Who knew? Consumer research indicates that Americans are happier with their credit cards since banks quit ratcheting up fees and changing terms — due in part to the enactment of Dodd-Frank regulations.

Now in its sixth year, the J.D. Power and Associates U.S. Credit Card Satisfaction Study measures customer satisfaction with credit cards by examining six key factors: interaction; credit card terms; billing and payment process; rewards; benefits and services; and problem resolution. 

In the 2012 study, overall credit card satisfaction averaged 753 on a 1,000-point scale in 2012, up from 731 in 2011 and 714 in 2010. The improvement raises credit card customer satisfaction to its highest level since the study's inception and is on par with overall retail banking customer satisfaction, which has improved 5 points during the same time frame.

"There has not been a lot of change in the past year in fees, credit limits and card terms — the things that often affect customers in a negative way," said Jim Miller, senior director of banking services at J.D. Power and Associates. "After a series of dramatic changes, credit card customers are enjoying a time of stability."

Amex comes out on top again

American Express ranked highest in customer satisfaction for a sixth consecutive year with a score of 807 and performed particularly well in the interaction and rewards factors. Discover Card followed with a score of 799, and performed well in the problem resolution and benefits and services factors. Chase ranked third with 762.

The study found satisfaction improvements year over year in all factors. Satisfaction with problem resolution had the largest satisfaction increase, a 31-point improvement, while satisfaction with rewards increased by 28 points.

Credit card companies significantly improved handling customer problems year over year. Issuers reduced the average length of time to resolve problems in 2012 to four days from five days in 2011. In addition, the study found that credit card representatives were more likely to provide time frames for resolution, and those time frames were more likely to be met in 2012, compared with 2011.

More customers using online, mobile credit card services

Online usage continued to increase, as 78 percent of customers in 2012 indicated they used their issuers' websites, an increase from 76 percent in 2011. Additionally, customers in 2012 reported accessing their issuer's websites an average of 40 times per year, primarily to conduct simple transactions and to resolve problems. 

"With the amount of traffic on their websites, it is important for credit card companies to provide customers with the necessary tools to track rewards, payments and expenses, and get help through online chat," said Miller. "Customers who indicate the availability of these online tools also have greater understanding of card terms and rewards, which increases overall satisfaction."

While only 7 percent of credit card customers used their mobile phone to complete transactions — up from 4 percent in 2011 — satisfaction was highest among customers who used mobile means to interact with their issuer, compared with customers who used any of the other interaction channels, including the Internet.

"It's important for credit card companies to offer mobile phone options, such as downloadable apps and text alerts, as customers who utilize their mobile phone for credit card activities are more satisfied and are significantly more likely to understand their credit card terms," said Miller. "The challenge for credit card issuers is to make sure customers are aware of the mobile application options they offer."

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