While small business credit card customers report significantly higher satisfaction with their credit cards than consumer credit card customers, they are twice as likely to switch to another brand, according to a J.D. Power survey released this week. Small business credit card customers reported an average overall satisfaction score of 849 on a 1,000 point scale, 43 points higher than the satisfaction score among consumer credit card users.
Overall, small business customers had favorable opinions of mobile and website experiences offered by their credit card issuers, giving them scores of 869 and 876, respectively. Customers noted that card issuers have room for improvement with respect to credit card terms, rewards and benefits and services, however, and 8.3% said they were definitely planning to switch card providers, compared to just 3.1% of consumer credit card customers who said they were planning to do so.
Discover notched the highest satisfaction rating among issuers, with a score of 878, followed by American Express, with a score of 862 and Bank of America with a score of 853.