Survey ranks American Express highest in customer satisfaction…
For the second year in a row, American Express, the fourth-largest U.S. credit card company, has ranked highest, with a score of 783 on a 1,000-point scale, in consumer satisfaction according to the J.D. Power and Associates 2008 Credit Card Satisfaction Study. The study measures customer satisfaction with credit cards by examining five key factors: interaction; billing and payment process; fees and rates; reward programs; and benefits and services. American Express performs well in all five factors driving customer satisfaction. And according to our “Best / Worst Credit Card Issuers” Poll, visitors to our site agree.
Discover Financial Services was second in the rankings with a score of 751 and performing particularly well in interaction, billing and payment processes, and reward programs. Both companies improved their performance over last year’s survey and were the only two companies whose scores topped the industry average in the poll.
“American Express and Discover Card are very different in their fees, reward programs and incentives, and their strong performances indicate their ability to suit the various needs that dissimilar types of cardholders have,” said Rocky Clancy, executive director of financial services at J.D. Power and Associates. “American Express appeals to customers looking for benefits and reward programs, and these customers are generally willing to pay higher fees for the additional value the card provides. Conversely, Discover Card has found success with customers looking for simplicity, which it offers through no annual fees, cash rewards and fewer problems than other issuers.”
JPMorgan Chase, Citigroup and Bank of America appeared in the fourth, seventh and ninth positions in the rankings, respectively, according to the responses fielded from 7,665 credit cardholders in April and May 2008.
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