When it comes to the best customer experience the credit card industry averaged a 63% rating out of 20 industries.
A new survey reveals USAA and Discover deliver the best customer experience in the credit card industry.
According to the 2016 Temkin Experience Ratings, USAA and Discover topped the list.
Out of the 11 credit card issuers evaluated, USAA was the highest rated for the sixth year in a row, earning a 69% rating and placing 60th overall out of 294 companies across 20 industries. However, despite receiving the highest score in the industry, USAA also declined by the most percentage points over the past year, dropping by 11 points between 2015 and 2016. This dramatic fall enabled Discover to come in a close second, with a rating of 68% and placing 69th overall.
At the other end of the spectrum, HSBC was the lowest-rated credit card issuer for the fourth straight year, receiving a 45% rating and an overall ranking of 274th.
Overall, the credit card industry averaged a 63% rating in the 2016 Temkin Experience Ratings and placed 6th out of 20 industries.
The average rating of the industry decreased by four percentage points between 2015 and 2016.
Additional findings from the credit card industry:
• The ratings of all credit card issuers in the 2016 Temkin Experience Ratings are as follows: USAA (69%), Discover (68%), Chase (66%), Barclaycard (66%), Capital One (65%), American Express (64%), Citigroup (61%), Wells Fargo (58%), U.S. Bank (58%), Bank of America (57%), and HSBC (45%).
• No credit card issuer improved its ratings between 2015 and 2016.
• USAA (-11 points), American Express (-9 points), HSBC (-9 points), and U.S. Bank (-8 points) declined by the most percentage-points between 2015 and 2016.
Now in its sixth year of publication, the 2016 Temkin Experience Ratings is the most comprehensive benchmark of customer experience in the industry, evaluating 294 companies across 20 industries: airlines, appliance makers, auto dealers, banks, car rental agencies, computer makers, credit card issuers, fast food chains, health plans, hotel chains, insurance carriers, Internet service providers, investment firms, parcel delivery services, retailers, software firms, supermarket chains, TV service providers, utilities, and wireless carriers.
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