NEW YORK—Consumer satisfaction with credit cards is rising again, after previously declining for two straight years.
J.D. Power data show overall satisfaction improved five points to 810 on the company’s 1,000-point scale.
The study’s authors noted that the improvements were especially significant in areas such as credit card terms, benefits, services and communication, according to Bankrate.
The report classifies most credit card holders (57%) as financially unhealthy, up four percentage points from 2021.
Almost a quarter of consumers (22%) say they are worse off financially than a year ago. The highest inflation readings in 40 years and near-record credit card balances and credit card interest rates are surely major contributors to this malaise, Bankrate explained.
‘Very Real Concerns’
“There are some very real concerns looming on the horizon,” John Cabell, director of banking and payments intelligence at J.D. Power said in a statement. “Chief among these is the declining share of spend going to primary credit cards. Despite recent spikes in travel and spending, cardholders generally have been taking a more cautious stance with credit card spend in the past five years. They are increasingly turning to other channels such as debit cards, BNPL and even cash. It is going to become critically important for card issuers to improve product value and boost proactive support for a growing segment of financially stressed customers as we move into this next phase of the economic cycle.”
The Very Best in CU Reporting. For You. For Free. Or Your Money Back.
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.