Consumer feedback and ratings are a good benchmark in determining not just the best credit card deals but credit card companies and credit card products as well. Read on to find what factors are used by consumers to rate credit cards.
Credit card fees and rates. This includes annual fees, transfer fees, and credit card interest rates. Since these percentages and fees contribute significantly to the escalation rate of a debt remaining unpaid and are therefore disadvantageous to consumers, lesser fees and rates elicit higher satisfaction levels and higher consumer ratings for the credit card company and its credit card products.
Customer service and support. This refers to the process of billing and payment, consumer complaint resolution procedures, and consumer technical support. Consumers appreciate clear and transparent billing methods where all charges are plainly stated for consumers to easily understand. Also, various payment method options for the consumers’ convenience are significant factors for consumer ratings. Finally, nobody wants to deal with unresolved issues and complaints; faster response makes for a happy and satisfied customer. The key here is consumer convenience; the higher the level of convenience the better consumers rate credit cards companies.
Rewards. This is not only explanatory but this is also universal. Rewards with better quality and more quantity keep the consumers happy. So, it is no coincidence why many credit card companies dub their reward systems as loyalty rewards, loyal privileges, or loyalty points. Obviously, credit card reward systems were invented to keep customers loyal to the credit company and prevent them from seeking business elsewhere.
Overall consumer satisfaction. The combination of all the above factors determine consumer satisfaction and the overall rating credit card providers get from consumers. When consumers rate credit cards, it helps the credit card companies use that data to improve their services.
Consumer Credit Card Ratings (derived from JD Power)
|
Company |
Overall |
Fees |
Billing |
Rewards |
Benefits |
Interaction |
Resolution |
|
American Express |
10 |
8 |
10 |
10 |
10 |
10 |
10 |
|
Bank of America |
6 |
6 |
6 |
4 |
6 |
6 |
4 |
|
Barclaycard |
6 |
6 |
6 |
8 |
6 |
8 |
6 |
|
Capital One |
4 |
6 |
6 |
4 |
6 |
6 |
6 |
|
Chase |
6 |
6 |
6 |
8 |
6 |
6 |
6 |
|
Citi Cards |
6 |
6 |
6 |
6 |
6 |
6 |
8 |
|
Credit One Bank |
4 |
4 |
4 |
|
4 |
4 |
|
|
Discover Card |
10 |
8 |
10 |
8 |
10 |
10 |
8 |
|
Fifth Third Bank |
6 |
8 |
6 |
4 |
4 |
4 |
|
|
First National Bank of Omaha |
6 |
6 |
4 |
4 |
6 |
6 |
|
|
First Premier Bank |
4 |
4 |
4 |
|
4 |
4 |
4 |
|
GE Money |
4 |
6 |
4 |
4 |
4 |
4 |
4 |
|
HSBC |
6 |
6 |
6 |
6 |
4 |
6 |
4 |
|
National City |
8 |
10 |
10 |
8 |
8 |
8 |
|
|
Target Visa |
4 |
4 |
6 |
4 |
4 |
4 |
4 |
|
US Bank |
6 |
8 |
6 |
6 |
6 |
6 |
10 |
|
WaMu |
4 |
6 |
4 |
4 |
6 |
4 |
4 |
|
Wells Fargo |
8 |
8 |
6 |
6 |
6 |
8 |
10 |
