What Credit Companies Give the Most Satisfaction
J.D. Power and Associates, an information services company, best known for conducting surveys of customer satisfaction, buyer behavior and product quality, has revealed the results of a recent credit cards satisfaction study. The purpose of the survey was to figure out what pleases and what irritates customers in credit cards they currently use. Over 7,600 customers participated in the poll.
The customer satisfaction was appraised by several criteria. Rates and fees, interaction, rewards programs, payment process, extra benefits and services. As the research showed, two credit companies ranked significantly higher than others. These lenders seem to know what buttons to push to please the customer.
American Express and Discover turned out to be the leading pleasers in customer satisfaction area. AmEx scored 783 out of 1,000 points. This was the best result. American Express came up to customers' standards at all satisfaction criteria.
How did this lender managed to please nearly all of its clients? Are American Express cards officially rated as the best credit cards? No. Do they design new credit cards or new credit card rules individually for every customer? No. What is their secret key to success then?
AmEx sells credit cards online, offer 24/7 customer support, but most card issuers have this sort of services. What AmEx customers especially love about this card issuer is their rewards plastics. Most of the AmEx customers stick to a certain financial behavior model. They are used to paying their monthly bills in full. They prefer not to carry balances from month to month. Credit card industry calls such consumers "transactors".
Since these people tend to pay off their balances in full every month, their credit card deals do not accumulate much interest. That is why transactors have little concern with low rate cards. They try to find credit card with a rewards scheme that they will benefit the most from. And American Express, at this point, has really good offers.
Discover Bank came off second-best. Though this company loses a few points to the leader, this credit issuer has won "revolvers'" hearts once and forever. Revolvers, in credit industry lingo, are borrowers who feel comfortable living with a revolving balance. What revolvers seek for when choosing the right deal for them is low interest rate and no annual fee. Discover grants all of it, plus enticing rewards programs with easy redemption schemes.
As for the most satisfying types of rewards plastics, customers singled out hotel rewards card deals. But cash back plastics still remain the most common type of rewards cards people apply online and offline for. Customers that redeem their rewards were spotted to display a higher level of satisfaction, so to say, than those who do not redeem rewards earned or own plastics with no rewards programs.
It is quite clear that customers that take advantage of extra benefits and services offered by the issuing company get more satisfaction than those who ignore extra perks. Interestingly, the survey has shown that about 1/4 of the respondents had no idea about additional services and incentives their plastic came with.
All in all, the study proves that rewards programs are the most appealing satisfaction factor for plastic owners.
Identity theft cases have become as common as dirt. The crisis US economy in at the moment triggers the rise of credit crime rate. Crooks do not even have to invent new more sophisticated ways to steal credit cards or identities themselves. Credit consumers struck by credit market crunch do not think much about protection against thieves now.
But now taking security measures against credit fraud is more important than ever. Say you discovered that you fell victim to identity theft. Do you have an instant action plan? Do you know what to do in order to minimize the grave consequences the fraud can bring about? Credit report freeze is the answer.
View full story Comments (0)
Too much is never enough. Especially when it comes to money. Your income is the cap on the amount of money you can spend. But if you have credit cards, your buying power increases and your spending limits do not bother and restrain you that much. However, nearly every credit card holder would not refuse to have a bigger credit limit.
Even if you carry a no limit plastic, you still have a cap on credit card spendings. Your highest balance is usually considered to be your limit. But can you increase your credit limit? And how will it affect your credit score?
View full story Comments (0)
Credit consumers, who want to highlight their financial standing, can find credit products that will fit their interests. There are the so-called status-credit cards on the market. Customers can choose silver, gold, platinum or black credit cards. All of them give certain privileges and that very status to their owners.
What is interesting, you do not even need to have excellent or good credit and really high income to get one of the status credit cards. They are available to bad credit owners as well. Let's take a closer look at Gold credit cards. Learn more about features, options and services that Gold credit cards offer.
View full story Comments (0)
