You are here: Home - Credit Cards & Loans - News -

American Express named Credit Card Provider of the Year

0
Written by: Paloma Kubiak
26/02/2016
American Express has topped a credit card customer satisfaction poll while traditional retailer-come banks, along with some of the major high street providers, lag behind.

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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week