A new report from J.D. Power and Associates found consumers have not been very loyal to their credit cards in 2010. However, this news isn’t entirely bad since credit card loyalty among consumers has managed to improve since 2009.
Satisfaction is Rebounding
According to the report released on Tuesday, consumers may be less willing to take advantage of new credit card offers than in the past. Well, that’s according to the 22 percent of consumers surveyed who said they will not be switching primary cards. Though this percentage may seem pretty low, especially in comparison to 30 percent who felt this way in 2008, it is still an improvement over the 3-year low number of satisfied cardholders in 2009.
Credit CARD Act Has Made a Difference
The researchers for J.D. Power seem to think that the changes that have taken effect as a result of the Credit CARD Act have been a contributing factor in consumers feeling a bit more satisfied with their credit cards. Since issuers are now responsible for improving their disclosures about card terms and penalties, consumers feel better informed and therefore, have a greater understanding of their cards.
Which Credit Card Is the Best?
Among all of the cards issued, the report showed American Express manages to hold onto its customers the most because it does a fantastic job of communicating and tends to remain consistent in terms of limits, penalties and interest rates. So if you’re looking for a new card, this might be one to consider. Keep in mind, however, that the report showed that most card issuers have received better reviews since the CARD Act has taken effect, which means that choosing a card should still remain a personal decision that occurs after carefully reviewing contracts and making sure that the options are best for you.