Amex tops credit card satisfaction survey
IF YOU own an American Express (Amex) credit card here, chances are you are a happy customer.
Amex topped a credit card satisfaction survey conducted by global market research firm JD Power, which gathered responses from 2,849 customers in Singapore throughout August and September.
Satisfaction is calculated on a 1,000-point scale. The industry average was 697 points. Amex scored 737.
At No. 2 was POSB (710 points), while OCBC took third spot (704). Citibank was fourth (697) while DBS was fifth (696).
Outside of the top five, HSBC took sixth spot (695). Standard Chartered was No. 7 (690) and Maybank was eighth (689). UOB stood at No. 9 (687).
The survey, JD Power's first such here, was modelled on similar studies it has conducted for nearly a decade in the United States.
The survey measured customer satisfaction with their credit card issuer in six areas: interaction, credit card terms, billing and payment, rewards, benefits and services, and problem resolution.
The survey also found that few credit card customers fully understand important terms of usage, such as foreign currency and transaction fees, interest rates and annual fees.
Those who do, spend on average $1,068 monthly on their card, compared with $837 for those who either do not or only partially understand their card's terms.
"In a highly saturated credit card market like Singapore, it is important for card issuers to not only promote the rewards and benefits of their product, but also to ensure that relevant information on interest rates and other fees and charges are clearly outlined," said Gordon Shields, director at JD Power.