Finance & Loans

Which credit card issuer is best for you?

The Westlake Village, California based J.D. Power ranks and publishes an annual credit card satisfaction survey for last seven years. The latest report, 2013 U.S. Credit Card Satisfaction Study, was published on August 22, 2013. They use six factors including interaction; credit card terms; billing and payments; rewards; benefits and services; and problem resolution to gauge and rank card issuers. They indicate many cardholders lack understanding of terms, benefits and rewards that are associated with their cards. One theme that speaks volume is awareness and customer redemption of rewards is in decline year over year. More than 66 percent of cardholders were aware of rewards and benefits in 2012 and that declined to 59 percent in 2013. The survey also finds that mobile apps or text alerts to interact with their card issuer is on a gradual rise thanks to generation X and Y cardholders. For 2013, the American Express card ranked the highest followed by Discover and Chase. The American Express has held the top spot since the ranking started seven years ago. One takeaway from the study for all card holders is to find a way to understand terms and benefits of credit cards they carry.