Many small businesses are aware of and appreciate the relief efforts given by credit card companies during the global pandemic, including waived charges, late-payment forgiveness, and community initiatives. But J.D. Power’s 2020 U.S. Small Business Credit Card Satisfaction Survey found that overall small business satisfaction with their credit card company took a steep decline from 2019.
Among those surveyed, 71% said that they are aware of card issuer efforts to help them during the pandemic and they viewed those efforts as having a positive impact on their satisfaction. However, overall satisfaction still dropped by a full nine points to 840 out of a possible maximum of 1,000 mainly due to the dissatisfaction of business owners who were unaware of such efforts. Those aware of the efforts showed an overall satisfaction score 58 points higher than those who were not.
In addition, disappointment was also expressed about lackluster support channels. 47% of customers that looked for information online eventually gave up and had to place a phone call for the correct assistance.
“Business credit card customers are broadly aware and appreciative of the relief efforts card issuers have put in place during the pandemic, but it hasn’t been enough to outweigh the tough times and strain these businesses are feeling,” explains J.D. Power’s director of wealth and lending intelligence, John Cabell. “This is particularly true among the smallest small businesses. Strategies that are resonating for issuers and small business customers during this challenging time are those that focus on increased communication—particularly through digital channels—in which issuers offer advice and guidance, community support and late payment forgiveness.”
Ultimately, J.D. Power concludes through the study that small business cardholders should re-evaluate their current card benefits to see if the rewards still align with their new spending patterns. Additionally, J.D. Power places great importance on small businesses addressing any potential payment difficulties or other concerns as soon as possible. One reason is that card companies are also struggling during these times from so many unique customer challenges arising from the pandemic.
The evaluation of customer satisfaction of national credit cards yielded: Discover was first for a second consecutive year, followed by American Express and then Bank of America as third.
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