With all of the different credit cards on the market, it can be hard to sift through them all to determine which is the best card for you. The perks offered by the multiple card providers can make the whole selection process confusing. If you want air mileage, go with this card. If you want to earn free gas, go with that card. If you want a percentage of your cash back, then this might be the card for you. But if you are looking to join the cardholders that find the perfect combination of perks and customer services, then Discover is, according to a recently published article on The Motley Fool, the card for you.
Discover Card overtook the major player in the credit card association market, American Express, who has long lauded that “Membership Has Its Priveleges.” However, in the latest J.D. Power Credit Card Satisfaction survey, Discover bested the premiere credit provider by scoring higher in each of the six categories considered in the survey. They are:
- Terms
- Billing & Payment
- Interaction
- Rewards
- Benefits & Services
- Problem Resolution
AMEX had sat on top since 2007 until last year when they came in a tie with Discover Card at a score of 819 out of 1,000. While AMEX was able to improve their 2015 score by one point, Discover surged ahead to 828. As noted in The Motley Fool article, Discover has, over the past year, been increasing its focus on its customers. One major factor was making reward redemption far easier than their competitors.
“Reward redemption and benefit use have a tremendous impact on the customer experience,” explained Jim Miller, Sr. Director of Banking Services for J.D. Power. “The fact that Discover ranks highest in satisfaction among all credit card issuers in each of the six factors measured in the study is a testament of the relentless focus and importance the company has placed on the ease of redemption and use of benefits.”
Of course, if you are a retailer, you may be asking yourself why this is important news for you. The answer is simple. Educating your consumers about a story like this will drive them to look into and possible apply for a card that offers a better quantity and quality of benefits. In fact, research shows that better than 50 percent of respondents will consider a new card because of better benefits. Further, those happy with their credit card benefits will typically spend an additional $400 per month. It makes sense that at least part of their additional monthly spending will occur in your own business.
If you want to further maximize your end-of-month revenue, take a few moments to complete the form on this page or call us at Ignite Payments, a Fiserv® company at (877) 406-7646. We’ll take the time to show you why we are one of the top providers of merchant services and credit card processing equipment in the industry. Learn how you can begin experiencing substantial savings with processing percentages as low as 0.28% per transaction. Call or click today!
