In a somewhat surprise finding, J.D. Power and Associates released a study last week showing Americans are happier with their credit cards than at anytime in the past six years. The study compiled results from over 13,000 customer surveys to show which banks and cards scored highest in key areas like customer interaction, the billing process, rewards, benefits and services, and problem resolution.
Company spokesman Jim Miller, credits some of the satisfaction to stability after the regulatory landscape of the last two years became somewhat settled, and fewer “cardholders experiencing changes in rates and fees,” which were “common complaints from previous years.”
The study also had other key findings of critical interest to readers of this blog: Consumers gave their banks much higher satisfaction scores when problems were resolved by a single phone call or within the same day. Additionally, rewards credit cards were popular, with 18 percent of respondents saying the value of their rewards points had increased from the previous year.
On the flip side, identity theft and credit card fraud remained perhaps the most critical concern a majority of credit card customers.
So the findings can tell us is that customers are again feeling comfortable using their credit cards, like being rewarded for doing so, and always want to know that security is as up-to-date as possible.
Are you offering additional rewards for your customers, for loyalty, multiple purchases, etc.? Also, have you upgraded security to protect them – and you — from fraud or “hackery?” Make sure your customer service is running smoothly, and don’t forget prepaid cards and other methods of payments for customers who may not have “regular” credit cards, but want the same convenience while buying goods and services from you.
For additional ideas and help in any of these areas, call your AVPS rep today, so that your customers’ newfound satisfaction with their cards will also become satisfaction — and loyalty — with you.