Credit Card Issuers Must Confront Consumers’ Mounting Debt, J.D. Power Finds
Majority of U.S. Credit Card Customers Carry Revolving Debt
TROY, Mich.: 17 Aug. 2023 — Total U.S. credit card debt increased $45 billion between April and June ofthis year and has now topped the $1 trillion mark, according to the New York Federal Reserve. For thenation’s credit card issuers that inauspicious milestone, combined with several other consumer behavioral
trends, should be cause for concern. According to the J.D. Power 2023 U.S. Credit Card Satisfaction
Study,SM released today, 51% of U.S. credit cardholders now carry revolving debt at an average overall selfreported interest rate of 14.8%. As the overall financial health of cardholders deteriorates, customer
satisfaction with rewards programs and other perks designed to build loyalty is suffering.
“The pandemic-era savings cushions are gone, the economy is shaky and consumers are leaning moreheavily than ever on their credit cards to cover day-to-day expenses,” said John Cabell, managing directorof payments intelligence at J.D. Power. “This is a make-or-break moment for card issuers. While highlevels of revolving debt and declining financial health typically have a negative effect on cardholder
satisfaction and loyalty, issuers do have an opportunity to help customers by encouraging the use ofpayment plans and taking other steps to build goodwill and trust.”
Following are some key findings of the 2023 study:•Revolving debt and cardholder financial health in the spotlight: More than half (51%) of U.S. credit
card customers are maintaining revolving debt on their credit cards. Among those cardholders
classified as financially unhealthy,1 the percentage jumps to 69%. Among those with card debt in
the financially unhealthy category, the self-reported interest rate climbs to 16.5%, still lower thanmany publicly reported averages might suggest. Further, only 11% of financially unhealthy
cardholders strongly agree their card helps them control their spending.

•Reward satisfaction suffers: Despite continual efforts by card issuers to build ever morecompetitive rewards programs, rewards earning has the lowest level of overall satisfaction of theseven factors evaluated in the study. This is driven by less favorable ratings on the amount of
rewards earned per dollar spent, especially among cashback cardholders. In fact, the top reason
given for switching card providers is seeking a better rewards program.

•Annual fee cards most beloved: Cardholders who say their annual fees average $100 or more havethe highest satisfaction with benefits and rewards earning, even more so than those who havecards with lesser or no annual fees. However, cardholders paying a hefty $500 or more in annual
fees have more reservations, showing lower satisfaction with the attribute of reasonableness ofannual fee, considering the rewards/benefits offered. Airline cardholders also have high rewards
and benefits satisfaction, but it is offset by lower satisfaction with terms (e.g., interest rates, creditlimits, fees).

•Payment plans can be effective, but usage erratic: Cardholder participation in credit card payment
plans is associated with a 102-point increase in customer satisfaction (on a 1,000-point scale).

1J.D. Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety
net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

jdpower.com/businessDespite these positive effects, few customers use these issuer-sponsored payment plans, withusage varying widely from a low of 9% to a high of 23%. Payment plans are used most often by
cardholders who are financially healthy or overextended. Nearly half (41%) of the most vulnerable
cardholders say they would be willing to consider a Buy Now Pay Later plan from a different lender.
•FinTech issuers resonating with consumers: Newer and enticing credit card offerings from FinTech
providers such as Chime, Self, Ollo and others are driving consistently higher levels of overallsatisfaction and stronger levels of brand trust than are traditional, bank-branded cards. FinTech
issuers cater especially well to cardholders who are younger, have credit card debt and are more
focused on building credit than on earning rewards.

