Small business credit card customer satisfaction declined nine points from last year (falling to 840 on a 1,000-point scale) as 91% said their business has been affected by the pandemic, according to a new survey by J.D. Power.
The U.S. Small Business Credit Card Satisfaction survey, now in its second year, found that the decline was due in part to cardholders’ lack of awareness about relief offered by card issuers in response to the pandemic. Overall, satisfaction was 58 points higher among business owners who were aware of card issuer relief efforts, such as late payment forgiveness and waived charges and fees. The sharpest satisfaction decline was with retail co-brand cards, which dropped 35 points.
Small business credit card holders also had more difficulty finding information about their cards in 2020– 47% of customers who started to search for information online eventually turned to the phone for assistance. Credit card website satisfaction declined 13 points this year and mobile satisfaction declined 10 points.
The study also pointed out that customer spending patterns shifted as a result of the pandemic, with 25% of small business credit card holders reporting that they spent less with their cards than they did a year ago. “Given changing spending patterns, it is critical that card issuers emphasize special offers and benefits through proactive communication with small business cardholders,” the study noted.
