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by Sid Kirchheimer, AARP Bulletin, October 30, 2009
Q. I’m not happy with my credit card issuer because of recent interest-rate hikes and extra fees. Which issuer is the most hated?
A. Indeed, the love was lost for many plastic providers this year, according to the latest Credit Card Satisfaction Study by J.D. Powers and Associates. The company surveyed more than 9,000 cardholders in May and June, well after most card issuers tightened the screws on millions of customers, even traditionally “good” ones.
Overall, customer satisfaction decreased to the lowest level since the annual survey began in 2007. Scores were based on six key areas: fees and rates, customer interactions, billing and payment processing, rewards, benefits and services, and problem resolution. Compared with the 2008 survey, nearly twice as many customers griped about fees and interest rates.
The survey’s highest-ranked company for the third straight year was American Express. Other top-rated issuers were Discover, National City and Wells Fargo.
Ranking below average were Citi, Bank of America, Capital One and WaMu.
At the very bottom in customer satisfaction was First PREMIER Bank, with Credit One ranking only slightly higher.
Sid Kirchheimer writes about money and consumer issues.
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