August 20, 2010
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News: AmEx; America's Choice
Throughout the recession as lenders reported credit card defaults continued to rise month after month, one lender remained on top, American Express (AmEx). The New York based financial institution has once again received top ranking. However, the criterion is different. American Express has received for the fourth consecutive year, the title of credit card choice among Americans. The report which was conducted during March and April and released by J.D. Power and Associates is based on a 1000 point customer service satisfaction survey. According to the report, American Express received 769 points. American Express's rating was 55 points higher than the credit card industry average of 714.
According to J.D.'s Director of Banking Services, Michael Beird, American Express continues to be successful because the company has developed an awareness among consumers that obtaining an American Express credit card offers premier benefits and rewards. Beird said that the company's strong marketing strategies stands above other lenders in getting the message across to credit card consumers. Coming in second after American Express was Discover Financial Services with a 757 score. Discover won its own award earlier this year when the company received the number one position in 2010 Brand Keys Customer Loyalty Engagement Index(R) for the 13th consecutive year. According to Carlos Minetti, Executive Vice President of Cardmenber Services and Consumer Banking for Discover noted that the company has successfully maintained the position by maintaining its focus on serving its customers.
At the bottom of the J.D. Power list was HSBC with a lowly 686 points. However, two credit card issuers not far ahead of HSBC was Citibank with a 692 score and Capital One with a 699 score. J.D. Power and Associates is a global marketing information services firm that conducts surveys of customer satisfaction, product quality, and buyer behavior ranging from the automobile industry to marketing and advertising firms. Based out of Thousand Oaks, California, the company offers a wide range of services including industry-wide syndicated studies, proprietary research, consulting, training, and automotive forecasting.