A new study by data analytics firm JD Power has revealed that credit card customers are seeking better reward programmes.
The 2018 Credit Card Satisfaction Study analysed interaction, credit card terms, communication, benefits and services, rewards and key moments.
Go deeper with GlobalData
Out of a total of 24,018 respondents, nearly half (47%) said they switched their card to a new one over the past 12 for better reward programmes.
The study found that customer satisfaction is directly associated with reward value. The highest satisfaction score for amount of rewards earned per dollar is 170 points more compared to customers with average satisfaction.
It was found that 36% of respondents did not completely understand the rewards available to them.
Meanwhile, overall satisfaction score in customers who fully understand earning and redeeming of rewards is 101 points higher than among those who do not understand.
A free FICO/credit score with card and associated mobile application increase customer satisfaction. The study further showed that older customers are more satisfied with transition to digital billing.
JD Power senior director of Banking Practice Jim Miller said: “The key for issuers in this highly competitive environment is to make sure they are offering the types of benefits that resonate with current and potential customers.
“It is better to have customers fully understand their benefits rather than provide benefits of which customers aren’t even aware.”
According to the study, Discover cards have highest customer satisfaction with an 836 score. This is followed by American Express with 830 and Barclays US with 806.
