Apple Card, issued by Goldman Sachs, and new to the J.D. Power U.S. Credit Card Satisfaction Study in 2021, is the highest-ranking midsize issuer with a score of 864 — 47 points higher than the nearest issuer. BB&T, Huntington and PNC rank second in a tie, each with a score of 817.
Apple Card performed highest in the segment’s factors of benefits & services; communication; credit card terms; interaction; key moments; and rewards.
Elsewhere, increased financial stress, lack of responsiveness and misaligned terms and rewards have created a recipe for declining customer satisfaction with credit card issuers. According to the J.D. Power 2021 U.S. Credit Card Satisfaction Study, released today, overall customer satisfaction declines this year, led by midsize issuers that struggled to connect with evolving customer needs in a volatile economy.
Misalignment between rewards programs and spending patterns is associated with an average of $756 in lower monthly spending; a 7-percentage-point higher likelihood of switching cards; and a 4-percentage-point higher likelihood of citing a problem. This misalignment is more common among the 53% of cardholders who struggle to pay bills and/or have no financial planning. Customers should regularly review their usage to make sure they are getting the best value from their card, whether cashing in rewards to offset a hefty annual fee or paying a competitive interest rate on an ongoing debt balance.
The U.S. Credit Card Satisfaction Study, now in its 15th year, measures customer satisfaction with credit card issuers by examining six factors (in alphabetical order): Benefits & Services; Communication; Credit Card Terms; Interaction; Key Moments; and Rewards. The study includes responses from 27,996 credit card customers and was fielded from September 2020 through June 2021.
More information about J.D. Power’s 2021 U.S. Credit Card Satisfaction Study here.