Against a backdrop of rising inflation, a weakening economy and increased competition in the consumer lending space, credit card issuers are experiencing sizable gains in customer satisfaction, trust and Net Promoter Scores©1. However, according to the J.D. Power 2022 U.S. Credit Card Satisfaction Study,SM released today, overall share of spend on a primary card has decreased significantly as customers cite increased financial stress and interest in alternatives such as buy now, pay later (BNPL).
"Credit card issuers are doing a relatively good job of building strong customer relationships in a highly uncertain economic environment, but there are some very real concerns looming on the horizon," said John Cabell, director of banking and payments intelligence at J.D. Power. "Chief among these is the declining share of spend going to primary credit cards. Despite recent spikes in travel and spending, cardholders generally have been taking a more cautious stance with credit card spend in the past five years. They are increasingly turning to other channels such as debit cards, BNPL and even cash. It is going to become critically important for card issuers to improve product value and boost proactive support for a growing segment of financially stressed customers as we move into this next phase of the economic cycle."
Following are some key findings of the 2022 study:
Study Rankings
American Express ranks highest in customer satisfaction among national issuers for a third consecutive year, with a score of 848. Discover (841) ranks second and Bank of America (818) ranks third.
Goldman Sachs, issuer of the Apple Card, ranks highest in customer satisfaction among midsize issuers for a second consecutive year, with a score of 843. TD Bank (808) ranks second. Fifth Third (806), PNC (806) and Regions Bank (806) each rank third in a tie.
The U.S. Credit Card Satisfaction Study, now in its 16th year, measures customer satisfaction with credit card issuers by examining six factors (in alphabetical order): benefits and services; communication; credit card terms; interaction; key moments; and rewards. The study includes responses from 27,819 credit card customers and was fielded from August 2021 through June 2022.
For more information about the 2022 U.S. Credit Card Satisfaction Study, visit
https://www.jdpower.com/business/resource/us-credit-card-satisfaction-study.
See the online press release at http://www.jdpower.com/pr-id/2022099.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info
1 Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.
2 J.D. Power measures the financial health of any consumer as a metric combining their spending/savings ratio, credit worthiness and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.