8 June 2007
Around one fifth of credit card customers are unhappy with their provider, a new study from uSwitch.com has shown.
Research from the price comparison website revealed that, despite one in five credit card users feeling unsatisfied with their card, consumers still stick with the same provider for an average of six years.
uSwitch.com's study, which involved 10,585 card users, also found that Capital One was voted the most unpopular of all providers, with 32% - almost one in three - unhappy with the service.
At the other end of the scale, Nationwide once again topped the poll with an overall customer satisfaction level of 94%.
The research comes a year after the Office of Fair Trading's clampdown on credit card penalty charges, capping them at 12, and reveals the effect of the credit card industry's attempts to claim back this lost cash.
Mike Naylor, Personal Financial Expert at uSwitch.com, explained: "Providers have spent the last year constantly introducing 'get rich quick schemes' for their own benefit yet customers are still prepared to stick with them for years.
"Year on year the number of people falling into this trap grows as more are lured in by their existing bank or building society's cross selling tactics."
He added that credit card companies are "relying on customer lethargy" and treating their customers like "money-making cash cows", disregarding customer satisfaction and value for money.