Some key findings of the 2019 study:

Complex offerings only valued with customer understanding: Facing a rich mix of rewards and benefits, 66% of consumers completely understand rewards offerings but just 36% fully understand their supplementary benefits.
Customer-focused communication around card benefits lacking: Benefits and services tied with credit card terms as the lowest-rated factor in the study, with customers having the lowest levels of satisfaction with the issuer's explanation of card benefits. Among the most problematic individual benefits either causing confusion or not functioning as expected, most are travel-related, such as free late checkout and free companion ticket.
Room for reputational improvement: On a 7-point brand image scale, customers scored credit card issuers 4.97 on customer-driven versus profit-driven; and 41% "strongly agree" issuers act in their best interest. J.D. Power suggested as branded products like the Apple Card enter the market, issuers should communicate clearly and deliver consistently on customer promises to boost their image.
Cybersecurity and identity theft fears decline in 2019: Recent, high profile data breaches have not yet had a negative effect on customer perception of security, with 52% of customers reporting they "strongly agree" that their credit card issuer protects their personal identity, up from 49% in 2018. However, given the timing of events, monitoring fluctuations in customer trust in the coming months will be important.

The report found the rankings somewhat different from last year. There are now two categories – one for national issuers and the other for regional banks. Discover ranks highest in customer satisfaction among national issuers, American Express ranks second, while Capital One and Chase rank third in a tie. In the new segment for regional bank issuers, the inaugural award winner is BB&T. PNC ranks second.

Instant Insights /

Have Card Rewards Peaked? J.D. Power Study Suggests So

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