J.D. Power: Consumer Satisfaction with Credit Cards Holds Steady

Gains in satisfaction from before the coronavirus pandemic boosted overall consumer satisfaction with credit card issuers in 2020, according to the J.D. Power 2020 Credit Card Satisfaction Study released today. Average satisfaction with national issuers was 810 on a scale of 1,000, up from 806 in 2019, while satisfaction rose from 802 on average to 813 for regional issuers. Nearly nine in 10 cardholders said their current card fully meets their needs.

However, these levels are lower than they would have been absent the pandemic, J.D. Power said, noting that overall satisfaction levels fell 10 points from where they would have been during the final wave of its study. Consumers reporting lower satisfaction amid the pandemic cited credit card terms and issuer communications. Affluent customers reported the sharpest declines in satisfaction amid COVID-19.

Among financial services providers, credit card issuers were uniquely affected by the pandemic, J.D. Power said, as consumer satisfaction has grown with retail banks and mortgage providers. Just 36% of credit card customers reported receiving proactive contact from their card issuer in the prior 12 months, compared with 60% of mortgage borrowers and 48% of retail banking customers.

American Express was the highest-ranked issuer with a score of 838, closely followed by Discover with a score of 837. Among large Visa or Mastercard issuers, Bank of America ranked highest at 812, followed by Chase at 809 and Capital One at 808. (Had USAA Federal Savings Bank—whose membership criteria meant J.D. Power left it out of the rankings—been included, it would have scored 861.) Meanwhile, Birmingham, Alabama-based Regions Bank was the top-rated regional issuer with a score of 816, followed by BB&T (now Charlotte, North Carolina-based Truist Bank) and Pittsburgh-based PNC Bank, each with 815.