If you’re looking for a credit card with low fees and great customer service, you should know that Discover card has just taken the top prize for customer experience, besting 10 other card issuers in the annual Temkin Experience Ratings.
The Temkin Ratings include feedback from 10,000 consumers across the United States, and have been issued every year since 2011. It rates customer experiences across 20 different industries, including airlines, car dealers, banks, credit card issuers, fast food chains, package delivery services, rental cars, insurance carriers, streaming media, grocery store chains, and wireless carriers.
Discover takes the top rating, Wells Fargo sits at the bottom
While Discover scored 78% overall for customer experience, Wells Fargo was in the basement with a score of only 64%. American Express came in second, with 73%, and USAA took third place with 73%. Bank of America and Capital One rounded out the bottom three, with 67% and 66%, respectively.
But overall, there was significant improvement for the credit card industry. “Quite a few credit card issuers saw double-digit increases from last year, bringing up the average quality of customer experience in this industry,” said Temkin Group managing partner Bruce Temkin. The industry scored 70% overall, putting them in sixth place out of the 20 industries included in the survey. That’s an improvement of seven percentage points over 2016, when they scored 63%.
Low fees contribute to customer happiness
Credit cards that offer low fees, or no fees, continue to be very popular with customers. More and more cards, including Discover, are waiving fees for late payments and going over the credit limit – at least the first time a cardholder does it. Low annual percentage rates, generous balance transfer offers, and valuable rewards programs also sweeten the deal for many people, and Discover offers all of those options.
American Express, which took second place, is also well known for its popular, high-value credit card rewards programs and excellent customer service. Unlike Discover, they also offer elite cards with 24/7 concierge service, which assists cardholders with things like making travel reservations, shopping, and locating necessities when travelling.