrelated incidents when different merchants were hacked. They called me, politely inquired about the charges, dropped the bogus ones and overnighted me a new card at no charge.
The cash back checks that I get are nice too!
I had A/E - and when I went to use it - I was denied - came home called them and they said it was an error on their part - REALLY well it was pretty embarrassing as I only wanted to charge $ 100.00 which was my deductible at a car repair shop due to an accident - I cancelled the credit card and never want it back again.....
That A/E card was actually my husband's ( but I was also on the card ) and used only for his expense acct. and paid in FULL EVERY MONTH . Their was no balance on it at the time - talk about embarrassing.
When I arrived home and called them no one said I am sorry nothing - - is this what we call GREAT SERVICE - I hardly think so - well maybe they have changed over the years - but I cut the card immediately following the phone call - paid them the balance due in full and never looked back .
times have changed evidently - it's the PERSONNEL THAT SCREW UP so I am glad that you all think that A/E is so wonderful -
American Express, Visa, MasterCard, Discover, etc. are all
Credit Card issuing conglomerates that are "investor" owned
and each have their own "ticker symbols" on the stock exchanges.
These firms "partner" with "merchants" that buy their product (banks -
many of which are also investor owned and are publicly traded on the
the exchanges with their own ticker symbols. Credit Unions (member owned)
and local banks (non-conglomerate owned), on the other hand, also issue
Credit, Debit and Bank Cards that display the credit card issuing "logos" as
a convenience to their customers so other merchants will "accept" a card
when purchasing a commodity.
What is being "rated" in this article? Certainly not local or community banks
nor credit unions! My credit union's "Check Card" carries the "Visa" logo. This
card may be used at any merchant worldwide for credit, debit or as an "e-check".
When this purchase hits the credit union, it is first processed through the checking
account then goes to savings account. If there are "insufficient funds" in either,
the credit union electronically presents it to Visa for payment and now I owe
the principle sum PLUS a high interest rate to the credit union unless I pay
the entire sum when due at the end of the credit union's billing cycle.
I can also use this "Check Card" in any ATM in the world. Some community banks are
partnered with my Federal Credit Union and do not charge a fee, while others
charge an ATM fee ($2.50 - $4.00). When traveling in the U.S., I will go to a local
or community bank and pay up to their $4.00 fee instead of using a conglomerate's
ATM that only charges $2.00 to withdraw cash (daily limit of Credit Union is $500).
Customer satisfaction is a misnomer! It is your bank or credit union where the
satisfaction comes from! Forget the points, rewards, rebates or miles offered - one is
paying the fee for that also in attempt to get one to "charge it" and go deeper in
debt and pay higher and higher interest rates!
well believe or not the humanity was perfectly able to live without a monetary system
You idiots who want to revolt are wasting your energy, go to the polls and stop bitching.
You don't like Dem's, so I take it tht, you must have more money in your pocket this year than you did 6 years ago. Fool
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