Credit Card Customer Satisfaction Surges, but Spending Wanes Amid Weakening Economy and Growth of Alternative Payment

1 min read
Aug 18, 2022 10:38:55 AM

Against a backdrop of rising inflation, a weakening economy and increased competition in the consumer lending space, credit card issuers are experiencing sizable gains in customer satisfaction, trust and Net Promoter Scores©. However, according to the J.D. Power 2022 U.S. Credit Card Satisfaction Study,SM released today, overall share of spend on a primary card has decreased significantly as customers cite increased financial stress and interest in alternatives such as buy now, pay later (BNPL).

“Credit card issuers are doing a relatively good job of building strong customer relationships in a highly uncertain economic environment, but there are some very real concerns looming on the horizon,” said John Cabell, director of banking and payments intelligence at J.D. Power. “Chief among these is the declining share of spend going to primary credit cards. Despite recent spikes in travel and spending, cardholders generally have been taking a more cautious stance with credit card spend in the past five years. They are increasingly turning to other channels such as debit cards, BNPL and even cash. It is going to become critically important for card issuers to improve product value and boost proactive support for a growing segment of financially stressed customers as we move into this next phase of the economic cycle.”

Read the full press release for key findings and brand rankings >

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