BANK ACCOUNTS, CREDIT CARDS
Credit card satisfaction at all time low
Customer satisfaction with their credit card providers has dropped to an all-time low, research has revealed.
The Customer Satisfaction Report, carried out by uSwitch, has shown that overall satisfaction with credit card providers has fallen to 77%.
This is down from 78% in the previous year, and is the lowest that customer satisfaction with credit card companies has ever been.
“2012 is set to be another tough year for consumers, and for those worried about starting the year in debt, credit cards may be the only option,” said Michael Ossei, Personal Finance Expert at uSwitch.
“However with overall satisfaction and customer service getting worse across the board, and the high street banks still providing some of the worst service, consumers should look around further afield at new providers for the best credit card for them.”
The Customer Satisfaction Report also revealed which credit card providers were the highest ranked for overall customer satisfaction.
Marks and Spencer came top of the list, with an impressive score of 92% customer satisfaction. M&S was closely followed by the Co-operative Bank in second place, and American Express in third.
At the bottom of the list were several of the high street banks, including Lloyds TSB, Santander, Natwest and the Royal Bank of Scotland.
The report also found that many people never switch their credit card, despite better deals being offered elsewhere.
Of those questioned, 27% said they hadn’t changed credit cards for more than ten years, while 36% said they have never switched their main credit card.
“Instead of putting up with poor service or an uncompetitive rate, consumers should look around for a better deal – and sometimes they have to venture off the high street,” added Mr Ossei.
“With trust in the banks still low, and more players in the market, consumers have a bigger choice when looking for a new credit card.”
Tags: BANK ACCOUNTS, bank-client communication, CREDIT CARDS, customer satisfaction