American Express Crowned Best In Customer Satisfaction For Credit Cards In Singapore

This article was originally on GET.com at: American Express Crowned Best In Customer Satisfaction For Credit Cards In Singapore

How do you truly feel about your credit cards? Are they living up to your expectations or do you feel frustrated all the time because you wished your cards were as awesome as they seemed on card issuers' marketing material that made you want to sign up for them in the first place? The results from the J.D. Power 2016 Singapore Credit Card Satisfaction Study may not be representative of everyone's experiences and opinions, but the study, in its second year now, was based on responses from 2927 cardholders in Singapore.

Calculated on a 1000-point scale, cardholders' satisfaction with their credit card issuer was measured according to these six main factors: rewards; benefits and services; credit card terms; interaction; billing and payment; as well as problem resolution. Here, we at GET.com round up the main findings from the study. Read on to find out why credit card holders in Singapore are pleased (or not so pleased) with their cards.

4 Key Findings Of The 2016 J.D. Power Singapore Credit Card Satisfaction Study

1. Cashback Rewards Aren't Keeping Cardholders Thrilled

According to findings from the study, the overall satisfaction was 712 amongst cardholders who chose their cards because of the cashback feature, compared to the 785, 753, and 745 higher scores generated by people who chose their card due to service-related reasons such as better mobile/tablet app for account management, better customer service and better benefits, respectively.

Image source: J.D. Power

2. Perceived Expectations Of Cashback Rewards More Wholesome Than Reality

A whopping 52% of credit cardholders wind up being less satisfied with their credit card issuers because their perceived expectations of cashback rewards were taken up to 'unrealistic levels' and issuers failed to deliver. This just implies that there's a gap in customers' understanding of cashback rewards and what issuers portray for the most part.

Although cashback credit cards are a great way for consumers to earn rewards on their spending, not all cards are made equal. Choose the wrong card and you might just end up like respondents who weren't so satisfied with their cashback credit cards.

To be brutally honest, some cashback cards in the market come with a ton of T&Cs that require you to jump through many hoops before you get to earn the portrayed cashback percentages or amounts that consumers are told they could earn.

Needless to say, the more unsatisfied a cardholder is with his credit card, the more likely he'll end up switching cards.

3. Credit Card Issuers Certainly Have Room For Improvement

Besides actively rolling out new cards and enhanced rewards programmes for consumers, credit card issuers have to do more if they want to retain as many cardholders as possible.

From the study, it was found that almost 18% of surveyed cardholders think that card issuers are making their rewards programmes more confusing to comprehend, such as changing conditions for cardholders to accrue and redeem their rewards and limitations on promotions and offers.

Plus, it doesn't help when a solid 47% of cardholders shared that they don't fully understand their credit card terms, specifically when it came to foreign currency and transaction fees. Another 37% of cardholders also mentioned that they aren't aware of the interest rates tied to their cards, including those who have racked up credit card balances.

4. American Express Tops Credit Card Customer Satisfaction Competition Again

Last year, we wrote about American Express coming up tops in consumer satisfaction and they've since done it again this year. In 2016, American Express received the honour by cranking up an overall satisfaction score of 738, compared to POSB's score of 706 and Citibank's score of 698.

For those who are curious, American Express has been impressive in 5 out of the 6 study factors including benefits and services; rewards; billing and payment; credit card terms; and interaction.

Here, you can find out more about our favourite American Express credit cards, such as The American Express^® True Cashback Card, The American Express^® Platinum Credit Card - Fee Waiver Offer, and The American Express^® Singapore Airlines KrisFlyer Credit Card.

What do you think? Share your comments with us below!

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