Credit card satisfaction reaches 7-year high
August 29, 2013

For many years, credit cards have been the preferred payment method of many Americans. Yet a new survey by J.D. Power and Associates found plastic users are increasingly satisfied with their credit cards issuers. Being able to accept credit card payments through integrated payment systems is a benefit for small and midsized businesses as credit card satisfaction rises across the country. Not investing in credit card processing can cause SMBs to lose sales and customers to competitors that do.

Consumers are happy with plastic payments
J.D. Power and Associates asked more than 14,000 U.S. credit card holders in May and June about their satisfaction with the plastic payment option. For the fourth consecutive year the "U.S. Credit Card Satisfaction Study" saw rising satisfaction among users. Based on a 1,000 point scale, consumers' overall satisfaction with credit card issuers averages 767, which is a 14 point boost from 2012. Of the 11 major credit card issuers that were surveyed, the ones with the highest scores were American Express with 816 points, Discover with 812 and Chase with 783. This is the seventh consecutive year that American Express has been ranked in the top spot for customer satisfaction.

One reason for this upward trend is increased financial security among Americans as the U.S. slowly returns to pre-recession norms. According to the survey, 27 percent of participants said their economic situation was better this year than in 2012, which is up from the 23 percent who claimed this last year and the 20 percent who said so in 2011.

According to, the federal Credit CARD Act of 2009 may also be a reason for the rise in satisfaction, as the act created a national credit card compliant system by the federal Consumer Financial Protection Bureau.

Jim Miller, senior director of banking services at J.D. Power and Associates, said economic improvements may encourage consumers to reach for their plastic at the point of sale more often.

"There are a lot fewer negative things going on with our credit cards and with our economy," Miller said. "People are not having as much trouble paying off their credit cards and paying down other debts. So, we're feeling a lot better about our credit cards."

With more consumers feeling confident using plastic, it's more important than ever before to invest in credit card acceptance.

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