Inflation Puts Strains on Small Business Credit Card Customer Satisfaction

Small business owners who’ve spent several months battling inflation are bracing for an even bumpier road ahead. According to the J.D. Power 2022 U.S. Small Business Credit Card Satisfaction Study,^SM released today, that growing sense of anxiety among small businesses is creating a new set of challenges for card issuers that must find ways to support their customers in an uncertain economic environment.

“It’s been a tough few years for small business owners, with 65% saying that inflation is having a major or severe effect on their business and 51% still suffering through supply chain challenges," said John Cabell, managing director of payments intelligence at J.D. Power. "Accordingly, the small business outlook for 2023 is down significantly and many businesses are looking to their credit card issuers for help. This is a real moment of truth for card issuers that currently have an opportunity to position themselves as a valuable source of support and guidance for small business customers through a combination of proactive outreach, rewards promotions and personalized account management.”

For additional key findings from the 2022 study, read the full press release >>