Market research form J.D. Power has been looking into the Aussie credit card market, looking for the company that offers us the best credit cards. But the bad news from their study is that most of us are pretty clueless when it comes to the specific terms and conditions card issuers put on us.
The company found that 89% of cardholders don’t fully understand their credit card terms and conditions with the legal and regulatory language used the main reason.
When it comes to communications, interaction with call centres has increased to 39% in 2018 from 27% in 2017. Almost three-quarters of calls related to issues with fraudulent transaction activities and disputed payments.
The study also found:
- Contactless payment popular with 31% of cardholders are using the contactless option with their credit cards
- The percentage of cardholders who perceive their card issuer as customer-driven has declined, compared to last year (47% vs. 51%)
- Cardholders perceive rewards program value has decreased
J.D. Power’s ranking for credit card looked at six criteria that were weighted differently. These were: interaction (30%); credit card terms (30%); communications (16%); rewards (11%); benefits and services (9%); and key moments (5%). The 2018 Australia Credit Card Satisfaction Study is based on responses from 4,642 credit card customers and included 21 major credit card issuers in the market
Bendigo Bank boasted the highest ranking in credit card satisfaction with an overall score of 773 out of 1000 and performed well in four of six factors. American Express ranked second with a score of 753, while Bankwest came in third with a score of 728.