Small-business owners are more satisfied with their credit card providers and are spending more money on credit card purchases, with rewards programs a major factor in both, according to the latest small-business credit card satisfaction survey by J.D. Power. Overall satisfaction among small-business credit card customers is 858 on a 1,000-point scale, which is up seven points from 2022 and up nine points from 2019. Overall, 38% of small businesses say they are financially better off than they were a year ago, up from 34% in 2022. Also, 41% of small businesses are carrying revolving debt, down from 44% in 2022.
Small businesses are spending an average of $13,000 per month on their credit cards, J.D. Power said. At the same time, business credit card issuers saw improvements in customer satisfaction across nearly every factor evaluated in this year’s study, except credit card terms, which remained flat year over year.
Rewards programs were critical to small-business customer satisfaction, with customers who spend $20,000 or more per month having higher levels of overall satisfaction with their card issuers, driven largely by increased interaction and improved alignment of spending with reward programs, according to the survey. The highest spenders were also likely to use five or more supplementary card benefits, which further increased overall customer engagement and satisfaction.
