The GE Money credit card has come in second last while Bendigo Bank’s card ranked highest, in the first Australian Credit Card Satisfaction Study, released by JD Power Asia Pacific 2015 today.
The GE Money credit card, supplier of credit for a number of major electrical retailers, came in with 666 points (on a 1000-point scale), followed only by Citibank’s credit card with 663 points.
Bendigo Bank won with an overall score of 745, Bankwest ranked second with a score of 739 and American Express ranked third with 731.
The study, based on responses from 3,368 credit card customers surveyed between April and May this year, measured customer satisfaction with credit cards by looking at six factors: customer interaction; credit card terms; billing and payment; rewards; benefits and services; and problem resolution.
Only 44 per cent ‘completely’ understand reward programs
According to the study, customer awareness of earning and redeeming rewards with their credit card is low, as only 44 per cent of customers say they ‘completely’ understand how to earn rewards and only 56 per cent indicate they understand how to redeem their points.
As well, despite some credit card issuers providing numerous benefits and services attached to their products, only 49 per cent of customers are aware of the benefits associated with their credit card.
Senior country manager at JD Power Asia Pacific, Loi Truong, said: “Many customers who use rewards programs in Australia are not familiar with how to use their programs fully or may not understand what benefits are attached to their cards.”
The study shows that customers who find their card rewards program attractive spend an average $799 more per month on their card than customers not enticed by the card’s reward program. Customers who can recall between one and three card benefits spend $480 per month more than those who can’t recall any benefit or service.
Key findings:
- Twenty-two per cent of customers use their mobile device for at least one of 10 common card-related activities such as reviewing account information, making payments or reviewing rewards on their accounts.
- Only 27 percent of customers fully understand the credit card terms on their account.
- Thirteen per cent of customers have experienced a problem with their card during the past 12 months. Typical issues are fees and fraud-related queries.