Credit card customer satisfaction soars, but spending falters amid weakening economy and growth of alternative payments, JD Power finds


Troy, Michigan–(business wire) — Against the backdrop of rising inflation, a weakening economy, and increased competition in the consumer lending space, credit card issuers are experiencing significant increases in customer satisfaction, trust, and net promoter scores. I’m here.©1However, according to JD Power’s 2022 U.S. Credit Card Satisfaction Survey:SM Data released today show a drop in spending on primary cards as customers cite increased financial stress and a growing interest in alternatives such as buy now, pay later (BNPL). Overall share has decreased significantly.

“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.” rice field. John Cabell, Director of Banking and Payments Intelligence, JD Power“Most important of these is the declining share of spending on primary credit cards. Despite the recent surge in travel and spending, cardholders generally Taking a more cautious stance on card spending, they are increasingly turning to other channels such as debit cards, BNPL and even cash as they move into the next phase of the economic cycle. , it will be critical for card issuers to increase product value and aggressively support growing segments of economically stressed customers.”

Below are the key findings from the 2022 study.

  • Overall Satisfaction, Net Promoter Score© and increased trust: Overall satisfaction is 810 (on a 1,000 point scale), an improvement of 5 points over the previous year. The increase in satisfaction was primarily driven by significantly improved scores for benefits and services, credit card terms, and mobile and telecommunications factors/subfactors.net promoter score It also climbed 4 points this year to 46 (100 point scale). Similarly, the level of awareness for credit card issuers has increased 6 points to 828 over the past year.
  • Declining spending share of major cards: Credit card customers currently allocate just 42% of their monthly spending to their primary credit card. This is 2021 and he is down from 47% in 2020 and down from 50% in 2019. Over the past five years, the average monthly cash expenditure has increased. 49%, and debit card usage is up 80%.
  • BNPL has emerged as a hot alternative, especially for large purchases. When making big purchases, 44% of credit card customers said they would consider other financing options such as BNPL, flexible loans/installment loans, and personal loans. BNPL is the most popular of these lending options, with 28% of customers believing they enjoy large purchases. Reasonable fees and competitive interest rates are the driving force behind considering BNPL.
  • Consumer finance health is deteriorating: More than half (57%) of credit card customers are currently classified as financially unhealthy.2 4 points up from 1 year ago. Similarly, 22% of consumers in 2022 say they are financially worse off than they were the year before, up from 18% in 2021, and 49% of credit card customers say they are down from 43% in 2021. The main card says revolving has his debt. .
  • It’s time for credit cards to re-evaluate their credit choices. Only 31% of credit card customers feel they can fully maximize their rewards by making frequent purchases. With the economy tightening and new lending alternatives continuing to emerge, it’s an ideal time for customers to re-evaluate their current card choices to ensure that their spending is aligned with their rewards/profits.

Survey ranking

american express earned a score of 848, the highest customer satisfaction rating among issuers nationwide for the third consecutive year. Discover (841) ranked second, bank of america (818) is third.

goldman sachsthe Apple Card issuer, For the second year in a row, we had the highest customer satisfaction rating among mid-sized issuers, with a score of 843. TD Bank (808) is second. Fifth Third (806), PNC (806) and regional bank (806) each rank third with a tie.

The US Credit Card Satisfaction Survey, now in its 16th year, measures customer satisfaction with credit card issuers by examining six factors (in alphabetical order). communications; credit card terms; exchanges; key moments; and rewards. The survey included responses from 27,819 credit card customers and was conducted from August 2021 to June 2022.

For more information on the 2022 US Credit Card Satisfaction Survey, please visit:

https://www.jdpower.com/business/resource/us-credit-card-satisfaction-study.

See online press release at http://www.jdpower.com/pr-id/2022099.

About JD Power

JD Power is a global leader in consumer insights, advisory services, data and analytics. JD Power is a pioneer in using big data, artificial intelligence (AI), and algorithmic modeling capabilities to understand consumer behavior, with over 50 years of sharp industry intelligence on how customers interact with brands and products. has provided World-leading companies in major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. For more information about the company’s business, please visit JDPower.com/business. The JD Power Auto Shopping Tool can be found at JDPower.com.

About JD Power and Advertising/Promotion Rules: www.jdpower.com/business/about-us/press-release-info

1 Net Promoter Score, NPS, and NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.

2 JD Power measures the financial health of consumers as a combination of safety net items such as spending/savings rates, creditworthiness and insurance. Consumers are placed on a continuum from healthy to vulnerable.



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