Study Rankings
American Express ranks highest in customer satisfaction among credit card issuers, with a score of 657.
This is the fourth consecutive year in which American Express has won a segment award. 2 Bank ofAmerica (629) and Discover (629) each rank second in a tie.
Capital One SavorOne Rewards Card ranks highest in customer satisfaction among bank rewards credit
cards with no annual fee, with a score of 666. Discover it Student Cash Back (658) ranks second and Blue
Cash Everyday Card (American Express) (655) ranks third.
Bank of America Premium Rewards Elite ranks highest in customer satisfaction among bank rewards
credit cards with an annual fee, with a score of 712. American Express Gold Card (693) ranks second andThe Platinum Card from American Express (687) ranks third.
Platinum Secured (Capital One) ranks highest in customer satisfaction among bank credit cards with norewards or annual fee, with a score of 620.
JetBlue Plus Card (Barclays) ranks highest in customer satisfaction among airline co-branded credit cards,
with a score of 643. Southwest Rapid Rewards Plus Card (Chase) (628) ranks second and Citi AmericanAirlines AAdvantage MileUp Mastercard Card (614) ranks third.
Apple Card (Goldman Sachs) ranks highest in customer satisfaction among co-brand credit cards with noannual fee, with a score of 655. This is the third consecutive year in which Apple Card and issuer GoldmanSachs have collectively won a segment award.3 Hilton Honors American Express Card (638) ranks second,
while Amazon Prime Rewards Visa Signature Card (Chase) (636) and PayPal Cashback Mastercard(Synchrony Bank) (636) each rank third in a tie.
The U.S. Credit Card Satisfaction Study, now in its 17th year, was redesigned for 2023. It measurescustomer satisfaction with credit card issuers by examining seven factors (in alphabetical order): accountmanagement; benefits; customer service; new account; rewards earning; rewards redeeming; and terms.
The study includes responses from 31,418 credit card customers and was fielded from August 2022
through June 2023.

2J.D. Power 2023 U.S. Credit Card Satisfaction Study: Credit Card Issuers segment, which includes issuers with more than 1,000,000 active
accounts, excluding co-branded cards. J.D. Power 2020-2022 U.S. Credit Card Satisfaction Studies: National Issuers segment, which includedissuers with more than 4,000,000 active accounts. Visit jdpower.com/awards for more details.
3J.D. Power 2023 U.S. Credit Card Satisfaction Study: Co-Branded Credit Cards segment, excludes airline cards. J.D. Power 2020-2022 U.S.
Credit Card Satisfaction Studies: Midsize Issuers segment, which included issuers with 275,000-4,000,000 active accounts. Visit
jdpower.com/awards for more details.

For more information about the U.S. Credit Card Satisfaction Study, visit
https://www.jdpower.com/business/resource/us-credit-card-satisfaction-study.
See the online press release at http://www.jdpower.com/pr-id/2023096.
About J.D. PowerJ.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer inthe use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understandconsumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions
with brands and products for more than 50 years. The world's leading businesses across major industries
rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’sbusiness offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found atJDPower.com.
Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
John Roderick; East Coast; 631-584-2200; john@jroderick.com
About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/pressrelease-info###NOTE: Six charts follow.

Year / Project / Study Name

J.D. Power
2023 U.S. Credit Card Satisfaction StudySM
Overall Customer Satisfaction Index Ranking(Based on a 1,000-point scale)Credit Card Issuers
American Express

657

Bank of America

629

Discover629

Capital One616

Issuer Average609

Chase607

Citi

606

Wells Fargo

602

Fifth Third

584

U.S. Bank

576

PNC

574

FNBO

572

TD Bank

572

Merrick Bank

567

Truist557

Premier Bankcard
Credit One Bank

529
496

USAA^

647

Navy Federal^

642

Barclays^577

Note: Co-brand cards are excluded from the above rankings.
^Brand is not rank eligible because it does not meet study award criteria.
Source: J.D. Power 2023 U.S. Credit Card Satisfaction Study SM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying
J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores,
and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th isrelease or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power
2023 U.S. Credit Card Satisfaction StudySM
Overall Customer Satisfaction Index Ranking(Based on a 1,000-point scale)Bank Rewards Credit Cards – No Annual Fee
Capital One SavorOne Rewards Card
Discover it Student Cash Back
Blue Cash Everyday Card (American Express)
Chase Freedom Unlimited
Chase Freedom Flex
Citi Double Cash Card
Active Cash Visa Signature (Wells Fargo)
Bank of America Unlimited Cash Rewards
Bank of America Customized Cash Rewards for Students
Discover it Cash Back
Capital One Quicksilver Rewards
Segment Average
Citi Custom Cash Card
Bank of America Customized Cash Rewards Secured
Bank of America Customized Cash Rewards
Discover it Miles
Fifth Third 1.67% Cash/Back card
Chase Sapphire
Bank of America Travel Rewards
Discover it Chrome Gas & Restaurant Card
Citi Rewards+ Card
Capital One VentureOne Rewards
PNC Cash Rewards Visa Card
Quicksilver Secured Rewards (Capital One)
Amex Everyday Card
Discover it Secured credit card
Cash Plus+ Secured Visa Credit Card (U.S. Bank)
TD Cash Card
Enjoy Cash credit card (Truist)
PNC Points Visa Credit Card
Navy Federal cashRewards^
USAA Preferred Cash Rewards Visa Signature Credit Card^
Navy Federal GO REWARDS Card^
USAA Rewards Visa Signature Credit Card^

