uSwitch Credit Card Awards 2014 results

Retailers trump the big four credit card providers in uSwitch customer satisfaction poll

The best credit cards were decided in a survey with over 7,000 credit card holders

The best credit cards were decided in a survey of 7,000 credit card holders

American Express came out on top in the uSwitch Credit Card Awards 2014, winning Best Credit Card Provider, in a survey of over 7,000 credit card customers.

The survey showed a 39% gap in satisfaction between the best and worst credit card provider, with the Big Four – RBS, Lloyds, Barclaycard and HSBC – failing to win any awards.

However, nowhere is the reputational damage more evident than with the Co-op Bank, which took a drastic fall from second to eighth place in the Trust category.

A combination of the bank’s failed bid to take over 631 Lloyds Bank branches which fell through in April 2013, and drug allegations towards its former Chairman, Paul Flowers, seem to have had a significant impact on customers’ perception of the brand.

Retailers’ credit cards beating big banks

Retailers such as Marks & Spencer, Tesco and Sainsbury’s credit cards all feature alongside Amex in the top ten best credit cards for 2014, winning over customers with generous rewards, tempting cashback offers, and good customer service.

M&S Bank has traded on its positive brand values to grab the award for Most Trusted provider and is placed in the top three for four additional categories, while Nationwide won the awards for Best Customer Service and Best Online Service.

Along with Best Credit Card Provider, American Express also polled first for Best Rewards, while coming second for Online Service, Value for Money and Customer Service.

Meanwhile, Tesco Bank won three of seven categories, scooping the top spot for Best Overall Satisfaction, Best Value for Money, and Most Recommended.

‘Good credit history needed for best deals’

By contrast, the big banks and many of the credit card giants reserve seats at the wrong end of the table, with Vanquis, Halifax, TSB, Bank of Scotland, and RBS in the bottom five.

uSwitch personal finance expert, Jafar Hassan, said: “In theory, the larger players should be the ones offering with the most competitive products and interest rates – but it’s clear that in practice this is not the case.

“While some consumers have a credit card purely as a means of providing credit, there are other cards designed for everyday spending which offer great rewards and cashback to loyal customers.

“However, consumers need to be aware before applying that the best deals are only available to those with good credit histories and that they may not receive the rate that they are necessarily applying for.”

uSwitch Credit Card Awards 2014 results

See the top three credit card providers for each of the eight categories. The research was carried out from 7th to 17th January 2014 among 7,440 credit card holders.

American Express, Tesco Bank, Nationwide and M&S Bank dominated proceedings, combining to take at least one of the top three positions in all categories.

Best Credit Card Provider

  1. American Express
  2. M&S Bank
  3. Tesco Bank

Best Overall Satisfaction

  1. Tesco Bank
  2. M&S Bank
  3. Nationwide

Most Recommended

  1. Tesco Bank
  2. Nationwide
  3. American Express

Most Trusted

  1. M&S Bank
  2. Nationwide
  3. American Express

Best Customer Service

  1. Nationwide
  2. American Express
  3. M&S Bank

Best Value for Money

  1. Teso Bank
  2. American Express
  3. Nationwide

Best Online Service

  1. Nationwide
  2. American Express
  3. M&S Bank

Best Rewards

  1. American Express
  2. Tesco Bank
  3. M&S Bank

Post tags:

Join the conversation

1 comment

  1. G E Hartle on May 17, 2014 at 11:33 am

    Congratulations are in order for Nationwide. Keep up the good work!