WASHINGTON—A new credit card study ranks Navy FCU No. 1 in card
holder satisfaction.
CardHub’s Q3 2015 Credit Card Landscape Report gives Navy a CardHub Satisfaction Score of 95, 20 points higher than Synchrony Financial, which netted the lowest satisfaction score in the report.
The study shows that consumer complaints regarding “delinquent accounts” as well as “identity theft/fraud/embezzlement” saw the greatest uptick in Q3 – rising roughly 39% and 29%, respectively. The majority of consumer credit card complaints still apply to the billing process, and this category experienced a 21.47% increase in complaint volume during the third quarter.
Other report highlights:
With the Federal Reserve waiting for more data before making a move on interest rates, credit card rates were in a holding pattern during the third quarter – rising by a mere 0.06% on average.
The value of initial rewards bonuses appears to have stabilized near record highs during the third quarter. Bonuses offered in the form of points or miles have more than doubled in value since Q3 2010.
“Q3 data reinforces CardHub’s hypothesis that issuers appear intent on attracting the balances of consumers already mired in debt while gradually reducing incentives for people to incur new debt in a recovering, yet uncertain economy,” CardHub stated. “The length of the average 0% introductory balance transfer period has increased 3.70% relative to last year, while the intro term on cards offering 0% on new purchases have gotten 3.23% shorter over the same time period.”