American Express has topped the annual JD
Power Credit Card Satisfaction study for the fifth time in a
row.

The study focused on six key areas – customer
interaction, billing and payment process, credit card terms,
rewards programs, benefits and services and problem resolution
–

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The executive vice president, world services
at American Express, Jim Bush said the card issuer had “worked hard
to enhance our products and services to ensure they remain relevant
and valuable” to the tens of millions of US customers.

The top ten were made up of Discover Card,
Barclaycard, Chase, Wells Fargo, US Bank, Capital One, Citi Cards,
Bank of America and HSBC.

Throughout the last year, American Express has
added new features to its credit card offer, including:

  • Online rewards redemption at merchants’
    websites;
  • A $200 airline fee credit;
  • elimination of foreign exchange fees for
    Platinum Card members;
  • First Bag Free, Priority Boarding and
    In-Flight Savings benefits for Gold, Platinum and Reserve Delta
    SkyMiles credit card members, and
  • a free stay for the third night at Sheraton
    Hotels and Resorts to the Starwood Preferred Guest credit
    card.

Other new services were added to its online
offer and include

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  • a financial tools website and centralised hub
    for accessing features such as alerts and online bill pay;
  • Enhancing Cardmember e-statements to allow
    them to see pending charges before merchants process those charges,
    and
  • simplification of the navigation bar,
    enhanced search capability and a homepage redesign to make the site
    cleaner and more user-friendly.

For HSBC, the low ranking must have come as no
big surprise.

Although profitable, HSBC’s US card business
did not meet the bank’s desired ROE of between 12-15% and had thus
been labelled as non-core.

The bank finally
sold the cards business to Capital One in August for $32.7
billion. The sale included HSBC’s MasterCard, Visa, private label
and other credit card operations.