Big banks beaten by supermarkets in uSwitch credit card awards

Big banks beaten by supermarkets in uSwitch credit card awards

Credit cards from Marks & Spencer and Tesco tied at the top of the table for overall customer satisfaction with a score of 89.4%, while high street banks like Halifax, Lloyds TSB and NatWest came in towards the bottom.

Last year's winner, American Express, was the runner up for overall satisfaction, but was victorious in other areas and was voted best for everyday customer support, best value for money, best for payment services and was also named the card people were most likely to recommend to a friend.

The biggest improver was MBNA, which moved from last to eleventh place in the poll of 16 companies, with its overall satisfaction score rising by six percentage points from 68% to 74%.

However, the survey of over 10,000 credit card customers also revealed that just 7 out of 10 consumers are satisfied with the everyday service provided by their card company, with a 22% gap in satisfaction levels between the best and worst providers.

Despite the fact that nearly two million customers are not satisfied with their main credit card, the survey found that customers are still not switching - half of customers have had their main credit card for over five years.

In addition, over a third of those surveyed did not know how the interest rate on their credit card compares with others on the market, while a shocking 8% were aware that the interest rate on their credit card was below average or one of the worst on the market, but still had not switched their card.

Louise Bond, uSwitch personal finance expert commented, "With generous rewards such as loyalty points that can be converted into cash, gifts, airmiles or money off your shopping bill, it's easy to see why the supermarket credit cards are doing so well.

"However, it's disappointing that customer service is still letting the card companies down, and the huge gap between the best and worst providers shows just how different one customer's experience can be to another's.

"By not taking the time to research the best deals available, millions of consumers are letting their providers get away with levels of customer service and value that are far from competitive.

"And in the current climate more than ever, savvy consumers need to make sure they are taking matters into their own hands and finding the best deal for their individual needs."

Read more about the uSwitch credit card customer satisfaction awards.