According to the latest data, consumers are happier with their credit cards than ever before. But financial hardship is on the rise, and this could be changing how they use their cards.
It’s no secret that the economy has been in a bit of a slump lately. And with more and more people struggling financially, it’s not surprising that credit card satisfaction is on the rise. According to the latest U.S. Credit Card Satisfaction Study, consumer satisfaction with credit cards has reached an all-time high.
The study, which is now in its 16th year, measures customer satisfaction with credit card issuers by examining six factors: benefits and services; communication; credit card terms; interaction; key moments; and rewards. And according to the latest results, Americans are more satisfied with their credit cards than ever before.
Satisfaction with credit card issuers has reached an all-time high of 835 (on a 1,000-point scale), which is up from 828 last year and 814 in 2019. This is the first time satisfaction has topped 830 since the study began in 2006.
Reason to be a spike in satisfaction?
There are several reasons for this spike in satisfaction, and here are some of them.
Customer service has improved:
One of the main reasons for the increase in satisfaction is that credit card issuers have stepped up their customer service game. Customer service is now the second-most important factor in overall satisfaction, behind only rewards/benefits.
Communication has improved: Another big reason for the increase in satisfaction is that credit card issuers have gotten better at communicating with their customers. Communication is now the third-most important factor in overall satisfaction, behind only rewards/benefits and customer service.
Benefits and perks have increased:
Credit card issuers have also been offering more and more benefits and perks to their customers, which has led to an increase in satisfaction. In fact, benefits and perks are now the fourth-most important factor in overall satisfaction, behind only rewards/benefits, customer service, and communication.
Rates and fees have decreased:
Finally, another big reason for the increase in satisfaction is that credit card issuers have been decreasing rates and fees. In fact, rates and fees are now the fifth-most important factor in overall satisfaction, behind only rewards/benefits, customer service, communication, and benefits and perks.
Best Credit Card Issuers
So, which credit card issuers are the most satisfied? According to the study, the top three are:
American Express: 848
Bank of America: 818
Goldman Sachs, the issuer of the Apple Card, ranks highest in customer satisfaction among midsize issuers (275,000 – 4 million active accounts) for a second consecutive year, with a score of 843. TD Bank (808) ranks second. Fifth Third (806), PNC (806), and Regions Bank (806) each rank third in a tie.
What does this all mean for you?
If you’re looking for a new credit card, now is a great time to apply. With satisfaction at an all-time high, you’re likely to be approved for a card with great terms and low rates. And if you’re not sure which card to apply for, be sure to check out our list of the best credit cards of 2022.
No matter which card you choose, just be sure to use it responsibly. After all, even though satisfaction is at an all-time high, credit card debt is still a major problem for many Americans. So be sure to use your card wisely and pay off your balance in full each month to avoid interest charges.
Do you have a credit card that you’re happy with? Let us know in the comments below.