The JD Power 2023 US small business credit card satisfaction study contains some excellent news for credit card issuers. The report measures customer satisfaction with the largest small business credit card issuers in the US. And the findings reveal that overall satisfaction with business credit card issuers is now 858 on a 1,000-point scale. That is up 7 points from last year and higher than its peak in 2019, before the pandemic.
The survey examines six factors. They are, in alphabetical order, benefits and services, channel activities, credit card management, credit card terms, key moments and rewards. Card issuers came through for small businesses during a tough economic time. They are seeing the benefits as small businesses have become more optimistic about the future and spend more money.
Credit card terms remain an issue
Still, there are some potential trouble signs ahead, with credit card terms a possible issue. Indeed, credit card terms were the factor that did not see improvement in this year’s study. Businesses highlighted the reasonableness of fees and competitiveness of interest rates as being the biggest concerns. Beyond that, the data show rewards programmes as being critical to small business customer satisfaction.
American Express ranks highest in customer satisfaction for a third consecutive year, with a score of 873. Capital One (866) ranks second and PNC (858) ranks third.
The 2023 US Small Business Credit Card Satisfaction Study is now in its fifth year.
“Card issuers have done a great job of delivering to small business owners services. Now, as the business outlook improves, issuers are being rewarded with higher spend and higher levels of customer satisfaction,” said John Cabell, MD, payments intelligence at JD Power. “However, with interest rates still elevated, two areas of the customer experience that are still lagging are reasonableness of fees and competitiveness of rates. These will need to be managed carefully by issuers during the next year as more small businesses seek low interest payment plans.”
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