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Credit Card Customer Satisfaction: Effective Acquisition and Retention Strategy Must Focus on Multiple Facets of the Relationship
Javelin Strategy & Research, July 2008, Pages: 47
Overview
Primary Questions
Findings and Analysis
Methodology
Executive Summary
Top Issuers Demonstrate Strong Cardholder Satisfaction Rates
Relative Satisfaction for Certain Features Varies by Demographic and by Issuer
Protection Against Identity Fraud: Perception versus Reality
Importance of Security by Generation Emerges as Key Differentiator
Address Gaps between Importance of Security and Satisfaction Levels Directly
As Fear of Data Breaches Rise, Security at Purchase Increases in Importance
Boomers More Concerned with Protection at the Point of Sale
Gaps in Security Satisfaction on an Issuer-by-Issuer Basis
Online Features Drive Retention and Efficiency in the Cardholder Relationship
Consumer Satisfaction with Online Features Levels Exceed Expectations
Online Features Not Critical Differentiator in an Acquisition Strategy
Online Features Factor into Card Choice at the Point of Transaction for Gen Y
Customer Service: Consumers Depend on Issuers to Fix their Problems
American Express Cardholder Satisfaction Exceeds Importance
Customer Service by Generation: Valued More by Baby Boomers
Customer Service Satisfaction Trails among Younger Generations
Grace Period as a Differentiator: Potential for Top-of-Wallet Card Creation
Some Consumers Rate Grace Period Important when Selecting Issuer
Leverage Grace Period Satisfaction and Importance Equivalence to Structure Offerings
Cardholder Satisfaction with Grace Period by Major Issuer Exceeds Importance
Rewards: Focus on “Dissatisfaction” Leads to Acquisition Opportunities
Surprisingly, Importance of Rewards in Issuer Selection Less Important Overall
Affluent Consumers Show Extreme Preference for Rewards as Top-of-Wallet Feature
Satisfaction with Rewards Corresponds with Importance by Income Group
Rewards Dissatisfaction among One of Four Leaves Door Open for Competitors
Demographic Breakdown of Satisfaction Levels for Various Features
How Do Rewards Compare with Other Desired Features in Choosing an Issuer?
Baby Boomers Value Security and Service
Gen X – Security, Interest Rates and Service
Gen Y – Interest Rates, Security, Service, and Rewards
Interest Rates Resonate for all Decisions—Issuer and Purchase Alike
Some Cardholders Dissatisfied by Interest Rates
Appendices: Additional Consumer Data and Data Cuts
Preferred Features for Card Usage Differ Slightly: Different Acquisition and Usage Generation Strategies
Must Be Employed
Different Card Portfolios Reflect Rewards Importance
Issuers’ Rewards Cards Range from 40% to 90% of Base – According to Cardholders
Most Consumers Earn Rewards Points: Relatively Insignificant Generational Differences
American Express and Discover Cardholders Expect Specific Reward Types
Non-online Shoppers Skew Somewhat toward Cash Back Rewards
Non-online Shoppers Show Slightly Higher Satisfaction with Credit Card Rewards
Variation in Importance of Rewards on an Issuer-by-Issuer Basis
Online Features Satisfaction Steady among all Generations
Focus on Gap Between Satisfaction & Importance for Rewards Strategy
Related Research
Companies Mentioned
Figure 1: Importance of Security in Choosing an Issuer by Generation
Figure 2: Security Satisfaction versus Importance by Generation
Figure 3: Security Importance at the Point of Transaction by Generation
Figure 4: Security Importance and Satisfaction Levels by Issuer
Figure 5: Online Features Importance and Satisfaction by Issuer
Figure 6: Online Features Issuer Importance by Generation
Figure 7: Online Feature Purchase Importance by Generation
Figure 8: Customer Service Importance and Satisfaction by Issuer
Figure 9: Customer Service Issuer Importance versus Satisfaction by Generation
Figure 10: Grace Period Issuer Importance by Generation
Figure 11: Grace Period Satisfaction versus Importance by Generation
Figure 12: Grace Period Importance and Satisfaction by Issuer
Figure 13: Rewards Issuer Importance by Generation
Figure 14: Rewards Importance at the Point of Transaction by Income
Figure 15: Rewards Satisfaction versus Importance by Income
Figure 16: Rewards Satisfaction by Generation
Figure 17: Important Features by Generation
Figure 18: Interest Rate Importance by Generation
Figure 19: Rewards Purchase Importance by Generation
Figure 20: Rewards Purchase Importance by Issuer
Figure 21: Rewards-earning Cardholders by Issuer
Figure 22: Rewards Types by Generation
Figure 23: Rewards Types by Issuer
Figure 24: Rewards Types by Online/Non-online Shoppers
Figure 25: Rewards Satisfaction by Online/Non-online Shoppers
Figure 26: Rewards Importance by Issuer
Figure 27: Online Features Satisfaction Levels by Generation
Figure 28: Rewards Satisfaction by Income
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