09/16/2021 | Press release | Distributed by Public on 09/16/2021 05:10
Tangerine Bank Ranks Highest for Third Consecutive Year
A year and a half into the COVID-19 pandemic, credit card customers in Canada are more optimistic about their personal financial outlook and the economy while adapting to the new realities and curtailing their credit card spending, according to the J.D. Power 2021 Canada Credit Card Satisfaction Study,SM released today. Nearly one-third (30%) of credit card holders cite high confidence (rating of 8-10 on a 10-point scale) in their personal financial outlook-up from 20% in 2020-and 19% express a positive outlook about the economy, up from 11% in 2020. But even with this renewed sense of optimism, customers are using their credit cards prudently, with the average monthly spend on primary cards declining to $1,155 from $1,200 year over year. This trend echoes a broader spending reduction in 2021 across all types of payments, including cash and debit cards.
Despite the decline in credit card spend, customers are more satisfied with their primary credit card issuer, as the average satisfaction score reaches 766 (on a 1,000-point scale) compared with 764 a year ago. According to the study, the main attributes elevating customer satisfaction are the communication of benefits and the range of benefits and services offered, with more customers being offered account protection, purchase return guarantees and no annual fees.
'Many Canadian credit card issuers are doing significantly better in terms of improving overall customer satisfaction compared to their U.S. counterparts,' says John Cabell, director of banking and payments intelligence at J.D. Power. 'The lift in customer satisfaction amid the pandemic is the result of an effective industry response to customers' changing needs and solid communication during these unprecedented times, coupled with customer savviness with card utilization.'
Following are some key findings of the 2021 study:
Study Ranking
Tangerine Bank ranks highest in overall customer satisfaction for a third consecutive year, with a score of 822. Canadian Tire (800) ranks second and PC Financial (796) ranks third.
The Canada Credit Card Satisfaction Study measures satisfaction of cardholders' primary credit card issuer. The study measures performance in six factors critical to the customer experience (in alphabetical order): benefits and services; communication; credit card terms; customer interaction; key moments; and rewards. The study was fielded in May-June 2021 and includes responses from 6,699 cardholders who used a major credit card in the past three months.
For more information about the Canada Credit Card Satisfaction Study, visit https://canada.jdpower.com/financial-services/canada-credit-card-satisfaction-study.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit https://canada.jdpower.com/.
Media Relations Contacts
Nicole Herback, Cohn & Wolfe; 403-200-1187; [email protected]
Gal Wilder, Cohn & Wolfe; 647-259-3261; [email protected]
Geno Effler, J.D. Power; West Coast; 714-621-6224; [email protected]
About J.D. Power and Advertising/Promotional Rules:www.jdpower.com/business/about-us/press-release-info
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