Today’s article is Credit card satisfaction hits new low by: Carla Fried. It talks about the new numbers that came out regarding how consumers are feeling about the credit card companies and their service etc.
A recent report from J.D. Power has shown that overall, customers are not showing the love to credit card companies in 2009. As a matter of fact, it scored overall customer satisfaction at a 703 out of 1000. Now, that doesn’t sound so bad, until you hear that it’s the lowest satisfaction rating since they started keeping track of the data in 2007. Every year, customer satisfaction is down. What’s worse is that their rating in the sub category of fees and rates was a 603, a D minus by their scale.
Clearly, people have become disillusioned with credit card companies. Not only that, but with the new credit card regulations slated to take effect next year, credit card companies will have to figure out new ways to keep profits up, which only means that costumers will likely be even more disappointed with them as they change their terms. And that, of course, will be the initial reaction of the people who pay attention to the terms on their cards changing. I can only imagine the mess that will follow for the people who didn’t pay attention to their changing terms. Because, let’s be honest, most people don’t read their credit card terms, that’s one of the main ways they get into credit card trouble in the first place.
As far as the ratings go, much as I figure I would rate them similarly, I have to note here that, if you either don’t use credit cards, or if you pay them off every month, without exception, your satisfaction would not be dependent (probably) on how the credit card company services you. This is why we hope that you start and keep an emergency fund and a budget. With these tools in your money tool belt, you don’t need a credit card. The budget ensures that you have money in all necessary areas of your life, and the emergency fund covers what you forgot and the “Uh-Ohs” that come up. Think about it people…do you really want to give a poor rating for a credit card company, or do you not want what they do to matter in your life?
Tags: Credit Cards, Personal Finance
