Retailers beat big banks on credit card customer satisfaction
A new survey has shown that retailers are stealing a march on the traditional credit card giants, beating them hands-down on issues such as trust, value for money and customer service.
In the 2013 Credit Card Awards from price comparison and switching service uSwitch.com, high street retailers such as John Lewis, Marks & Spencer, the Co-op, Tesco and Sainsbury's all achieved higher scores than the big banks for customer satisfaction.
The John Lewis-Waitrose Partnership card swept the board, winning seven out of ten categories with an overall score of 66%. As well as winning Best Credit Card, the newcomer came top in seven categories including Most Trusted, Best Communication and Best Value for Money.
By contrast, with an overall score of just 35%, RBS was voted Worst Credit Card Provider. It came bottom in five categories, making the brand the least trusted, least likely to be recommended and worst at communicating.
The Co-op, Marks & Spencer, Tesco and Sainsbury’s credit cards also featured in the top ten best credit cards for 2013, winning the hearts of customers with generous rewards, good customer service and value for money.
By contrast, Lloyds TSB, Barclaycard, Natwest and Halifax join RBS in the bottom five, all scoring below 40%.
The greatest difference between the best and worst credit card was seen in the Value for Money category. The John Lewis-Waitrose Partnership came top with 71% of customers satisfied while Lloyds TSB was voted the worst with only 31% of customers satisfied with the value for money offered by their card.
Justin van Derpant, general manager - operations, John Lewis & Waitrose partnership card said: "We are thrilled to have received this award, which is a real endorsement of the high standards of customer service provided by the John Lewis & Waitrose partnership card.
"This win also reflects the great efforts and commitment of the team, who work closely with our provider to ensure we are offering a card that fully matches our customers’ expectations when it comes to value, distinction and excellence in customer service."
Michael Ossei, personal finance expert at uSwitch.com, added: "Retailers have successfully redefined credit cards to meet the needs of today’s savvy shoppers. As well as providing credit if required, their cards are designed for everyday spending, with hefty rewards to loyal customers. Combined with great customer service and good value for money, it’s not surprising that retail brands are hitting the spot with their credit cards."
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