Credit card customers are jumping ship frequently and are generally not remaining loyal to credit card companies, according to a new study.
JD Power and Associates reveals that although customers are slightly more satisfied overall with their cards as compared to last year, 78 percent are considering jumping ship to another company.
The shift in consumer satisfaction was marginal: from 705 to 714 on a 1,000 point scale. Yet the number of those considering a switch jumped from 75 percent in 2009 and 70 percent in 2008.
Analysts for JD Power wrote that loyalty “continues to slip as skepticism that card issuers are focused on customers’ best interests remains.”
Among the different companies, American Express continued to receive high marks in almost all areas. Discover and U.S. Bank also had happy customers. HSBC, Capital One and Citi all scored below average.
Paying off credit card balances is an important step for consumers with bad credit looking to improve it. Shoppers should ensure that they are with a company that is helping them to improve their credit, as this can help them be better qualified for car loans, mortgages and more.