Customer satisfaction with credit card companies increased for the second consecutive year, according to a recent report by J.D. Power and Associates.
According to the firm's 2011 Credit Card Satisfaction Study, American Express ranked the highest in customer satisfaction this year. The company earned a score of 786 out of 1,000 possible points.
Overall, the study indicates 35 percent of customers understand credit card terms, up from last year's figure of 32 percent. However, that still means 65 percent remain in the dark.
"It appears that credit card companies are doing a better job of communicating with customers, which may be an effect of the CARD Act," said Michael Beird, director of banking services for J.D. Power and Associates. "This improved communication is key to ensuring that customers fully understand their credit card terms — particularly benefits and fees — which helps reduce the number of problems reported and improves the overall experience."
Despite the higher number of credit card customers who are content with their companies, many have had poor experiences with credit card companies, and have in turn seen their credit scores diminish. Those in need of credit repair may want to employ the services of a credit lawyer to help fix errors and other questionable items on one's credit report.