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Consumers are Winning the Credit Card Wars

Competition among issuers grows fiercer with cash-back rewards, incentives

Credit card wars

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A new study shows that credit card customer satisfaction rates are up, especially among older people.

Growing incentives and competition among issuers have made it a good time to be a credit card customer, research firm J.D. Power and Associates says in a new study of customer satisfaction. And customers over age 40 are particularly satisfied. 

"Overall satisfaction is up across the board, and growing numbers of card companies and regional banks are coming to the market with new products that offer rich sign-up bonuses, increased cash-back rewards and new benefits,” Jim Miller, senior director of banking practice at J.D. Power, said in a statement. 

J.D. Power said credit card customers over 40 are becoming more satisfied, while satisfaction scores among those under 40 are declining. Younger customers also are more likely to change their primary card overall, and 44 percent of older customers list better rewards as the main reason for switching cards.

Issuer websites and mobile apps are becoming increasingly important, the research firm said. The highest satisfaction scores come from customers who use a combination of online and mobile.

Competition has grown as interest rates have crept upward, potentially giving issuers more flexibility. Cash-back cards are particularly good at driving contentment, J.D. Power says, with satisfaction scores reaching 802 on a 1,000-point scale.

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