If you don't know about J.D. Power and Associates that is ok, but what consumers should know is what they have to do with credit card companies and how that may interest most consumers. They got their start in 1968 and they are a global marketing information firm. They do independent surveys of customer satisfaction, product quality and buyer behavior. They have also expanded their services to include business operations analysis and consultancies on customer satisfaction trends. According to J.D. Power, American Express and Discover ranked highest of ten card companies. This is interesting information to keep in mind with all the frustration of automated services for support.
Credit card companies and their service ratings have dropped in the last three years. Some findings report that weak areas include customer satisfaction and complaints from consumers who were hit with interest rate increases. One must consider that credit card companies usually get the lowest satisfaction score as compared to other financial services like investment services, insurance, and banking.
If you have ever had to call a company with a problem, and you were taken in circles, pushing buttons to respond, and wishing to get a live person but it doesn't happen, there is some appreciation for someone getting points for customer service. It is so frustrating and really gets on your nerves when you feel like you are not reaching a live person for support issues.
2010 may bring those new credit card regulations which some consumers may think it will bring better service but that is not the goal of the new regulations. The two top companies who scored best in the 2009 J.D. Power ratings are American Express and Discover card. Credit card companies must earn money in some way and they do it by charging fees and interest rates. The new rules will protect consumers from companies raising fees without prior notice given well in advance. Some consumers never had to worry about this because they monitored their credit constantly.
New rules could mean credit card companies may need to invent new ways to get money to run their companies. Credit card companies do consumers a big favor by extending them credit. As with all things, there is abuse and card holders who don't take responsibility for their actions in over spending beyond their means could cost good credit consumers higher fees too. This would be like punishing the good with the bad.
Having credit cards can make life more manageable by allowing consumers to make charges online, over the phone, and in stores. Saving time and saving gas is important in this hurried world too. Having a credit card is one way to help build good credit or establish new credit. Consumers with good credit were able to get cards with good terms. Having good credit takes work and is not left to chance or abused by over spending and getting into debt. Managing personal finances takes time and effort to build a good credit history. The same problems will always remain, there is no magic wand to keep some consumers in check if they are not interested in their own personal finances. More rules are only going to make it more expensive on good credit consumers.
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Credit Tip: Need a high limit for Christmas credit card charges? If you have bad credit, consider a personal loan by refinancing your mortgage. Even if you have cash to buy Christmas presents, we recommend using a prepaid card to make purchases because it's safer than carrying cash.
