American Express named Credit Card Provider of the Year
Long standing card giant – American Express – scooped five awards, including Credit Card Provider of the Year 2016, Best Value for Money, and best for 0% on purchases, in the latest uSwitch survey of 10,000 credit card customers.
Challenger bank Virgin Money came second, winning four awards in total, including Best Overall Customer Service and Best Application Process.
At the other end of the scale, high street giants Royal Bank of Scotland, HSBC, Lloyds and NatWest failed to win a single award between them.
All four banks even failed to scrape their way into the top 10 list for the Best Overall Customer Service category.
But Halifax separated itself from its peers by winning the Best for Overseas Use title.
The last year has seen a turn-around for retail rivals such as M&S Bank, Tesco Bank and Sainsbury’s as in 2015 they racked up eight awards yet this time round, they failed to pick up any.
Several retail brands have hit the headlines recently for slashing their reward card offerings, blaming the additional costs on new EU legislation.
John Lewis, last year’s winner of the Credit Card Provider of the Year title, fared better as it took home the trophy for Best Rewards Scheme for the second year in a row.
Savvy customers won’t be fobbed off
Tashema Jackson, money expert at uSwitch.com, said: “In this year’s shock result we’ve seen all but one of the retailers knocked off the top spots. This fall from grace may come as no surprise to reward card customers, as many will have been unimpressed by the cuts made to their deals.
“These results should serve as a warning for all in the industry that savvy credit card customers won’t be fobbed off. Providers run the risk of losing out if they take their eye off the game, as customers will simply set their sights on products that provide the best returns for their spending.”
Jackson added that American Express is an attractive choice as it still provides lucrative reward and cashback offers, while Virgin’s launched several market-leading deals over the past year. Further, the providers have backed up their strong offering with a strong online service to meet customer expectations.