666
658
655
653
650
650
644
643
635
634
629
626
622
621
618
618
615
614
613
606
602
597
597
596
594
594
557
552
551
547

662
648
646
630

^Brand is not rank eligible because it does not meet study award criteria.
Source: J.D. Power 2023 U.S. Credit Card Satisfaction Study SM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying
J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores,
and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th isrelease or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power
2023 U.S. Credit Card Satisfaction StudySM
Overall Customer Satisfaction Index Ranking(Based on a 1,000-point scale)Bank Rewards Credit Cards – Annual Fee
Bank of America Premium Rewards Elite712

American Express Gold Card693

The Platinum Card from American Express687

Blue Cash Preferred Card (American Express)

673

Capital One Savor Rewards Card

670

Capital One Venture X

667

Bank of America Premium Rewards Visa Signature

662

Chase Sapphire Preferred

656

Chase Sapphire Reserve

647

Capital One Venture Rewards

639

Capital One QuicksilverOne Rewards

637

Segment Average

611

American Express Green Card

609

Citi Premier Card

607

Amex Everyday Preferred Card

605

Credit One Bank Platinum X5 Visa

504

Credit One Bank American Express Card

501

Credit One Bank Platinum Visa

496

Source: J.D. Power 2023 U.S. Credit Card Satisfaction Study SM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying
J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores,
and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th isrelease or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power
2023 U.S. Credit Card Satisfaction StudySM
Overall Customer Satisfaction Index Ranking(Based on a 1,000-point scale)Bank Credit Cards – No Rewards or Annual Fee
Platinum Secured Card (Capital One)

620

Segment Average

598

BankAmericard

569

Citi Simplicity Card

559

PNC Core Visa Card

550

Citi Diamond Preferred Card

535

USAA Rate Advantage Visa Platinum
Credit Card^

Navy Federal Platinum^

Capital One Platinum Mastercard^

679

633

618

^Brand is not rank eligible because it does not meet study award criteria.
Source: J.D. Power 2023 U.S. Credit Card Satisfaction Study SM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying
J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores,
and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th isrelease or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power
2023 U.S. Credit Card Satisfaction StudySM
Overall Customer Satisfaction Index Ranking(Based on a 1,000-point scale)

Airline Co-Brand Credit Cards
JetBlue Plus Card (Barclays)643

Southwest Rapid Rewards Plus Card(Chase)

628

Citi American Airlines AAdvantage
MileUp Mastercard Card

614

Segment Average612Southwest Rapid Rewards PremierCard (Chase)

610

Delta SkyMiles Platinum American
Express Card

608

United Explorer Card (Chase)

606

Alaska Airlines Visa Signature Card
(Bank of America)

596

Citi / AAdvantage Platinum SelectWorld Elite Mastercard

589

Delta SkyMiles Gold American Express
Card

578

AAdvantage Aviator Red Mastercard(Barclays)

550

Source: J.D. Power 2023 U.S. Credit Card Satisfaction Study SM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying
J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores,
and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th isrelease or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power
2023 U.S. Credit Card Satisfaction StudySM
Overall Customer Satisfaction Index Ranking(Based on a 1,000-point scale)

Co-Brand Credit Cards – No Annual Fee
Apple Card (Goldman Sachs)

655

Hilton Honors American Express Card

638

Amazon Prime Rewards Visa
Signature Card (Chase)

636

PayPal Cashback Mastercard(Synchrony Bank)

636

Costco Anywhere Visa by Citi

630

Segment Average

617

Amazon Rewards Visa Signature Card(Chase)

603

Sam's Club Mastercard (SynchronyBank)

600

Capital One Walmart Rewards Card

594

Disney Visa Credit Card (Chase)

593

Kroger Rewards World Elite
Mastercard (U.S. Bank)

593

Source: J.D. Power 2023 U.S. Credit Card Satisfaction Study SM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying
J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores,
and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th isrelease or J.D. Power survey results without the express prior written consent of J.D. Power.