News Highlights – Which Credit Card Issuer Has The Happiest Customers?
Survey: Which Singapore credit card issuer has the most satisfied customers?
Excerpt: JD Power’s survey reveals which credit card issuers in Singapore tops the list in providing the best customer satisfaction.
A recent credit card satisfaction survey conducted by global market research firm JD Power reveals that American Express (Amex) tops the list in providing the best customer satisfaction. The survey was conducted on 2,849 customers in Singapore throughout August and September.
AMEX offers lucrative privileges in both lifestyle and dining categories with its American Express Platinum card. It offers up to 10X Membership Rewards points for every S$1.60 spent and a string of privileges such as:
- Complimentary membership: Palate & The Far Card Classic
- Up to 50% off at selected restaurants in Singapore
- 1-for-1 on all beverages at Spinelli & complimentary drinks at selected bars
- 12% discounts on participating hotels
- 2% cashback on flights bookings with ZUJI
- Priority queue at Cathay Cineplexes
- Complimentary golfing privileges at selected golf clubs in Malaysia, Indonesia and Singapore
When you sign-up for this card, you can win gifts (worth S$1,426), have your fees waived or get a Samsonite Luggage Bag (worth S$380). Besides being the best dining card, the card is most suited for business professionals. However, the card’s minimum salary requirement is high at S$4200 per month, making it more accessible and practical for high-end customers.
The survey was modelled on similar studies JD Power has conducted for nearly a decade in the US. It was their first time carrying out this survey in Singapore. The survey measured customer satisfaction with their credit card issuer in six areas: interaction; credit card terms; billing and payment; rewards; benefits and services; and problem resolution.
Satisfaction was calculated on a 1,000-point scale, with the industry average being 697. Here’s how the nine major credit card issuers in Singapore stack up:
source: JD Power
The survey also found that only few credit card customers fully understand important terms of usage, such as foreign currency, transaction fees, interest rates and annual fees. Those who understand it well tend to spend more (average S$1,068 monthly) than the ones that do not or partially understand their card’s terms (average S$837 monthly).
The survey also found that given the multitude of reward programme offerings, customers often do not understand how to earn and redeem rewards on their cards. Only 32% of cardholders say they completely understand how to earn rewards, while only 47% are fully conversant on how to redeem them.
Three banks topped the survey in educating their cardholders on their reward programmes were HSBC, Standard Chartered and OCBC.
With clear listing of its rewards, HSBC Visa Platinum Card is rated as the best petrol card. It offers:
- Up to 5% cashback for petrol, dining & utilities
- 14% instant discounts for petrol at Caltex and Shell on top of the cashback
- Kids eat, play and stay for FREE at Resort World Sentosa
- Kids watch movie for FREE at Golden Village
- 12% discounts on travel bookings (hotels, land packages, tours & attractions)
- Home and away Privilege Programme in 160 countries
- Up to 50% discounts on dining with HSBC Smart Privileges
When you sign up for this card, you will get to enjoy a Samsonite Luggage (worth S$950) or Starbucks Cards (worth up to S$120). This card is perfect for parents with young kids.
In terms of reward, Singaporean cardholders prefer cashback the most although hotel stays, airline tickets and access to special events and experiences excite them too. The least preferred reward is getting something in-exchange for free like a vacuum cleaner.
In terms of cashback, Citibank Dividend Card is the best cashback card that offers various cashback benefits. It offers the highest cashback rate in Singapore. You will receive up to 10% cashback on groceries, dining, petrol, online shipping fee, flight and hotel bookings with Expedia & PayWave transactions with Comfort or CityCabs. Besides that, you will also enjoy:
- Petrol savings of up to 20.88% with Esso & Shell
- Up to 10% Citi rebates with participating restaurants
- 6% rebate all year at TANGS
When you sign up for any two Citibank cards, you will receive free cabin luggage with Swarovski crystals. This card is the perfect card for single working adults as the minimum income requirement is low at S$2500 per month.
JD Power believes that in a highly saturated credit card market like Singapore, it is important for card issuers to not only promote the rewards and benefits of their cards, but also to ensure that relevant information on interest rates and other fees and charges are clearly outlined. Customers with a greater understanding of their credit card terms are also more satisfied overall and, thereby, tend to spend more on their card.