Do you recollect that moment of time when you decided to order all the gifts you needed for Christmas from Amazon.com, but there was a misunderstanding with the delivery that almost left you worrying about whether you would be arriving at a family party empty handed.
You were annoyed but you still like shopping with Amazon.
However what if the company that controls your credit card handed you a penalty charge for being slightly tardy making your monthly payment? Would you be happy and would you want to forgive them?
A recent survey has suggested that when it comes to credit card companies the majority of Americans can play hard ball, refusing to forgive their credit card issuer when penalty charges are added. Or when the APR is raised, or they are hit with a lower credit limit, or some other annoying change.
The Temkin Forgiveness Ratings were introduced in 2011 and are designed to evaluate consumer devotion and happiness amongst Americans. They surveyed 10,000 customers on their viewpoint about 206 companies from 18 dissimilar businesses, from grocery shops and coffee houses to car makers and health insurance companies, and banks who issue credit cards who came bottom of the survey.
Some of the best-rated companies were Hyatt, Costco, Chick-Fil-A, Amazon, Starbucks, Whole Foods, Apple and BMW. The big losers, in addition to credit-card issuers, were Comcast, Quest, Chrysler, US Airways, Anthem and CIGNA.
However, the company which one the survey – the one that Americans seem to be most contented with and most loyal to, is actually a bank. USAA is a credit-card issuing bank that provides to military families, and they secured first place with a 54% exoneration rating. They are the only credit-card issuing company that achieved, maybe for the reason that they are a dedicated bank and do not do business with a large amount of people.
Bruce Temkin, partner of the Boston-based company that carries his name and which focuses on consumer studies, commented that the survey’s results point towards the fact that people just seem to dislike credit card companies. He says that when people like someone,
you’re willing to forgive them for just about anything. With people you don’t like, it’s hard to forgive them for even the littlest of issues.
Those banks at the foot of the pile in the Tempkin study are Citigroup, HSBC and Bank of America. Citigroup came in last place with a negative 8% rating.
Jeff Sigmund, chief director of public affairs at the ABA, delivered a wide-ranging proclamation instead of answering unequivocally to the study.
Most people see credit cards as a useful financial tool and have a positive relationship with their own card issuer. Providing good customer service and resolving any issues quickly is of paramount importance and remains our highest priority.
With credit cards remaining an indispensable device for the majority of Americans, and with millions of Americans making use of their credit cards every single day for most things such as bill paying to buying meals to paying for gasoline, it might easily be that most Americans are having a love hate relationship with their credit cards.
The same people who declare that they loathe their credit card companies might be the similar people who are cashing in reward points for frequent flyer miles and cashing rebate rewards checks from their credit cards.
Naturally, dealing with the correct credit card company is vital. Customers must search out the best credit card and issuing bank that seems to suit their needs. If they have a first-class experience with their credit card company, then it may go a ensuring their loyalty.
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