Headline News: Affecting All US Business Owners Accepting Credit Cards!

Surprising Results from the Recent J.D. Power Credit Card Report

Here at Total Merchant Services, we are passionate about everything that has to do with credit cards.  A recent study was done by J.D. Power, a global marketing information services company.  The results showed that the majority of credit card customers do not understand the terms, benefits, and rewards that come along with their credit cards.  J.D. Power based the findings on responses from millions of consumers.  The sheer number of people using credit cards shows that businesses should definitely accept credit cards in order to be successful.

The study focused on six key areas including interaction, credit card terms, billing and payment, rewards, benefits and services, as well as problem resolution.  Shockingly, over 33 percent of consumers admitted that they are completely unaware of the benefits they receive from their card!  Despite this fact, the study showed that credit card satisfaction continues to improve.  This is no doubt linked to the advancements in the industry, such as online merchant credit card processing.

An interesting finding was that many people don’t understand the terms and benefits of their cards such as interest rates and late payment fees.  However, credit card satisfaction as a whole continued to enhance for the fourth consecutive year.  There was an improvement from 2012 of 14 points.

The economy continues to improve which translates into customers feeling better about their personal economy and in turn improves the level of satisfaction they have with their credit card issuer.  Over 27 percent of credit card customers showed that they are in a better financial position than they were over the last few years.

Today, there are many options to increase the satisfaction people feel with their overall credit card experience, such as the popularity of the wireless credit card terminal and mobile options.  Most credit card payments, purchases, interaction, and even disputes can now be handled online.

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