Last updated on August 29th, 2022
According to a recent consumer study by Investor’s Business Daily (IBD), Discover is the most-trusted credit card company in the United States. Discover can celebrate a clean sweep of all six trust categories, beating out competition from American Express, Chase, Capital One, and more. Here are all the findings of the study.
IBD’s 25 Most Trusted Financial Companies
The 25 Most Trusted Financial Companies is a study by Investor’s Business Daily and TechnoMetrica Market Intelligence. The report surveyed thousands of consumers to provide honest feedback on their trust in various American companies.
Credit card issuers are a central focal point in the survey, with lenders judged on six trust categories:
- Customer Service
- Customer Treatment
Discover Tops the List
As noted, Discover came out on top in the study. The issuer won all the trust categories, beating out competition from American Express and Chase, who finished second and third, respectively. Discover was most dominant when it came to pricing and fees, with a score of 84.8 out of 100. The next closest competitor in that category, Capital One, managed 66.4. American Express finished third at 64.4. Overall, Discover earned a trust rating of 91.6 from those surveyed, with Amex receiving a score of 86.2, and Chase a score of 78.4.
Here is the official data for the top three most trustworthy card issuers:
Other card issuers making the list include Citibank, Bank of America, and Wells Fargo. Capital One came fourth overall, followed by Bank of America (fifth), Citibank (sixth), and Wells Fargo (seventh).
Fair Prices Are a Big Consumer Concern
Investor’s Business Daily attributes Discover’s success in the survey to their uncomplicated fee structure. The study notes that “consumers want a credit card issuer that has a simple fee structure and isn’t going to charge them every time they make a mistake.” This finding is backed up by study respondents:
About Investor’s Business Daily
Investor’s Business Daily (also known as IBD) is a Los Angeles-based newspaper and website that provides extensive coverage of the stock market and international markets, business, finance, and commerce. IBD is also known for its “IBD 50,” a weekly stock market benchmark that it releases every Monday.
Featured photo by Geralt / Pixabay