Overall J.D. Power Credit Card Rankings

Wondering how your credit card stacks up to the rest of those available on the market.  Here’s the rundown of 2008’s J.D. Power and Associates 2008 Credit Card Satisfaction Study(SM).  All scores are based on a possible score of 1000.

1. American Express - 783
2. Discover - 751
3. Average Score for all Issuers in the Survey - 724
4. National City - 721
5. Chase - 719
6. U.S. Bank - 716
7. Washington Mutual (while it existed!) - 712
8. Wells Fargo - 709
9. Bank of America - 692
10. GE Money - 683
11. Target Visa - 682
12. Capital One - 678
13. HSBC - 667

As you can surmise from these scores, credit card companies aren’t exactly A students.  In fact, the bottom five, which includes Bank of American and Capital One, could all use tutors.  The overall scores, however, should be taken with a grain of salt.  Do you know anyone who loves credit cards?  Obviously, then, consumers won’t be handing out A’s to the the people who charge them interest every month.  Yet there are clear and substantial differences between the best and worst rated. 

While these differences are definitely worth considering, the most important factor to consider when applying for a credit card is the overall deal.  For example, Capital One may not have ranked well in the survey, but they offer great cashback and frequent flyer rewards.  Similarly, American Express led the pack, but many of their cards have hefty annual fees.  In the end, what others say about a credit card company should play a role in your decision making process, ultimately, the company that offers the best deal for your needs is the one you should do your business with.

You can review current credit card offers from the companies listed above by visiting their respective sections of Smart Credit Choices.  You can also compare offers categorized by features, such as interest rates and rewards to better target your search in the credit card application sections of Smart Credit Choices.

Source:  http://www.jdpower.com