- J.D. Power releases an annual study with customer satisfaction rankings for credit card companies.
- American Express and Discover routinely rank at the top.
- Bank of America moved up to third place this year.
A select few credit card companies score higher than the rest in customer satisfaction.
If you're shopping for a new credit card, the latest research by J.D. Power could be helpful. It recently released the J.D. Power 2022 U.S. Credit Card Satisfaction Study, where it had survey participants consider several categories, including communication, rewards, and credit card terms.
These results were used to calculate a customer satisfaction ranking. The average score for national card issuers was 814 out of a possible 1,000 points. Interestingly enough, most credit card companies scored below that average. There were, however, three that ranked highly with consumers, so their top credit cards are worth checking out.
1. American Express (848)
American Express is pretty much the gold standard for customer satisfaction. J.D. Power has been doing these surveys for 16 years, and American Express has come out on top in 12 of them, including the last three years in a row.
There are a few key reasons American Express consistently excels. First and foremost, it's strong in every area. Several card issuers do certain things well, but also have glaring issues elsewhere. American Express ranked first in four of the six categories J.D. Power used in its survey, and it didn't have any weak points.
Card quality and selection are also important factors. Most American Express cards are highly rated, and it has quite a few types of cards available, including cash back, travel rewards, airline, and hotel cards.
One more big benefit is how American Express makes things easy for its clients. It has well-trained customer service representatives and short average wait times. It also handles complimentary card protections in-house, including its:
- Purchase protection (terms apply)
- Extended warranty coverage (terms apply)
- Return protection (terms apply)
Most credit card issuers offer these protections through third-party companies. People often point out that American Express is much better at handling these claims than the companies other card issuers use.
2. Discover (841)
Discover is another credit card issuer that consistently scores well in these rankings. It took first place in 2019 and has come in second for the last three years.
This is one of the most beginner-friendly card issuers, so if you're looking for starter credit cards, Discover is a fantastic choice. It has secured cards for consumers with no credit score or who are rebuilding their credit, as well as quality credit cards for college students.
Discover credit cards are known for being easy to use and for not tacking on unnecessary fees. Most of its cards earn cash back that you can redeem at any time, with no redemption minimum.
Like American Express, Discover has made customer service a priority. You can get help 24/7 from U.S.-based agents. Support is available by phone or live chat.
3. Bank of America (818)
After a below-average ranking in 2021, Bank of America improved and broke into the top three in 2022. It increased its score by 13 points from last year.
What makes Bank of America special is all the different financial products it offers. You could use it to keep your credit cards, bank accounts, and brokerage accounts in one place. And in fact, it incentivizes clients to do so with the Bank of America Preferred Rewards program. Through Preferred Rewards, you can qualify for special benefits by meeting minimum balance requirements in your Bank of America and Merrill Lynch accounts.
Another plus is that there's a wide variety of Bank of America credit cards available. Similar to Discover, it has some of the best credit cards for students. You can also find an assortment of cash back cards, travel cards, and low interest cards, as you'd expect from such a large card issuer.
Other popular credit card companies
American Express, Discover, and Bank of America recorded the highest scores for eligible national card issuers. However, there are more quality card issuers outside of those specifications.
Among national card issuers, USAA scored 860, which is even better than American Express. USAA products are only available to military members and their families, though, and it wasn't eligible for the rankings because it didn't meet the study award criteria.
There were also some mid-size card issuers that did very well. Goldman Sachs, which issues the Apple Card, ranked No. 1 with a score of 843. Navy Federal Credit Union wasn't eligible for the rankings, but it had the highest score of any card issuer at 876.
These scores aren't the only thing to consider when choosing a credit card. I've had great experiences with some card issuers that got below average scores from J.D. Power. As the saying goes, your mileage may vary. But overall, J.D. Power's scores are a good way to find the card issuers that have a reputation for keeping customers happy.
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