August 21, 2016
Discover Ranks highest in credit card customer satisfaction for third consecutive year
DETROIT: 18 August 2016 — At least one in five credit card customers are carrying the wrong card, according to the J.D. Power 2016 U.S. Credit Card Satisfaction Study,SM which was released today.
More than 20% of customers have a card which has fees or rewards not aligned with their actual purchase habits. The study finds that while their levels of satisfaction are not dramatically different, customers who have a wrong card, compared with those with a card better suited to their needs, spend less per month on their primary card ($783 vs. $1,035), use their card for a smaller share of their total spend—cash and debit card spend—(37% vs. 45%) and are more likely to switch cards (21% vs. 9%).
The percentage of people carrying the wrong card is alarming, and that doesn’t even include the 30–50% of people who have the right card, but could find a card that’s an even better fit for ...