Consumer credit card satisfaction up in 2011 over previous years
While a larger number of Americans are once again dealing with more credit debt than they had during the previous several months, overall satisfaction with these accounts increased once again this year.
In general, consumer satisfaction with their credit cards averaged a score of 731 out of 1,000 in 2011, according to the latest annual J.D. Power and Associates Credit Card Satisfaction Study. That total is up from the 714 last year and 705 in 2009.
American Express was once again the most popular credit card issuer, winning the honor for the fifth consecutive year, the report said. The lender generated an average satisfaction score of 786. Discover (779) and Barclaycard (739) finished second and third, respectively.
“While the perception of credit card brands has increased from last year, this strong upward indicator could certainly turn, given the highly volatile markets of late,” said Michael Beird, director of banking services at J.D. Power and Associates.
Since the end of the recession, consumers have generally been more wary of using their credit cards and taking on debt, leading to fewer charge offs and delinquencies in most of the last year.