U.S. News and the Consumer Finance Protection Bureau (CFPB) have a new study on how Americans view their credit cards. The research shows growing satisfaction with credit cards and banks – with most respondents pleased with their primary credit card. Here are the full results of the new 2020 CFPB consumer satisfaction survey.
2020 CFPB Consumer Satisfaction Survey
The 2020 survey from the CFPB covers more than 5,000 credit card users and rates their overall satisfaction with their primary credit card.
According to the 2020 study, 83% of respondents are satisfied with their primary credit card. This figure was up 81% in 2019. Additionally, just 4% of consumers say they are unsatisfied with their everyday credit card. This figure is down from 5% from 2019 for the same question.
Consumers Growing Unhappy with APR and Annual Fees
One noticeable change from the 2019 CFPB survey was a 2% rise in consumer dissatisfaction with interest rates. The 2019 study saw 14% of respondents voice dissatisfaction with their credit card APR, while in the 2020 survey, 16% of those asked stated they were unsatisfied with their card’s interest rates.
Annual fees also saw a rise in complaints, with 11% of respondents unhappy about the yearly charge on their credit card. The same question last year saw 10% of respondents unhappy.
The growing dissatisfaction with annual fees and interest rates is likely due to the coronavirus and its impact on personal finances. The pandemic wrought havoc of consumer confidence and spending habits in 2020, with growth somewhat stalling in recent months.
Customer Satisfaction by Issuer
The CFPB consumer satisfaction study also tackles credit card issuers, with some surprising – and no-so-surprising – results.
American Express was the issuer with the most positive customer service experience. An impressive 89% of those surveyed were pleased with Amex’s service, with online account management, mobile applications, credit lines, and rewards being among the most popular features.
Bank of America was the second-most popular issuer. 80% of those surveyed stated they had a positive banking experience. Consumers viewed Barclays as the third most-favorable card issuer at 78% positive. Chase (84%) and Capital One (83%) rounded out the top five.
The biggest gripes from consumers with all credit card issuers were:
- Fees and interest charges
- Problems with making payments
- Issues with purchases on statements
The Consumer Finance Protection Bureau (CFPB) is a U.S. government body that regulates the offering and provision of consumer financial products or services. The bureau aims to make consumer financial markets work for consumers. It also strives to help serve the American public’s needs and help them make better financial decisions.
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