JD Power Finds Amex Tops in Customer Satisfaction Again

JD Power recently released the results of its annual credit card satisfaction survey which once again found American Express and Discover ranking #1 and #2 respectively in customer satisfaction. Overall, customer satisfaction levels were the lowest since the survey’s inception in 2007, and the lowest among all the financial services sectors that JD Power monitors, no doubt driven by the escalating rates and fees that consumers have been experiencing this year.

Other findings of the study include:

• Nearly twice as many customers reported an interest rate increase in 2009, up to almost 20% of all surveyed
• Almost one-fourth of customers who carry a balance reported an interest rate increase in 2009
• 14% of customers reported a late payment fee, up from 11% in 2008

According to JD Power, more than 9,000 credit card users participated in its survey between May and June 2009.